Blogs
ATO eye on SMSFs and income arrangements
The ATO is reviewing arrangements where individuals (at or approaching retirement age) purport to divert personal services income (PSI) to a self managed superannuation fund (SMSF) to minimise or avoid their income tax obligations. The ATO notes the arrangement it has…
Take care with work-related deduction claims, says ATO
The ATO has reminded individuals to make sure they get their deductions right this tax time. Assistant Commissioner Graham Whyte said the ATO has seen “claims for car expenses where logbooks have been made up and claims for self-education expenses where invoices were…
Single touch payroll reporting legislative changes
introduced in Parliament. Under the proposed changes in the Bill, “substantial employers” would be required to automatically provide payroll and superannuation information to the Commissioner of Taxation at the time the information is created. A number of related…
Small business tax breaks in the pipeline
A Bill has been introduced in Parliament which proposes to: increase the small business entity turnover to $10 million from 1 July 2016; increase the unincorporated small business tax discount from 5% to 16% over a 10-year period; increase the turnover threshold to…
IMPORTANT ANNOUNCEMENT: Government announces changes to super reform proposals
In a press release issued 15 September 2016, the government has announced a number of changes to three key federal budget proposals. Perhaps the most significant change announced today is that the government will not be proceeding with the proposed $500,000 lifetime…
IMPORTANT ANNOUNCEMENT: New tax tables from 1 October 2016
The Australian Government has increased the 32.5% tax threshold from $37,001 – $80,000 to $37,001 – $87,000. What does this mean for employers? The tax tables have changed for employees who earn over $80,000. You need to download the updated tax tables from…
ATO DUE DATES: SEPTEMBER 2016
21 September Lodge and pay August 2016 monthly activity statement. 30 September Lodge the PAYG withholding payment summary annual report for payers whose registered agent (BAS agent or tax agent) helped prepare the report. If a payer has only closely held payees and…
CREDIT CARD SURCHARGE RULE CHANGES
New rules have come into place around the charging of credit card surcharges when taking transactional payments. You will need to ensure you are not charging customers or clients more then the cost of these transactions, and therefore avoiding any “excessive” fees….
Home exempt from land tax for “world-traveller”
Home exempt from land tax: An individual has been successful before the Victorian Civil and Administrative Tribunal (VCAT) in seeking the principal place of residence land tax exemption for his home located in Shoreham, Victoria, despite being a “world-traveller”…
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