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  • Newsletter - November 2017

    November 14, 2017

    Can travel in an Uber be exempt from FBT? The ATO has released a discussion paper to facilitate consultation regarding the definition of 'taxi' contained in the FBT Act, and the exemption from FBT for taxi travel undertaken to or from work or due to illness. Although the provision of travel by an employer to an employee would generally be a benefit upon which FBT would be payable, employers [...]

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    Newsletter - October 2017

    October 5, 2017

      No small business tax rate for passive investment companies The Government has released draft tax legislation to clarify that passive investment companies cannot access the lower company tax rate for small businesses of 27.5%, but will still pay tax at 30%. The amendment to the tax law will ensure that a company will not qualify for the lower company tax rate if 80% or more of its [...]

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    Newsletter - September 2017

    September 2, 2017

    ALP announces massive (potential) changes to trust taxation The Leader of the Opposition, Bill Shorten, has announced that a Labor Government (should they be elected) will introduce a standard minimum 30% tax rate for discretionary trust distributions to "mature beneficiaries" (i.e., people aged 18 and over). Although the ALP acknowledges that individuals and businesses use trusts for a range [...]

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    Newsletter - August 2017

    August 2, 2017

    ATO warning regarding work-related expense claims for 2017 The ATO is increasing attention, scrutiny and education on work-related expenses (WREs) this tax time. Assistant Commissioner Kath Anderson said: “We have seen claims for clothing and laundry expenses increase around 20% over the last five years.  While this increase isn’t a sign that all of these taxpayers are doing the wrong [...]

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    Newsletter - July 2017

    July 9, 2017

    Extension of the $20,000 SBE Immediate Deduction Threshold In the 2017/18 Federal Budget handed down on 9 May 2017, the Federal Government announced that it intended to extend the ability of Small Business Entity (or ‘SBE’) taxpayers to claim an outright deduction for depreciating assets costing less than $20,000 until 30 June 2018.  This Budget Night announcement has now been passed into [...]

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    Newsletter - June 2017

    June 21, 2017

    Budget Update The Government handed down the 2017/18 Federal Budget on Tuesday 9th May 2017. The Budget proposes (amongst several other changes) to increase the Medicare Levy by 0.5% to 2.5% from 1 July 2019 (and tax and withholding rates that are linked to the highest marginal income tax (e.g., FBT) will also increase from 1 July 2019). One of the other more significant Budget [...]

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    May 2017 - Newsletter

    May 3, 2017

    Company tax cuts pass the Senate with amendments Editor: After a marathon few days of extended sittings (the last before the Federal Budget in May), the Government finally managed to get its company tax cuts through the Senate, but it was not without compromise. The following outlines the final changes to the law, as passed by the Senate, including a recap of which of the original proposals [...]

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    New Youtube Channel!

    April 8, 2017

    I have my own Youtube Channel now. Check it out, https://www.youtube.com/channel/UCguVDzssa1Vv1FMyjSFSNpQ Subscription is free. I will keep posting new information. You may find them useful.

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    Radio interview with Leo Colgar from Bright Accounting and Taxation Services, in the first 20 minutes of the following recording. http://www.bmchamber.org.au/files/The-Business-Show-136.mp3  

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    Newsletter - April 2017

    April 1, 2017

      Reduction in FBT rate from 1 April 2017 In conjunction with the introduction of the temporary budget repair levy (of 2%, payable by high income earners), the FBT rate was also increased from 47% to 49% for the 2016 and 2017 FBT years. However, the FBT rate will revert back to 47% from 1 April 2017. Editor: This means there will be a discrepancy between the FBT rate and the effective[...]

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