Explanatory Memorandum – November 2019
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 […]
Client Alert – November 2019
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 […]
SG amnesty resurfaces in Parliament
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 […]
Non-compliant payments to workers: is your tax deduction at risk?
Recent changes to tax law give employers greater reason than ever to be extremely careful in complying with their tax withholding obligations. The changes were made by the Treasury Laws Amendment (Black Economy Taskforce Measures No. 2) Bill 2018 – and, as the name suggests, the new rules are primarily designed to target businesses operating off-grid in the […]
Super “Opt Out” Choice For High Earners
Are you a medical professional or company director hired by multiple organisations who make compulsory super guarantee (SG) contributions on your behalf? Or perhaps you’re simply a high-income professional with an extra employment arrangement on the side, like a university teaching gig or consulting arrangement? If you have more than one “employer” for super purposes, you […]