Personal Income Tax Bill passes both houses of Parliament
The Government has secured enough support from the cross-bench senators to enable passage of the Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018. Under the Bill (which must now receive Royal Assent), the following changes will be made to personal tax rates: From 1 July 2018, the threshold for the 32.5 per cent tax […]
Pre-lodgement Compliance Review: What You Need To Know
As a part of the ATO’s concerted efforts to engage taxpayers earlier and identify risks before they become an issue, Pre-lodgement Compliance Reviews (PCRs) are increasingly being used. PCRs have previously exclusively been in the domain of higher consequence taxpayers such as public companies, international groups and other large businesses. However, the ATO may now […]
LEGAL EARLY RELEASE OF SUPER
Most people know that superannuation cannot be accessed until retirement or in exceptional circumstances. What exactly are these exceptional circumstances have caused considerable confusion and allowed unscrupulous individuals to promote illegal schemes to access super early to pay for a holiday or buy a car. To clarify, exceptional circumstances that allow you to access your […]
$20,000 instant asset write-off
This tax time, your small business clients with a turnover of less than $10 million can write off assets costing less than $20,000 each in their 2016-17 return. All simplified depreciation rules will apply to assets when choosing this method. To use simplified depreciation rules correctly you must: write off eligible assets costing less than $20,000 […]
Law Society External Examiners’ Report
Please note that all the Law Society Trust Account Examiners had to be reaccredited in NSW in order to perform Trust Account Audits by 31st March 2018. Please note that the following extract is from The Law Society of NSW. Please take note that External Examiner’s Reports after 30 June 2017 can only be provided […]