An “unnecessary array” of taxes and inefficiencies has been presented to the government, but the road to reform continues to be hindered by the political system, according to the Tax Institute. Facing a parliamentary standing committee, Professor Robert Deutsch, the Tax Institute’s senior tax counsel, welcomed the opportunity to showcase a number of issues in […]
DATE: TUESDAY 28 AUGUST 2018 TIME: 10am to 1pm WHERE: Level 4, 83 Mount Street, Sydney 2060 RSVP: admin@hurleyco.com.au or 9954 3843 Kate Hurley or Juilee Sathe ALL HURLEY & CO CLIENTS WELCOME Drop in anytime between 10am and 1pm. Bring with you your laptop or use one of ours. […]
What is it? Since 1 July 2017, the ATO has a limit on the amount that can be transferred into the pension phase in superannuation. This is called the Transfer Balance Cap and it is currently $1.6million across all retirement phase pensions in all funds over the individual’s lifetime. TBAR enables us to record and […]
The Research and Development (R&D) tax incentive is an offset designed to encourage eligible companies to undertake R&D activities that are likely to benefit Australia’s wider economy. It provides a tax offset to eligible companies that conduct eligible R&D activities which are classified as experimental activities that are conducted in a scientific way for the purpose […]
It’s tax time again, as you gather your receipts and other assorted tax documents, you should also turn you mind to what the ATO is paying close attention to this year. This year, the ATO is focusing on taxpayers who claim “other” work-related expense deductions at label D5 on individual tax returns. According to the […]
Government launches new service to simplify business registrations The government on 29 June 2018 officially launched the new stand-alone Business Registration Service, providing a simpler and clearer way to register a business. The service can be used for things such as applying for an Australian Business Number (ABN) or goods and services tax (GST) registration. […]
Government launches new service to simplify business registrations The government has officially launched a new stand-alone Business Registration Service, providing a simpler and clearer way to register a business. The service is available at www.business.gov.au. The service can be used for things such as applying for an Australian Business Number (ABN) or goods and services […]
Now all the kids have all flown the coop and you’re left with an empty nest, it might be a good time to consider downsizing to pursue that ultimate retirement dream; fishing beside a river, surfing every morning, or getting up to that fresh country air. Your dream could be one step closer with the measure […]
As a part of the crackdown on black economy, the Government is planning to introduce an economy-wide cash payment limit of $10,000. Any payments made to businesses for goods and services from 1 July 2019 would be captured, and if the transaction exceeds $10,000, payment will need to be made using an electronic system or […]
The following is a brief stocktake of the main changes introduced from 1 July 2017. $1.6m total superannuation balance Once a member’s total superannuation balance hits $1.6 million, there is no further opportunity to make any further non concessional contributions. However, subject to certain regulations, if the member’s balance subsequently falls below $1.6 million, the […]