Tax Time Focus Areas for Individuals
It's tax time again, as you gather your receipts and other assorted tax documents, you should also turn you mind to what the ATO is paying close attention to this year. This year, the ATO is focusing on taxpayers who claim "other" work-related…
Downsize to Boost your Super
Now all the kids have all flown the coop and you're left with an empty nest, it might be a good time to consider downsizing to pursue that ultimate retirement dream; fishing beside a river, surfing every morning, or getting up to that fresh…
Cash Payments Limit Coming Soon
As a part of the crackdown on black economy, the Government is planning to introduce an economy-wide cash payment limit of $10,000. Any payments made to businesses for goods and services from 1 July 2019 would be captured, and if the transaction…
A stocktake of Superannuation policy
The following is a brief stocktake of the main changes introduced from 1 July 2017.
$1.6m total superannuation balance
Once a member’s total superannuation balance hits $1.6 million, there is no further opportunity to make any further…
The Lure of Fraud
IN BRIEF__________________________________________________________________________________________________________________________
Fraud is on the rise and is often very costly for victims.
Gambling and financial pressures may encourage…
Proposed Superannuation Guarantee Amnesty from 24th May 2018
The deductibility and removal of the administration component proposed in the Amnesty depend on the passage of legislation. Until this occurs, the current law applies.
On 24 May 2018, Minister for Revenue and Financial Services announced…
Single Touch Payroll: Are You Ready?
If you run a business, you've probably heard a lot about Single Touch Payroll (STP) recently, so what is it and how does it affect you? Basically, STP aligns your reporting obligations to the ATO to your payroll processes. Each pay cycle you…
Uber Not An Employer
Employer groups have been dealt a blow after a Fair Work Commission finding that Uber was not an employer and thus unfair dismissal laws did not apply. With the rise of the gig economy, employment conditions such as minimum wages and conditions,…
Increase in Payroll Tax threshold for NSW
This week, the NSW state budget revealed that the payroll tax threshold would be increased from $750,000 to $1 million over the next four years.
The threshold will be progressively increased, starting with an increase to -
$850,000 for…
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…