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Downsizer Superannuation Contributions

In an effort to reduce pressure on housing affordability, the government wants to encourage older Australians to sell their home in order to improve housing stock. To achieve this, the government has introduced a new opportunity for older Australians…

Explanatory Memorandum March 2019

Single Touch Payroll reporting for small businesses: get ready! Parliament has now passed legislation – the Treasury Laws Amendment (2018 Measures No 4) Bill 2018 – to bring in Single Touch Payroll (STP) reporting for all small employers…

Client Alert March 2019

Single Touch Payroll reporting for small businesses: get ready! Legislation has recently passed to bring in Single Touch Payroll (STP) reporting for all small employers (with fewer than 20 employees) from 1 July 2019. STP is a payday reporting…
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Reforming The Taxation Of Discretionary Trusts

A key feature of discretionary trusts is the ability to distribute income on a "discretionary" basis, which means no beneficiary has a particular entitlement to any income or capital assets in the trust and the trustees can make distributions…
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New "work test" exemption for recent retirees

Many superannuation members are surprised – and sometimes frustrated – to learn that Australia's superannuation system places tight restrictions on who can make contributions after age 65. Generally, individuals aged between 65 and 74 years…
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Deemed Dividend Rules: New 10-Year Loan Model

Division 7A is a long-standing tax integrity measure that treats certain payments by private companies to shareholders or their associates as unfranked "dividends" for tax purposes. Those deemed dividends are then assessable income of the recipient…
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Super Guarantee Compliance: Time To Take Action

The government is getting tough on employers who fail to make compulsory superannuation guarantee (SG) contributions. A host of measures are being implemented, ranging from improved reporting systems through to proposed employer penalties of…

Explanatory Memorandum February 2019

Tax clinic trial to reduce tax regulatory burden To help reduce the regulatory burden on businesses, including the tax burden, Assistant Treasurer Stuart Robert has announced that the Federal Government has allocated $1 million to set up 10…

Client Alert February 2019

Tax clinic trial to reduce tax regulatory burden To help reduce the regulatory burden on businesses, including the tax burden, the government has allocated $1 million to set up 10 tax clinics across Australia under a trial program based on…