Unpaid super: important amnesty update for employers

November 12th, 2019

The launch of Single Touch Payroll (STP) will dramatically improve the ATO’s ability to monitor employers’ compliance with compulsory super laws moving forward. This electronic reporting standard is now mandatory for all Australian businesses and gives the ATO fast access to income and superannuation information for all employees. The government is getting tough on unpaid [...]

Small business CGT concessions: when do I qualify?

November 11th, 2019

CGT concessions allow you to reduce – or in some cases, completely eliminate – the capital gain from the sale of a business asset, whether it’s held directly by your business entity or in another related structure. What’s more, the concessions also allow you to make extra super contributions – sometimes up to $1,515,000 – [...]

Health insurance and your tax: uncovered

November 8th, 2019

If you don’t hold private hospital cover – or are thinking about dropping it – make sure you understand the financial consequences. You could be hit with an extra tax surcharge of up to 1.5% or cost yourself extra premiums in future. Levies, surcharges and loadings – the terminology around health insurance and tax can [...]

Downsizer super contributions: getting it right

November 7th, 2019

“Downsizer” contributions let you contribute some of the proceeds from the sale of your home into superannuation – but there are several important eligibility requirements. Are you thinking about selling the family home in order to raise funds for retirement? Under the “downsizer” contribution scheme, individuals aged 65 years and over who sell their home [...]

Getting the benefit of your business tax losses

November 6th, 2019

When you’re starting a new business venture, it may take some time before the business becomes profitable. And there may be other situations where an established business operates at a loss in a particular year. So, what does this mean tax-wise? When your deductions in an income year are greater than your assessable income, you [...]

Thinking about setting up an SMSF?

October 10th, 2019

SMSFs can be a great option for building retirement savings, but they may not be suitable for everyone. Before you jump in, make sure you understand the differences between SMSFs and other types of funds to help you make an informed decision. Here are a few issues to consider. Management While public offer funds are [...]

Claiming work trips for business owners

October 9th, 2019

As a business owner, do you sometimes take work trips? When a trip is clearly for business purposes only, the rules for deducting your expenses are fairly straightforward. But what happens when you’ve planned a holiday or to catch up with family or friends while you’re travelling? Airfares Assume you travel to London for a [...]

Salary sacrificing loopholes: are you receiving your full benefits?

October 8th, 2019

Most workers understand that their employer must make compulsory super guarantee (SG) contributions of 9.5% of their salary and wages. However, things can get a little tricky when you choose to salary sacrifice. Under current laws, employees who sacrifice some of their salary in return for additional super contributions may end up receiving less than [...]

ATO announces “Better as Usual” program to improve your experience

October 7th, 2019

ATO Commissioner Chris Jordan has announced the launch of “Better as Usual”, a new ATO program aimed at improving people’s experience with the tax system. The program will include four parts: • Whole-of-system experience: looking at the end-to-end experience to address people’s frustration at sometimes feeling like they have to start all over again when [...]

ATO sets its sights on undisclosed foreign income

October 4th, 2019

Do you have any amounts of offshore income you haven’t declared to the ATO – perhaps interest from a foreign bank account? Even if it seems like a small amount, you must declare it. International data-sharing arrangements are making your overseas financial affairs increasingly transparent, so don’t get caught out. The ATO is keen to [...]

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