Helpful App to track your Deductions

The ATO now has an app which will be very helpful in tracking the deductions that you are able to claim against your tax. It is available from both the Apple and Android stores. The app is packed with lots of features as you will see below: For Individuals There is a tool called myDeductions to help track and record … Read More

February 2017 Newsletter

ATO TO REPORT BUSINESS TAX DEBTS TO CREDIT REPORTING BUREAUS From 1 July 2017 the ATO will be allowed to disclose tax debt information to Credit Reporting Bureaus. To avoid being impacted by these new measures you should read our full article. SMSF PROPERTIES – WHAT CAN AND CANNOT BE DONE TO THEM? Are you looking at buying a property, … Read More

January 2017 Newsletter

DOES YOUR BUSINESS NEED CAPITAL INJECTION - TAX INCENTIVES FOR EARLY STAGE INVESTORS You may have read in the financial press about the tax concessions available for early stage investors which came in on 1 July 2016. In this article we give you the basics on how the concessions work to see if they provide an opportunity for you. ARE YOU ... Read More

Foreign Person and Land Tax Surcharge problem in family trusts

From 31 December 2016 discretionary trusts (commonly known as family trusts) holding residential properties could be subjected to the foreign person rule and could be liable for an extra 0.75% land tax cost on the unimproved land value of the residential property (on top of the existing 1.6%). Example Family Trust A has a potential beneficiary that meets the definition of “foreign person” … Read More

Are you ready for the 1 July 2017 super changes?

Part 1: what was the final outcome? Last month saw the changes to superannuation in the May 2016 Federal Budget passed and receiving Royal Assent. They are now law. A summary of the final superannuation reforms is as follows: Annual limit of Non-Concessional Contributions (“NCCs”) will be reduced to $100,000 from the current cap of $180,000 from 1 July 2017 no … Read More

Does your Business need capital injection – Tax incentives for early stage investors

You may have read in the financial press about the tax concessions available for early stage investors which came in on 1 July 2016. Below we give you the basics on how the concessions work to see if they provide an opportunity for you. The Australian Government currently provides various concessions to support innovative companies. These include Research and Development … Read More

International Newsletter – December 2016

Diverted Profits Tax A new exposure draft has been released regarding the proposed Diverted Profits Tax (DPT). The DPT will strengthen the ATO’s power to deal with multinationals that transfer profits, assets or risks to offshore related parties using artificial or contrived arrangements to avoid Australian tax. It is proposed to take effect from 1 July 2017. The DPT will ... Read More

December 2016 Newsletter

NSW PROPERTY SURCHARGE ON DISCRETIONARY TRUSTS The NSW Government has recently made changes to the definition of “foreign persons” for the purposes of assessing duty and land tax liabilities. If you have a Discretionary Trust and you have residential properties located in NSW within your Trust, then we suggest that you read this article in full. SUPERANNUATION CHANGES FROM 1 ... Read More