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 >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 >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 >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 >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 >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 >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 >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 >Monday, May 11, 2015
$1 million is no longer the magic figure for a couple to travel offshore once a year, eat out with friends and enjoy a relaxed retirement. ILLUSTRATION BY SAM BENNET Get Real About Super Saving with lower returns and rising longevity experts are re-evaluating how much you need to fund your retirement, writes Sally Patten. […]
Read More >Monday, May 11, 2015
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 incomes. Taxpayers should be aware that in order to maximise these opportunities, they need to start the year-end tax planning process early. Of course, those undertaking tax planning should […]
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