Super guarantee loophole closed A superannuation guarantee loophole that allowed employers to use salary sacrificed contributions to make up part of their required super guarantee contributions has been closed. From 1 January 2020, employers must make the full amount of mandatory super guarantee contributions and cannot use salary-sacrificed amounts to reduce those mandatory contributions. Depending […]
Super guarantee loopholes closed The concept of a superannuation guarantee – the legal requirement for your employer to contribute 9.5% of your salary into a nominated super account – should be familiar to everyone, as it makes up the bulk of most people’s future retirement income. You may also salary-sacrifice amounts of your salary to […]
ATO backs down from controversial time limit ruling In 2018, the ATO issued a controversial draft ruling which took a very strict stance on the four-year time limit for claiming input tax credits and fuel tax credits. The ruling had been used by the ATO to deny input tax credits and fuel tax credits where […]
ATO backs down from controversial time limit ruling In 2018, the ATO issued a controversial draft ruling which took a very strict stance on the four-year time limit for claiming input tax credits and fuel tax credits. The ruling had been used by the ATO to deny input tax credits and fuel tax credits where […]
The government had announced that Australia’s foreign resident CGT regime would be extended to deny foreign and temporary tax residents access to the CGT main residence exemption in May 2017. Following consultation, the government had also amended the change to the main residence exemption to ensure that only Australian residents for tax purposes could access […]
Getting the benefit of your business tax losses Made a tax loss? If you’re a sole trader or individual partner, you may be able to apply the loss against other income like salary or investment income, or carry the loss forward to a future year. When you’re starting a new business venture, it may take […]
Getting the benefit of your business tax losses When you’re starting a new business venture, it may take some time before the business becomes profitable. And there may be other situations where an established business operates at a loss in a particular year. So, what does this mean tax-wise? When your deductions in an income […]
Small business income tax gap: ATO update New figures released by the ATO estimate that almost 90% of income tax from small businesses is paid voluntarily or with little intervention from the ATO. “This shows that the vast majority of small businesses in the tax system are trying to do the right thing,” Deputy Commissioner […]
Small business income tax gap: ATO update New figures released by the ATO estimate that almost 90% of income tax from small businesses is paid voluntarily or with little intervention from the ATO. “This shows that the vast majority of small businesses in the tax system are trying to do the right thing”, Deputy Commissioner […]
The proposed SG amnesty is now back on the table after more than a year of uncertainty around the proposed policy. On Wednesday, the government introduced Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 into Parliament, picking off from the previously lapsed bill that had sought to introduce the SG amnesty. The SG amnesty provides for a […]