Re-characterisation of income from trading businesses On 31 January 2017, the ATO released Taxpayer Alert TA 2017/1 Re-characterization of income from trading businesses. The ATO said it is reviewing arrangements that attempt to fragment integrated trading businesses in order to re-characterize trading income into more favorably taxed passive income. Its concern arises where a single business […]
Re-characterisation of income from trading businesses The ATO has released Taxpayer Alert TA 2017/1 to say it is reviewing arrangements that try to fragment integrated trading businesses to re-characterise trading income as more favourably taxed passive income. The ATO is concerned with cases where a single business is divided in a contrived way into separate […]
With SMSFs now holding more than $622 billion in investments, trustees and members who are in a position to should make a point of boosting their balances ahead of 30 June. But there are plenty more issues to consider, some complex and with their own intricacies, which these new, significant super changes present. An analysis […]
Enclosed is an inspiring article which illustrates the effects of never giving up and the benefits of paying attention to detail. FIGHT OF HIS LIFE -Allan Lorraine- In October 2009, Allan Lorraine CPA secured a place for himself and his wife at Mentone Gardens, a Supported Residential Service (SRS) in Melbourne. At the time, […]
We currently have a home loan broker operating in our office premises, Mr. Scott Campton, the Director of Financial Solutions by Design. He is available to help you with home loan requirements and best rates. Please also note that Scott assists with business and commercial finance. Scott has shared a link below to a recent […]
Contrived trust arrangements in ATO sights On 17 November 2016 the ATO released Taxpayer Alert TA 2016/12, which deals with trust income reduction arrangements that are under review. The ATO says the arrangements appear designed to exploit the proportionate approach to trust taxation. The arrangements are deliberately structured to exclude from the trust income much […]
Contrived trust arrangements in ATO sights The ATO has cautioned taxpayers against arrangements that seek to minimize tax by creating artificial differences between the taxable net income and distributable income of closely held trusts. Deputy Commissioner Michael Cranston said the ATO is investigating arrangements where trustees are engineering a reduction in trust income to allow […]
MYOB’S JOHN MOSS IS FIGHTING TO SOLVE A CLASSIC STRATEGIC CHALLENGE: HOW A POWERFUL INCUMBENT CAN RESPOND TO INNOVATIVE NEW COMPETITORS. Australia’s SME accounting software market is one of the most competitive software spaces in the world. It was the first big market for cloud software provider Xero, now a global force. US giant Intuit […]
Budget superannuation changes on the way The Federal Government has been releasing exposure draft legislation intended to give effect to most of its 2016–2017 Budget superannuation proposals. The first and second tranches of exposure drafts were released for public consultation in September, with submissions due by 16 September 2016 for the first tranche and by 10 October 2016 for […]
Budget superannuation changes on the way The Federal Government has been consulting on draft legislation to give effect to most of its 2016–2017 budget superannuation proposals. Here are some of the key changes. Deducting personal contributions All individuals up to age 75 will be able to deduct personal superannuation contributions, regardless of their employment circumstances. […]