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.
The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the key hot spots for employers and employees.
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.
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.
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.
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.
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.
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.
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:
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!
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 2017 Federal Budget was handed down in Canberra on Tuesday night (9 May) and as always, opinions are mixed about what it means for Australia.
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.
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.
Do you have a real understanding of what it means to be a company officeholder? How do you stay compliant, or make sure your company details are up to date and that you’re paying your annual statement on time.
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).
Let’s face it, thinking and talking about death and what happens there after can be a pretty morbid affair…but what if you don’t?
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.