Tax integrity focus on larger businesses’ unpaid tax and super The Government will provide ATO funding of $42.1 million over four years to increase activities to recover unpaid tax and superannuation … [Read more...]
Federal Budget 2019 – 2020: Superannuation
Super contributions work test exemption extended; spouse contributions age limit increased The Budget confirmed the Treasurer’s announcement on 1 April 2019 that individuals aged 65 and 66 will be … [Read more...]
Federal Budget 2019 – 2020: Business Taxation
Instant asset write-off extended to more taxpayers; threshold increased The Budget contains important changes to the instant asset write-off rules. These changes are in addition to the measures … [Read more...]
Federal Budget 2019-2020: Personal Taxation
Personal tax cuts: low–mid tax offset increase now; more rate changes from 2022 In the 2019–2020 Federal Budget, the Coalition Government announced its intention to provide further reductions in tax … [Read more...]
Three common CGT obstacles for homeowners
Many homeowners are not aware that the “main residence” rules exempting the family home from capital gains tax (CGT) are in fact quite complex and contain many traps. It pays to be aware of these … [Read more...]
How does listing my home on Airbnb affect my tax?
Millions of Australians are now using the “sharing" economy to earn some extra money on the side. Thanks to smartphones and user-friendly app technology, people are using peer-to-peer digital … [Read more...]
Practice Point – keeping director details current with ASIC
The importance of keeping director details up to date with ASIC cannot be understated. Not only is it a legal requirement under the Corporations Act 2001 (s 205B), a failure to do so can have drastic … [Read more...]
Government extends and increases the small business instant asset write-off
The extension of the instant asset write-off for a further year is great news for small businesses who may be planning to purchase assets for use in their business in the near future. The key is for … [Read more...]
Greater flexibility for accessing company tax losses: proposed new “similar business” test
The government plans to give companies greater access to prior year tax losses in a bid to stimulate business innovation. A new alternative to the “same business test” – the “similar business test” – … [Read more...]
Reforming the taxation of discretionary trusts
Recent years have seen much discussion about the effectiveness and fairness of Australia’s current rules for taxing discretionary trusts. These trusts are very popular in Australia and are widely used … [Read more...]
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