News & Reviews
Panama Hit List
Date posted: Thursday, May 5, 2016
A Tax Office deal to protect the rich article by : Damon Kitney – The Australian, April 30 2016 _______________________________________________________________________ A number of wealthy Australians named in the Panama Papers, which revealed how the world’s richest and most powerful people use offshore companies to hide their wealth, will not have their historical tax affairs investigated […]
Read more about Panama Hit ListClient Alert April -May 2016
Date posted: Tuesday, May 3, 2016
Tax planning There are many ways in which entities can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable income. Taxpayers should be aware that they need to start the year-end tax planning process early in order to maximise these opportunities. Of course, those undertaking tax planning should […]
Read more about Client Alert April -May 2016BUDGET 2016
Date posted: Tuesday, May 3, 2016
PERSONAL TAXATION Personal tax rates: small tax cut from 1 July 2016 From 1 July 2016, the 32.5% personal income tax threshold will increase from $80,000 to $87,000 in an attempt to address tax bracket creep. The Government expects this will stop around 500,000 taxpayers facing the 37% marginal tax rate and prevent average full-time wage earners […]
Read more about BUDGET 2016Client Alert February – March 2016
Date posted: Monday, February 29, 2016
Tax relief for small businesses that restructure on the way Small businesses are important to the Australian economy, as they facilitate growth and innovation. However, as a small business develops over time, its initial legal structure may no longer be suitable for the business. Where a business has to restructure to accommodate growth, the transfer […]
Read more about Client Alert February – March 2016Client Alert December 2015 / January 2016
Date posted: Sunday, November 22, 2015
Tax negotiation limited to known debt amounts Two company taxpayers have been unsuccessful before the Federal Court in seeking to set aside statutory demands issued by the ATO. The matter essentially involved two individuals who carried on property development activities through several entities (including the taxpayers) and their recollections of an alleged “global deal” with […]
Read more about Client Alert December 2015 / January 2016Client Alert – October/November 2015
Date posted: Sunday, October 4, 2015
Excessive deduction claims on holiday homes on ATO hit list The ATO is increasing its focus on holiday home investors and, in particular, whether they are correctly claiming deductible expenses. A key concern is when people make claims for expenses when the property was not available for rent. The ATO has recently advised that it […]
Read more about Client Alert – October/November 2015Change to Company Tax Rates
Date posted: Wednesday, August 26, 2015
As from 1 July, 2015 a non-resident corporation will be subject to Australian tax on its Australian-sourced net income at the flat rate of 28.5% WHERE ITS AUSTRALIAN AGGREGATED TURNOVER IS LESS THAN A$2 MILLION. In all other instances, where the aggregated turnover of a non-resident corporation exceeds A$2 million, its Australian-sourced net income will […]
Read more about Change to Company Tax RatesClient Alert August / September 2015
Date posted: Tuesday, August 11, 2015
Work-related and rental property claims on ATO’s watch list Tax time is in full swing and the ATO has highlighted areas of concern for individuals ahead of tax return lodgment time. High on the ATO’s watch list is work-related expense claims that are significantly higher than expected. In particular, the ATO will be paying particular […]
Read more about Client Alert August / September 2015Client Alert June – July 2015
Date posted: Wednesday, June 17, 2015
Commissioner’s statutory remedial power on the way Even though the Commissioner of Taxation endeavours to interpret the law to give effect to its purpose or object, there are instances where this is not possible. To address this, the Government has announced that it will provide the Commissioner with a statutory remedial power to allow for […]
Read more about Client Alert June – July 2015Budget 2015
Date posted: Wednesday, May 13, 2015
PERSONAL TAXATION Personal tax rates: budget deficit levy not to be extended The 2015–2016 Budget did not make any changes to the current personal tax rates, although in the lead-up to the Budget, the Treasurer indicated that the 2% budget deficit levy (tax) on incomes over $180,000 would not be extended beyond its initial three […]
Read more about Budget 2015