#Tax

Nov 27, 2019
4 min

Tax Bulletin - November 2019

GENERAL Super guarantee opt-out for high income earners now law From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee ('SG') from some of their employers, to help them avoid unintentionally going over the concessional contributions cap. If appropriate for them, they should submit the relevant ATO form to apply for an SG employer shortfall exemption certificate, which releases one or more of their employers from the

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Special Bulletin - Federal Budget 2019-20

Paul Marini

Apr 3, 2019
10 min

Special Bulletin - Federal Budget 2019-20

Personal income tax Changes to personal income tax rates The Government has proposed the following changes to the personal income tax rates: From 1 July 2022, the Government will increase the upper threshold of the 19% personal income tax bracket to $45,000. The rates below do not include the Medicare Levy. The upper threshold of the 19% tax bracket was previously increased from $37,000 to $41,000, with effect from 1 July 2022 (i.e., 2023). In this latest Federal Budget, the

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Special Tax Bulletin - Single Touch Payroll Update

Andrew Clarke

Mar 28, 2019
4 min

Special Tax Bulletin - Single Touch Payroll Update

Understanding Single Touch Payroll obligations Single Touch Payroll (‘STP’) is a Government initiative aimed at cutting red tape for employers and improving visibility of compliance with business obligations such as: salary and wages and similar payments; Pay As You Go (‘PAYG’) withholding; and certain superannuation related information; by requiring ‘real time’ reporting of payroll information directly to the ATO. Importantly, STP is designed to extract information that alre

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Paul Marini

Mar 27, 2019
3 min

Tax Bulletin - March 2019

GENERAL Changes to the small business instant asset write-off On 29 January 2019, the Prime Minister announced that legislation will be introduced to: extend the small business instant asset write-off by 12 months to 30 June 2020; and increase the write-off threshold from less than $20,000 to less than $25,000 (effective immediately). The current threshold of $20,000 has applied since 7.30pm AEST on 12 May 2015 and was due to revert to $1,000 on 1 July 2019. Under the propose

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Government looking to pass bill that will increase the allowable SMSF Members

Jenny Trinh

Feb 26, 2019
2 min

Government looking to pass bill that will increase the allowable SMSF Members

The Government has recently introduced Treasury Laws amendment (2019 Measures No 1) Bill 2019 into the House of Representatives, which highlights proposed changes to Self-Managed Superannuation Funds (SMSFs), with an emphasis on member limits and necessary sign off requirements. The Bill proposes changes to increase the current members allowed for a singular SMSF from four to six. Ideally, for a Bill to pass through the House of Representatives, the reasons for the changes mu

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Paul Marini

Feb 21, 2019
1 min

Snapshot of the Labor Party's Key Tax Policies

#Tax

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Paul Marini

Feb 21, 2019
3 min

TAX BULLETIN – FEBRUARY 2019

GENERAL Division 293 Assessments The ATO has been issuing ‘Additional tax on concessional contributions (Division 293) assessments’ with respect to liabilities relating to the 2018 income year. Division 293 imposes an additional 15% tax on certain concessional (i.e., taxable) superannuation contributions. It applies to individuals with income and concessional superannuation contributions exceeding the relevant annual threshold. This means that impacted individuals may ultimat

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Paul Marini

Jan 24, 2019
4 min

Tax Bulletin - January 2019

GENERAL ATO to send text messages if bank account details incorrect The ATO has advised that it will send SMS text messages directly to taxpayers where incorrect bank account details were included in their tax returns and they were entitled to a refund. The SMS will advise impacted taxpayers that: their refund cannot be processed due to incorrect bank account details; and they should phone the ATO on 13 28 61 to correct their details. If impacted taxpayers contact the ATO wit

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AASB confirms not-for-profit relief for Peppercorn Leases under AASB 16: Leases

Hadyn Greer

Jan 20, 2019
2 min

AASB confirms not-for-profit relief for Peppercorn Leases under AASB 16: Leases

The AASB has provided relief for not for profit organisations from having to calculate the fair value of a right-to-use asset from ‘peppercorn’ leases i.e. leases that are significantly below market price. Peppercorn leases are often represented by a nominal lease charge for the use of a potentially valuable property. The calculation of the fair value of the right-to-use asset for the purposes of initial recognition under AASB 16: Leases was raised from the outset of the intr

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Changes to the lower corporate tax rate for the 2018 income year and onwards

Andrew Clarke

Oct 9, 2018
2 min

Changes to the lower corporate tax rate for the 2018 income year and onwards

Requirements for companies to meet the eligibility for the lower SBE (Small Business Entity) corporate tax rate of 27.5% for the 2018 financial year now require companies to meet a new Base Rate Entity test. In the 2017 financial year corporate entities were required to be classified as an SBE with an aggregated turnover of less than $10 million that were carrying on a business for all or part of the year, in order to access the lower tax rate. In the 2018 financial year and

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Tax Benefits of Relocating for Work Purposes

Paul Marini

Sep 30, 2018
2 min

Tax Benefits of Relocating for Work Purposes

With an ever increasing mobile workforce, the opportunities to relocate for work can be both exciting and challenging. However, what many people don’t know is that the tax system actually provides assistance to employees relocating in the form of tax free or concessionally taxed benefits. Some can apply when relocating permanently and others when living away from home temporarily. These types of benefits are generally provided through the Fringe Benefits Tax system and are ac

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ATO Issues Guidance on Property Transactions

Paul Marini

Sep 18, 2018
3 min

ATO Issues Guidance on Property Transactions

Determining the tax treatment of transactions involving property can be an area of great contention. Generally, when a landowner enters into an arrangement to develop and sell their land, the key question to be determined is whether the ultimate sale is a ‘mere realisation’, or whether is it a disposal either in the course of business or as part of a profit making undertaking or plan. A ‘mere realisation’ is a sale on capital account to which the capital gains tax (CGT) rules

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Paul Marini &Philip MacIsaac

May 8, 2018
6 min

Special Bulletin – Federal Budget 2018-19

The Treasurer has handed down the Government’s 2018-19 Federal Budget, which despite not addressing any major tax reforms does include a number of important and targeted measures which are outlined below. Backing Small Business Investment — further extending the immediate deductibility threshold The Government will extend the accelerated depreciation for small businesses by a further 12 months to 30 June 2019 for businesses with aggregated annual turnover less than $10 millio

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