ATO to Report Business Tax Debts to Credit Reporting Bureaus

Current as of February 2017   From 1 July 2017 the ATO will be allowed to disclose tax debt information to Credit Reporting Bureaus. The new measure will only apply to businesses with an ABN that have a tax debt of more than $10,000 overdue by more than 90 days, where the taxpayer hasn’t effectively engaged with the ATO to … Read More

February 2021 Newsletter

Current as of 26 February 2021   What is changing with your Superannuation Transfer Balance Cap on 1 July 2021? The general Transfer Balance Cap ‘TBC’ which limits the amount that can be transferred into the tax-free retirement phase of superannuation will be indexed to $1.7m from 1 July 2021. The original single cap will no longer apply for everyone, … Read More

January 2021 Newsletter

Current as of 29 January 2021 Volume 151 Choosing a Structure in a Foreign Country depends on the after-tax result in the Australian Investor’s hands. Here’s why!  When choosing the optimal foreign structure for your expanding business, several factors must be considered but the global tax outcome is always one of the most important. Understanding the global tax outcome requires … Read More

February 2018 Newsletter

Current as of 27 February 2018 Volume 2018 Can I buy cryptocurrencies in my self-managed super fund? Bitcoin and other cryptocurrencies have been around for many years but in recent months they have been in the news as their daily values go up and down more often than the highest rollercoaster in the world, The Kingda Ka in New Jersey. … Read More

January 2018 Newsletter

As of 2nd February 2018 Volume 123 Tax Office Targets Rental Properties  In our previous articles we have touched base on the recent targeting of rental property owners by the ATO to ensure they are doing the right thing. Do you own a rental property?  Are you aware of your taxation requirements? If you are unsure of what you can … Read More

December 2019 Newsletter

Current as of 23rd December 2019 Volume 141 Our 50th Year comes to a close After a very busy year, our 50th year in business is about to come to a close. It has been a great year with some big changes and plans put in place for our next 50 years.  With a major premises upgrade and significant investment … Read More

October/November 2019 Newsletter

Current as of 1 November 2019 Volume 140 Are the individual directors liable for the debts of a corporate trustee? A trust can be a very good structure for asset protection and using a corporate trustee adds to this protection. If you are a director of a corporate trustee, please read our article and if you are concerned about your personal liability, … Read More

September 2019 Newsletter

Current as of 18 September 2019 Volume 139 Single Touch Payroll – The final reminder before it starts happening!  As mentioned in previous editions of S & W Insight, and as a final reminder before it starts happening, as from 30 September there will be changes applicable to the reporting for wages and super information for employers. This is called … Read More

July 2019 Newsletter

Current as of 22 July 2019 Volume 138   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 other area to … Read More

February 2019 Newsletter

Current as of 28 February 2019 Volume 135   Superannuation guarantee contributions amnesty – an update Back on 24 May 2018, the government announced a one-off opportunity for employers to self-correct past outstanding or unpaid superannuation guarantee (SG) without penalty. To date the Amnesty bill has not been enacted and, with the election coming up and the possibility of a … Read More