ATO assessments issued for excess super pension balances

May 11th, 2018

The ATO has started issuing excess transfer balance (ETB) tax assessments to self managed super fund (SMSF) members, or their agents, who had previously received an ETB determination and rectified the excess. These ETB tax assessments are sent to SMSF members (or their professionals), and not to the fund. It’s then up to the member [...]

Banking Royal Commission wraps up evidence on financial advice

May 11th, 2018

The Banking Royal Commission has wrapped up its two weeks of hearings focused on financial advice. The hearings have included gruelling evidence of misconduct in financial services entities’ provision of financial advice, occurring in the context of fees being charged for no service, platform fees, inappropriate advice, improper conduct and the disciplinary regime. The Royal [...]

Financial Complaints Authority takes shape

May 11th, 2018

Minister for Revenue and Financial Services Kelly O’Dwyer has announced the authorisation of the new financial dispute resolution scheme, the Australian Financial Complaints Authority (AFCA), which will start accepting complaints from 1 November 2018. AFCA is intended to be a “one-stop shop”, having the expertise to deal with all financial disputes, including superannuation and small [...]

Businesses, get ready: GST on low value goods

May 11th, 2018

From 1 July 2018, GST will be imposed on the supply low value goods from outside of Australia to Australian consumers. Businesses need to be ready for this change. TIP: Businesses must register for Australian GST once their annual turnover reaches $75,000, but registering is optional for businesses with lower turnover. The low value goods [...]

Government to increase civil penalties for white-collar crime

May 11th, 2018

In response to recent Senate Economics References Committee and Australian Securities and Investments Commission (ASIC) Enforcement Review Taskforce reports, the Federal Government has agreed to increase the civil penalties for corporate and financial misconduct (white-collar crime), for both individuals and bodies corporate. ASIC infringement notices will also be expanded to cover a broader range of [...]

Residential rental property travel expense deduction changes

May 11th, 2018

Recent changes to Australian tax law mean that individuals, self managed superannuation funds (SMSFs) and “private” trusts and partnerships can longer claim tax deductions for non-business travel costs related to their residential rental properties. Such costs also cannot form part of the cost base or reduced cost base of a CGT asset. The ATO has [...]

CGT main residence exemption to disappear for non-residents

May 11th, 2018

A person’s Australian tax residency status may be about to assume a whole new meaning. Currently, both residents and non-residents qualify for a full or partial exemption from capital gains tax (CGT) when they sell a property that is their home (main residence). But if a Bill that is currently before Parliament is passed, that [...]

Data matching finds taxpayers with unnamed Swiss bank accounts

May 11th, 2018

More than 100 Australians have been identified as “high risk” and will be subject to ATO investigation because they have links to Swiss banking relationship managers who are alleged to have actively promoted and facilitated tax evasion schemes. The ATO constantly receives intelligence from a range of local and international sources which it cross-matches against [...]

ATO closely examines work-related car expenses

May 11th, 2018

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. The best way for to avoid [...]

Superannuation rates and thresholds for 2018–2019

April 10th, 2018

We summarise some of the key superannuation rates and thresholds for the upcoming financial year: Contributions Concessional contributions cap: $25,000 Non-concessional contributions cap: $100,000* CGT cap amount: $1,480,000 Super guarantee percentage: 9.5% Maximum contribution base (per quarter): $54,030 * 300,000 for a “bring forward” arrangement Government co-contributions Lower income threshold: $37,697 Higher income threshold : [...]

  Liability limited by a scheme approved under Professional Standards Legislation.