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Taxation

Should you use the new super measures when you buy/sell your home?

Should you use the new super measures when you buy/sell your home?

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.

What's changing in 2018?

What's changing in 2018?

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.

Turnbull government crackdown sees ID number for all directors

Turnbull government crackdown sees ID number for all directors

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.

Super Guarantee – What Happens When You Get It Wrong

Super Guarantee – What Happens When You Get It Wrong

The ATO receives around 20,000 reports each year from people who believe their employer has either not paid or underpaid compulsory superannuation guarantee (SG). In 2015-16 the ATO investigated 21,000 cases raising $670 million in SG and penalties.

Director's fees: How and when to pay them

Director's fees: How and when to pay them

The issue of Director’s fees often comes up – should we pay directors, how to pay, and if we do pay fees how should they be paid? We answer the common questions for private companies.

Super Concessions For First Home Savers And Downsizers

Super Concessions For First Home Savers And Downsizers

Does superannuation offer an avenue to help downsizers and first home savers? The Government seems to think so. Late last month the detail of the housing initiatives announced in the Federal Budget were released for consultation. We explore what’s on offer and the implications.

What everyone selling a property valued at $750k or more needs to know

What everyone selling a property valued at $750k or more needs to know

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.

Things to think about this tax time

Things to think about this tax time

It is that time of the year – yep…tax time.

Whilst many of us put off the inevitable, we thought it would be worthwhile pointing out a few things that you should consider when preparing your information for your accountant at tax time:

It's tax time - check out our taxation check lists to make life easier!

It's tax time - check out our taxation check lists to make life easier!

Taxation can be a major cost to you and/or your business. To make your life easier we have provided the following checklists that you can download. For individuals, download and complete the various fields; for businesses, this is a reminder checklist so you can be sure to be organised!

Tax write offs for small business explained

Tax write offs for small business explained

Small business tax write-off measures that were introduced in a previous Federal Budget allowing small businesses with a turnover up to $2million to immediately deduct assets of up to $20,000 per item, instead of having to claim deductions over a number of years has been proposed to be extended until 30 June 2018.  

The proposed increase to small business tax offset

The proposed increase to small business tax offset

You may or may not be aware that the Government announced in the 2016-17 Federal Budget that the small business tax offset rate would incrementally increase from 5% to 16% over a 10 year period.

New options for Small Business GST Reporting

New options for Small Business GST Reporting

Planning to start a small business in 2017? Take note!

From 19 January 19 2017, newly registered small businesses will be provided with the option to report less GST information on a simpler BAS.

Superannuation reform and its impact on you

Superannuation reform and its impact on you

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.

Beware! If the ATO or the Sheriff calls you....it is probably a scam!

Beware! If the ATO or the Sheriff calls you....it is probably a scam!

It’s tax time…..and we all know what that means! Yes, it’s time to get the shoebox out, sort the receipts and get organised for your dreaded tax return.

But the start of a new financial year also tends to bring another issue altogether….scammers who are keen to cash in on peoples confusion and lack of time when it comes to filing their return.