Entries by Hurley & Co

Crowd-sourced equity funding for proprietary companies Bill introduced

October 13, 2017 in /by

Crowd-sourced equity funding is an innovative type of fundraising that allows a large number of individuals to make small financial investments in exchange for an equity stake in the company. Legislation to create a crowd-sourced equity funding regime for public companies will commence on 29 September 2017. Extending the crowd-sourced equity funding framework to proprietary companies will allow these companies to access an alternative form of finance with […]

The 2017 SMSF return: are you up for the challenge?

September 22, 2017 in /by

This article is reprinted from Acuity Magazine. Under the new super rules, this year’s SMSF returns are going to be very complex and it’s important that practitioners are up to speed. In Brief There’s no such thing as simple super anymore. The changes are the most significant in a decade and all details must be […]

Occupation-specific guides

September 13, 2017 in /by

There have been a lot of discussions regarding work related deductions in the present. The ATO has published a guide as follows. When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income. To claim a work-related deduction: you must have spent the […]

Catching the wave of SMSF opportunities

September 13, 2017 in /by

This is a reprinted report of an article posted by Class, Australia’s leading cloud-based SMSF administration software. Kevin Bungard, CEO of Class, shares insights into how the advance in technology is driving a revolution in the competitive SMSF landscape. In brief Accountants involved in SMSFs know change is occurring Online access is expected for SMSFs […]

Client Alert Explanatory Memorandum (October 2017)

September 11, 2017 in /by

Bills for increase in Medicare levy to 2.5% The Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017 has been introduced into Parliament to implement the Government’s 2017–2018 Budget announcement to increase the Medicare levy by 0.5% to 2.5% from 1 July 2019 in order to help finance the National Disability Insurance Scheme (NDIS). Nine other […]

Client Alert (October 2017)

September 11, 2017 in /by

Bill to increase Medicare levy The Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017 has been introduced to implement the Government’s 2017–2018 Budget announcement to increase the Medicare levy by 0.5% to 2.5% from 1 July 2019 in order to help finance the National Disability Insurance Scheme (NDIS). Nine other Bills have been introduced to […]

TAX CHANGES FOR SMALL BUSINESS – UPDATES

September 4, 2017 in /by

Instant deductibility threshold extended Budget 2017-18 has extended the instant deduction for depreciating business assets costing less than $20,000 until 30 June 2018. Please note that this provision only lets small businesses to claim a tax deduction earlier. It does not offer any additional tax deduction measured over the life of the asset. With the extended definition […]

Client Alert Explanatory Memorandum (September 2017)

August 16, 2017 in /by

Work-related expense claims under scrutiny The ATO has warned taxpayers to avoid making incorrect claims for work-related expenses at tax time this year. This year, the ATO is using real-time data to compare taxpayers with others in similar occupations and income brackets, to identify higher-than-expected claims related to expenses for work vehicles, travel, internet and […]

Client Alert (September 2017)

August 16, 2017 in /by

Work-related expense claims under scrutiny Will you claim work-related expenses on your tax return this year? The ATO now uses real-time data to compare people’s tax returns with others in similar occupations and income brackets. This year it’s focused on identifying higher-than-expected claims for expenses related to work vehicles, travel, internet and mobile phones, and […]