IN THIS ISSUE Medicare Levy Surcharge and Private Health Insurance Rebate Superannuation guarantee rateSuper contributions caps Changes to superannuation excess concessional contribution cap Are you paying super fund fees unnecessarily? Time limits for Family Assistance lump sum payments Dabbling in Bitcoin? What’s the ‘tax’ story? What’s the ATO’s view of GST and crowdfunding? Are you […]
Andy Mclean. (2015). A Cut Above, Acuity. 1 (4), p50. If your business stakes its reputation on delivering high-quality services or products, then it’s essential you have the capability to execute-especially when the clock is tacking and deadlines loom. Andy Mclean writes, there are a number of lessons that leaders can apply to any business […]
Nicholas S Barnett. (2015). Seven Business Habits That Drive High Performance. Acuity. 2 (1), p46-p47. Why do some professional service firms continue to outperform their competition? Why do some continue to grow and others decline and become less relevant? Why do some retain and grow their client base while others lose clients and shrink? Yes, […]
Rate of tax Yes No Are you aware the FBT rate for the FBT year ending 31 March 2015 has increased to 47%?Note the FBT rate will rise to 49% for the FBT years ending 31 March 2016 and 31 March 2017. The rate was 46.5% for the FBT year ending 31 March 2014. […]
Currency: This issue of Client Alert takes into account all developments up to and including 17 February 2015. Small business tax review finds first steps for improvement On 20 January 2015, the Government announced the release of the Board of Taxation’s report on taxation impediments to the success and growth of small business, together with the Government’s response to […]
Small business tax review finds first steps for improvement The results of a review into tax impediments affecting the success and growth of small businesses has been released by the Government. The review focused on small business tax reform and, in particular, simplifying processes and cutting excessive red tape. In releasing the review findings, the […]
Borrowing by superannuation funds under scrutiny The final report of the Murray Financial System Inquiry (the Inquiry) was released on 7 December 2014. The Inquiry made 44 recommendations relating to the Australian financial system. The Inquiry identified two general themes where there is significant scope to improve the functioning of the financial system: funding the Australian economy; and competition […]
Borrowing by superannuation funds under scrutiny Late last year, the Murray Financial System Inquiry called on the Government to restore the general prohibition on direct borrowings by superannuation funds. The review was of the view that there was an emerging trend of superannuation funds using limited recourse borrowing arrangements (LRBAs) to purchase assets, and that […]
Project DO IT nearing end, taxman focus on non-disclosure The ATO has reassured taxpayers that disclosing under Project DO IT will not give them a “red flag”. Project DO IT, the ATO’s offshore voluntary disclosure initiative, offers benefits to taxpayers who bring their undeclared offshore income and assets back into Australia’s tax system by 19 […]