The end of financial year is upon us again (yep sneaks up doesn’t it!). Are you ready? Have you considered what you can do to maximise your opportunities at this time of the year? There are many ways to take advantage of tax planning initiatives to manage taxable income.
In the 2017-18 financial year, more than 2.2 million Australians claimed over $47 billon in deductions and the Australian Taxation Office (ATO) thinks that is too much - one in ten is estimated to contain errors.
In general, taxpayers are able to deduct from their assessible income any expenses they incur generating or producing that income. An investment is negatively geared when the cost of owning the asset is more than the return. Negative gearing is not limited to property but can apply to other assets such as shares.
The Federal Budget announced a series of measures, some of which were legislated before the election was called.
The latest data breach report from the Office of the Australian Information Commissioner (OAIC) is surprising for the simplicity of the problems - 37% of data beaches resulted from human error not malicious attack. In over 20% of reported cases, personal information was simply sent to the wrong recipient. Another 6% of complaints were attributed to system faults.
From 1 July 2017, new rules came into effect that prevent taxpayers claiming a deduction for expenses they incur travelling to and from their residential investment property.
Why is it that many women choose not to seek more professional financial advice?
In general, women have a longer life expectancy than men, living on average 6 years longer, so there is a high chance of women outliving a partner. This means that for many women, their superannuation will have to stretch further.
No one wants to pay more tax than they need to or face unnecessary risks. We’ve compiled a list of our top tips for you.
For individuals there are personal tax bracket changes coming from 1 July 2018 - The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000*.
Employers that have fallen behind with their superannuation guarantee (SG) obligations will have 12 months to “self-correct” under a new amnesty announced late last month.
A recent Parliamentary Inquiry into Tax Deductions created some fairly sensational headlines about what and how deductions are being claimed - $22 billion worth to be exact.
From 1 July 2018, new laws come into effect allowing first home buyers to use their super to help buy a home, and at the other end of the spectrum, downsizers to contribute proceeds from the sale of their home to super without many of the normal restrictions.
On 1 July 2018 Super concessions for downsizers come into effect. If you are over 65, have held your home for 10 years or more and are looking to sell, you can contribute a lump sum of up to $300,000 per person to superannuation without being restricted by the existing non-concessional contribution caps - $100,000 subject to your total superannuation balance - or age restrictions.
An analysis by Industry Super Australia submitted to the Economics References Committee into Wage Theft and Superannuation Guarantee Non-compliance, indicates that employers failed to pay an aggregate amount of $5.6 billion in SG contributions in 2013-14
The Turnbull government is seeking to crackdown on phoenix companies and as a result, each Australian company director will be assigned a unique identification number to prevent them being able to deliberately scuttle their companies to avoid paying creditors and then reappearing phoenix-like - debt-free.
ASIC is in the midst of a concerted campaign targeting private companies that have outgrown the reporting exemptions.
Every vendor selling a property needs to prove that they are a resident of Australia for tax purposes unless they are happy for the purchaser to withhold a 12.5% withholding tax. From 1 July 2017, every individual selling a property with a sale value of $750,000 or more is affected.
The wide ranging superannuation reforms originally announced in the 2016-17 Federal Budget have passed Parliament.
As the majority of the reforms start from 1 July 2017, it’s important to consider how these might impact on you and whether you need to take any action before then.
In the Federal budget handed down in May 2016, the government heralded significant changes to superannuation that will come into effect from 1 July 2017.
Although the government is still to finalise the exact details, it is a good idea to plan ahead, and to be aware of the major changes that will apply from next year.
The sly, underhanded activities Australia’s illegal phoenix and tax avoidance schemes are being exposed and systematically shut down by a new alliance that involves the Australian Taxation Office (ATO) and Australian Securities and Investments Commission (ASIC).