Now the Coalition has settled in what tax policies are relevant?

Our last newsletter included a comparison of the Coalition and ALP tax and superannuation policies.  With the election now well and truly over, we thought we’d put together a quick summary of what the Coalition win means tax wise. Low and Middle Income Tax Offset (LaMITO) The LaMITO was proposed to increase from 1 July 2018 as follows: Taxable Income … Read More

ATO Current Targets

As is common for this time of year the ATO has let us know what areas they are targeting this year. The first area is a common area for ATO attention and one we have warned you about in the past – rental property dodgy deductions. The ATO will double the number of audits of rental property deductions with particular … Read More

Reporting thresholds doubled for Large Proprietary Companies

The financial reporting size thresholds for Large Proprietary Companies under the Corporations Act 2001 (the Act) have been doubled effective for reporting periods on or after 1 July 2019. The thresholds which have remained unchanged for almost 12 years determine whether a Company is deemed to be “small” or “large” under the Act. If a Company is deemed to be … Read More

Should you have different trustees for different trusts?

Trusts have become very common in Australia – family trusts, unit trusts and even hybrid trusts (which are a combination of a family trust and a unit trust). Self-managed super funds are also a form of trust. Trust law requires a trustee for the trust relationship to exist. Accountants and lawyers usually recommend using a company as the trustee, for … Read More

January 2019 Newsletter

WHEN SHOULD YOU HAVE A SHAREHOLDER’S AGREEMENT IN ADDITION TO THE COMPANY’S CONSTITUTION? There is no legal requirement for a company to have a shareholder’s agreement, however there can be significant benefits in having one.  We outline those benefits in our full article, click here to read more.   ARE YOU SELLING A PROPERTY IN AUSTRALIA? With recent changes in … Read More

December 2018 Newsletter

DON’T GET SCAMMED OVER THE HOLIDAY SEASON! We have received many reports of scams from clients, staff and associates. They seem to be increasing in frequency. We have included in our article some important information on how to protect yourself from scams, please click here to read in full.   SUPERANNUATION GUARANTEE AMNESTY The Superannuation Guarantee Amnesty legislation has failed … Read More

November 2018 Newsletter

FRANKING CREDITS SHOULD LABOUR WIN THE NEXT ELECTION With an election year coming in 2019 and the possibility of a new government should Labour win, it is worth being aware of what tax changes may occur on a change of government. In this article we have touched on franking credit refunds and how, under a Labour government, they may be … Read More

September/October 2018 Newsletter

CAN MY SMSF PURCHASE A RESIDENTIAL PROPERTY FROM MY BROTHER? Buying residential property is not just about finding the right property even though this is often the most time-consuming part. Don’t fall into the trap of purchasing from a related party even if it’s at market value. It’s important to remember that SMSFs have strict investment rules so don’t get … Read More

August 2018 Newsletter

SMSF – HAVE YOU CONSIDERED WHAT YOU WILL DO IF AN UNEXPECTED EVENT OCCURS? Your SMSF is a long-term plan.  However, much can happen including illness, incapacity or death of a member. Do you know what the rules are should a fund member pass away, leaving you as a sole member? If you have a SMSF, please click here to … Read More