ATO Tax Audits
Voluntary compliance of taxpayers is the ATO's main goal. However, the ATO also undertakes a range of compliance activities to detect, deter and address non-compliance. If the ATO considers that a taxpayer may not be meeting certain tax obligations,…
Federal Election on 2 July 2016
The Treasurer has handed down his first Budget, an "election Budget". Labor has made it clear that it will reject some of the key revenue measures announced in the Budget. A number of Bills containing important tax changes have been enacted…
2016 Federal Budget Summary
In this Special Issue we summarise the key announcements of the 2016 Federal Budget.
Personal taxation
Personal tax rates: small tax cut from 1 July 2016
From 1 July 2016, the 32.5% personal income tax threshold will increase from $80,000…
Changes in Higher Education Loan Programme (HELP) debt and/or a Trade Support Loans (TSL) Debt
Australians with a Higher Education Loan Programme (HELP) debt and/or a Trade Support Loans (TSL) debt who are moving overseas for longer than six months will need to provide the ATO with their overseas contact details within seven days of leaving…
Do You Have to Pay Capital Gains Tax When Selling a Home?
Let's say you have been living in your only home for many years but now you want to move to a smaller place. You have built up quite a bit of equity so you are likely to receive a large profit when you sell. Will you have to pay capital gains…
Are the costs of establishing a self-managed super fund (SMSF) deductible?
Answer:
The costs of establishing a superannuation fund would typically be classified as non-deductible capital expenditure. Clearly the SMSF trust – or any interest in the trust – does not qualify as a "depreciating asset" for the…
Private Health Insurance Rebate Thresholds
Eligibility for the private health insurance (PHI) rebate is income tested against the PHI income thresholds, which are usually adjusted annually.From 1 July 2015, the income thresholds used to calculate the PHI rebate and the Medicare…
Why having a corporate trustee for your SMSF can save you from potential costs
Some of the key advantages of having a corporate trustee include:
Continuous succession - a company has an indefinite life span. A company makes succession to control more certain on death or incapacity.
Administrative efficiency - on the…