Entries by Juilee Sathe

Super Guarantee Compliance: Time To Take Action

The government is getting tough on employers who fail to make compulsory superannuation guarantee (SG) contributions. A host of measures are being implemented, ranging from improved reporting systems through to proposed employer penalties of up to 12 months’ imprisonment. Here, we examine two particular initiatives that will require some businesses to take action in the next […]

Explanatory Memorandum February 2019

Tax clinic trial to reduce tax regulatory burden To help reduce the regulatory burden on businesses, including the tax burden, Assistant Treasurer Stuart Robert has announced that the Federal Government has allocated $1 million to set up 10 tax clinics under a trial program based on the Curtin University Tax Clinic. Each clinic will receive […]

Client Alert February 2019

Tax clinic trial to reduce tax regulatory burden To help reduce the regulatory burden on businesses, including the tax burden, the government has allocated $1 million to set up 10 tax clinics across Australia under a trial program based on the Curtin University Tax Clinic. Each clinic will receive up to $100,000 for 12 months […]

New SMS scam ‘spoofs’ ATO number

ATO assistant commissioner Karen Foat said the agency has been following the development of a new scam that sends SMS messages under the guise of a phone number that appears to be sent from the tax office. The tactic, known as “spoofing”, is a common technique used by scammers in an attempt to make their […]

Instant asset write-off threshold upped to $25k

The government has increased the threshold for the instant asset write-off to $25,000 as it looks to entice the small business sector ahead of a federal election. Announced yesterday, Prime Minister Scott Morrison has pledged to increase the small business instant asset write-off to $25,000 from $20,000. The write-off will be available for small business […]

ATO flags common errors with contribution deductions

With greater numbers of clients now eligible to claim deductions for personal superannuation contributions, the ATO has identified some common errors that practitioners and their clients should avoid.  For many super members, the 2017–18 financial year was the first opportunity they had to claim a deduction for personal super contributions, with the strategy previously only […]

LRBA Changes May Hinder SMSF Gearing

In the last decade, many SMSFs have used a “limited recourse borrowing arrangement” (LRBA) as part of a gearing strategy to build members’ retirement savings. An LRBA is a special type of loan that allows SMSF trustees to borrow to buy an asset – typically real estate. Gearing strategies have been particularly attractive to SMSF members […]

Are You Getting the Most from Your Investment Property?

Property depreciation claims Just as with other assets linked to income-producing activities, you can claim depreciation on your investment property through low value asset pooling. Depreciation works to lower your taxable income, meaning that you pay less tax, which can help boost your return. What are depreciable assets? Depreciable assets for an investment property include both […]

How to Retire happily

IN BRIEF Identify what brings you a sense of accomplishment and what your personal goals are for after retirement. Financial security is key to a healthy, comfortable retirement. Intellectual engagement, staying socially engaged and regular exercise are also important factors. Death and taxes are the oft-quoted ‘certainties of life’, but with ageing populations in Australia […]

PAYG withholding: new penalties for non-compliance

In 2017, a government taskforce on the black economy reported concerns that some Australian businesses are making payments to employees and contractors that are not being properly recorded. In response, the government has acted to deny deductions for payments where businesses fail to comply with the PAYG withholding and reporting rules. This new measure will complement […]