Capital Gains Tax And Death: It’s Not The End Of The World
There is enough pain and anguish when someone dies, so fortunately there is, in most cases at least, no duty on assets that form part of the deceased’s estate and are passed to a beneficiary, or their legal personal representative (LPR). But as with life, the rules regarding death and CGT are not meant to be […]
Tax Time 2019: Your Payment Summary Is Changing
If you’re an employee, there are a few things you need to know this tax time about the ATO’s new “Single Touch Payroll” (STP) system. This system requires employers to report information like salaries, wages, allowances, PAYG withholding and superannuation contributions to the ATO electronically every time they pay their employees. You’ve probably still been receiving […]
Why didn’t my SMSF auditor check that?
SMSF auditors are the last link in a long superannuation chain before the annual return gets lodged. And when things go wrong, SMSF auditors can often be an easy target to blame. But not everything is as simple as it seems because it’s the auditing standards and SIS legislation that dictate the extent of the […]
Corporate Tax Rates: Recent Changes Give Certainty
There are two categories of companies when it comes to the corporate tax rate. The two categories are determined by turnover and business activity. The rate of 27.5% applies to corporate tax entities known as “base rate entities”. What is a base rate entity? Put simply, it is a company which carries on a business and […]
Still Unsure About The Instant Asset Write-Off?
If you’re thinking about purchasing some new equipment for your business, it may make sense to bring forward that purchase in order to take advantage of the “instant asset write-off” available until 30 June 2020. The write-off allows small and medium businesses (with turnover up to $50 million) to claim a full deduction for any depreciating […]