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News

Client Alert August-September

Monday, September 10, 2018

Government launches new service to simplify business registrations The government has officially launched a new stand-alone Business Registration Service, providing a simpler and clearer way to register a business. The service is available at www.business.gov.au. The service can be used for things such as applying for an Australian Business Number (ABN) or goods and services […]

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Client Alert June/July 2018

Tuesday, July 3, 2018

Tax planning With the end of the 2018 income tax year rapidly approaching, this issue draws attention to year-end tax planning strategies and compliance matters that you need to consider to ensure good tax health. It focuses on the most important issues for small to medium businesses and individuals to consider. Tip: This is general […]

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Client Alert April – May 2018

Wednesday, May 9, 2018

ATO closely examines work-related car expenses The ATO is concerned about taxpayers making mistakes or deliberately lodging false claims for work-related car expenses, and has announced it will be closely examining claims for these expenses in 2018 tax returns. Last year, around 3.75 million people made a work-related car expense claim, totalling about $8.8 billion. […]

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BUDGET 2018

Wednesday, May 9, 2018

 PERSONAL TAXATION Personal tax rates: staged seven-year reform plan starting from 2018–2019 In the 2018–2019 Budget, the Government announced staged tax relief for low and middle income earners. The Government is proposing a major seven-year, three-step plan to reform personal income tax. Step 1 will see a new, non-refundable low and middle income tax offset from […]

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Client Alert February/March 2018

Thursday, March 15, 2018

Bill to implement housing affordability CGT changes As part of the 2017–2018 Budget, the Federal Government announced a range of reforms intended to reduce pressure on housing affordability. Legislation has now been introduced into Parliament that proposes to: remove the entitlement to the capital gains tax (CGT) main residence exemption for foreign residents; and modify […]

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Client Alert December 2017

Thursday, November 16, 2017

Consultation paper: combating phoenix activities The Federal Government has released a consultation paper proposing company and tax law reforms to combat phoenix activities. Phoenix activities involve stripping assets from a company that’s in debt and transferring them to another company to avoid paying the first company’s liabilities – that is, the new company “rises from […]

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Client Alert October/November 2017

Wednesday, September 20, 2017

Bill to increase Medicare levy The Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017 has been introduced to implement the Government’s 2017–2018 Budget announcement to increase the Medicare levy by 0.5% to 2.5% from 1 July 2019 in order to help finance the National Disability Insurance Scheme (NDIS). Nine other Bills have been introduced to […]

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Client Alert August September 2017

Friday, August 11, 2017

Tax cut for small business: ATO will amend returns For the 2016–2017 income year, the company tax rate for small businesses decreases to 27.5%. Companies with turnover of less than $10 million are eligible for this rate. The maximum franking credit that can be allocated to a frankable distribution has also been reduced to 27.5% […]

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BUDGET 2017

Wednesday, May 10, 2017

BUDGET 2017 PERSONAL TAXATION No change to personal tax rates; Budget deficit levy to end The 2017–2018 Federal Budget contained no changes to the personal income tax rates and thresholds. This means that the 2% budget deficit levy on incomes over $180,000 will not be extended beyond its initial three years, and will cease on […]

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Client Alert February / March 2017

Monday, February 20, 2017

Re-characterisation of income from trading businesses The ATO has released Taxpayer Alert TA 2017/1 to say it is reviewing arrangements that try to fragment integrated trading businesses to re-characterise trading income as more favourably taxed passive income. The ATO is concerned with cases where a single business is divided in a contrived way into separate […]

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