Financial Services Minister Stephen Jones said Labor plans to tackle tax concessions once an objective of the superannuation system has been put into legislation. People with millions of dollars in their superannuation are receiving tax concessions that ultimately have a “real cost to the budget”, the Minister said. “The concessional taxation of superannuation is a […]
From 1 July 2022 the eligible age is 60 years old or older. Prior to 30 June 2022 it was 65 years old or older. Some of the eligibility criteria you must satisfy are: The home must be in Australia, have been owned by you or your spouse for at least 10 years and the disposal must be […]
Warren Day has called on Australians to actively engage with their super in order to set themselves up for retirement. In a recent interview with the ABC, Mr Day stated that retirement outcomes depended significantly on when individuals begin planning and whether they have accumulated enough wealth during their working life. “While super is not […]
Single Touch Payroll (STP) is the way you report your employees’ tax and super information to the ATO. Single Touch Payroll (STP) is part of the government’s commitment to streamlining employer reporting obligations. STP was legislated on 16 September 2016 as part of the Budget Savings (Omnibus) Act 2016External Link. The mandatory start date for STP Phase 2 […]
ATO scrutinising gifts or loans from overseas The ATO has recently issued an alert warning taxpayers against disguising undeclared foreign income as gifts or loans from related overseas entities, including family and friends. It says it has continued to encounter situations where Australian resident taxpayers have derived amounts of income or capital gains offshore that […]
ATO scrutinising gifts or loans from overseas The ATO has recently issued an alert warning taxpayers against disguising undeclared foreign income as gifts or loans from related overseas entities, including family and friends. It says it has continued to encounter situations where Australian resident taxpayers have derived amounts of income or capital gains offshore that […]
This tax time, your small business clients with a turnover of less than $10 million can write off assets costing less than $20,000 each in their 2016-17 return. All simplified depreciation rules will apply to assets when choosing this method. To use simplified depreciation rules correctly you must: write off eligible assets costing less than $20,000 […]
CURRENCY: This issue of Client Alert takes into account developments up to and including 14 February 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 – the Treasury Laws Amendment (Reducing Pressure on Housing […]
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 […]
Please note that all the Law Society Trust Account Examiners had to be reaccredited in NSW in order to perform Trust Account Audits by 31st March 2018. Please note that the following extract is from The Law Society of NSW. Please take note that External Examiner’s Reports after 30 June 2017 can only be provided […]