Personal income tax cuts repeal As part of the introduction of the carbon tax, two rounds of personal income tax cuts were to occur. The first round commenced on 1 July 2012. However, the second round of personal income tax cuts, scheduled to have begun on 1 July 2015, have recently been repealed. The second […]
Small business tax discount on the way The Tax Laws Amendment (Small Business Measures No 3) Bill 2015 (No 3 Bill) was introduced in the House of Representatives on 24 June 2015. The No 3 Bill proposes to provide a tax offset (the small business income tax offset) to individuals who run small businesses (businesses […]
Small business tax discount on the way In a surprise – but welcome – move in the 2015 Federal Budget, the Government announced a small business tax discount. The Government said that, with effect from 1 July 2015, individual taxpayers with business income from an unincorporated business that has an aggregated annual turnover of less […]
Do you find it challenging to decide on the one accounting software product that works the best for you and your business? Should you use spreadsheets, purchase your own software or use subscription cloud based software? These are common questions that arise for business owners when it comes to decision making. With the growing quantity […]
Work-related and rental property claims on ATO’s watch list Tax time is in full swing and the ATO has highlighted areas of concern for individuals ahead of tax return lodgment time. High on the ATO’s watch list is work-related expense claims that are significantly higher than expected. In particular, the ATO will be paying particular […]
Tax Counsel Pty Ltd. ‘Going Away? The Main Residence Exemption Absence Concession’. Taxation in Australia 49.10 (2015): 594 -596. Print. The main reason of period of absence concession The absence concession that is available when applying the CQT main residence exemption can provide substantial benefits and must not be overlooked. Background The CGT main residence […]
The Australian Tax Office make changes every year and we have provided you with the most recent updates. The following SMSF planning tips and information will assist you with your tax return for the 2015 financial year. Exceeding contribution limits Exceeding contribution limits will in most cases result in additional taxes and charges. Please see […]
Another financial year has almost come to an end and we provide you with the general tax planning for the 2015 financial year. Defer Assessable Income To utilise this strategy of delaying income, you should check the items of income that are likely to be received during the last month of the tax year. Is […]
CURRENCY: This issue of Client Alert Explanatory Memorandum takes into account all developments up to and including 15 June 2015. Small business company tax rate cut The Tax Laws Amendment (Small Business Measures No 1) Bill 2015 has been introduced. It proposes to implement a 2015–2016 Budget measures by amending the Income Tax Rates Act 1986 to […]
Small business company tax rate cut Parliament has passed legislation which will implement a 2015 Budget measure to reduce the company tax rate from 30% to 28.5% for companies that are small business entities with an aggregated turnover of less than $2 million. The company tax rate for corporate unit trusts and public trading trusts […]