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    June 7, 2018

    2018 Budget Update The Government handed down the 2018/19 Federal Budget on Tuesday 8th May 2018.  Some of the important proposals include: The introduction of the 'Low and Middle Income Tax Offset', a temporary non-refundable tax offset of up to $530 p.a. to Australian resident low and middle income taxpayers for the 2019 to 2022 income years.  This offset will apply in addition to the [...]

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    Newsletter - April 2018

    April 2, 2018

    New superannuation rates and thresholds released  The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. The Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000. The CGT cap amount will be $1,480,000. The Division 293 tax [...]

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    Newsletter - March 2018

    March 2, 2018

    ATO's focus on work-related expenses This year, the ATO is paying close attention to what people are claiming as 'other' work-related expense deductions, so it's important when taxpayers claim these expenses that they have records to show: they spent the money themselves and were not reimbursed; the expense was directly related to earning their income; and they have a record to prove [...]

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    Newsletter - February 2018

    February 15, 2018

    Further 'affordable housing' measures passed Parliament has passed the legislation allowing first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS), and also allowing older Australians to 'downsize' and then contribute the proceeds of the sale of their family home into superannuation. From 1 July 2018, a first home buyer will be able to [...]

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    Newsletter - December 2017

    December 19, 2017

    Tax legislation passed In other news, the Government has passed changes to the tax legislation that will limit, or deny, deductions for travel expenses and depreciation claims for certain residential premises. Legislation to impose vacancy fees on foreign acquisitions of residential land has also been passed.   ATO relief for SMSFs reporting 'transfer balance account' events The ATO [...]

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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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