The federal government has introduced a bill clarifying the tax rate for passive investment companies, after a period of consultation with the industry revealed a series of flaws with its initial approach. The passage of Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 will mean a company will not qualify for the […]
Treasury has released exposure draft legislation that will generally exclude passive investment companies from accessing the lower corporate tax rate from the 2016/17 income year. Currently, the corporate tax rate for qualifying small corporate tax entities has been reduced to 27.5% for small business entities with a turnover threshold of $10m in the 2016/17 income year. From the 2017/18 income year, access to this rate will be […]
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 […]
One in five people in the workplace experience some sort of mental health condition. Stress, depression or anxiety can take a toll on your ability to run your business as well as your overall quality of life. To mark World Mental Health Day on 10th October and National Mental Health week, the Australian Taxation Office […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]