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Greater Flexibility For Accessing Company Losses

The ability to carry forward tax losses is important for business growth and innovation. A tax loss arises when a taxpayer has more deductions in an income year than assessable income. Being able to carry forward tax losses and deduct these…
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Get your Rental Property claims right

Claims for rental property tax deductions contain errors in 90 per cent of cases, the Australian Taxation Office reports. It is planning a blitz on what it calls ‘its next big area of focus’. The ATO says it recently completed investigations…
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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…