The company tax rate for small business has been reduced to 27.5% for 2016-17 and the maximum franking credit your small business clients can allocate has decreased to 27.5% (previously 30%). This reduced rate applies to companies with an aggregated turnover of less than $10 million. If small businesses have issued distributions for the financial […]
This list of key dates is not comprehensive – it is a guide only. Events or timelines may change. Unless otherwise stated, the due dates provided are for 30 June balancers only. When a due date falls on a Saturday, Sunday or public holiday, you can lodge or pay on the next business day. The payment […]
Higher education HELP changes announced The Government has announced a package of reforms to higher education – the Higher Education Reform Package – to take effect generally from 1 January 2018. Under the package the maximum student contribution will increase from 1 January 2018, but there will be no up-front fees and no deregulation of fees. A new set […]
Higher education HELP changes announced The Government has announced a package of reforms to higher education – the Higher Education Reform Package – to take effect generally from 1 January 2018. Under the package the maximum student contribution will increase from 1 January 2018, but there will be no up-front fees and no deregulation of fees. A new set […]
Tax planning There are many ways that entities can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable income. Taxpayers should be aware that they need to start the year-end tax planning process early in order to maximise these opportunities. Of course, those undertaking tax planning should be […]
Tax assistance for people affected by Cyclone Debbie The ATO has said it will fast-track refunds for people affected by extreme weather and flooding associated with Tropical Cyclone Debbie and ex-Cyclone Debbie in Queensland and New South Wales, and will allow extra time for those taxpayers and their agents to lodge income tax returns and […]
PERSONAL TAXATION No change to personal tax rates; Budget deficit levy to end The 2017–2018 Federal Budget contained no changes to the personal income tax rates and thresholds. This means that the 2% budget deficit levy on incomes over $180,000 will not be extended beyond its initial three years, and will cease on 30 June […]
Ride-sharing drivers must register for GST Not surprisingly, the ATO has moved quickly to state its views on the implications of the recent Federal Court decision regarding Uber. The Court held that the UberX service supplied by the ride-sharing network’s drivers constitutes the supply of “taxi travel” within the meaning of s 144-5(1) of the […]
Ride-sharing drivers must register for GST In a recent decision, the Federal Court has held that the UberX service supplied by Uber’s drivers constitutes the supply of “taxi travel” for the purposes of GST. The ATO has now advised that people who work as drivers providing ride-sharing (or ride-sourcing) services must: keep records; have an […]
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 […]