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…
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…
New SMS scam ‘spoofs’ ATO number
ATO assistant commissioner Karen Foat said the agency has been following the development of a new scam that sends SMS messages under the guise of a phone number that appears to be sent from the tax office.
The tactic, known as “spoofing”,…
Instant asset write-off threshold upped to $25k
The government has increased the threshold for the instant asset write-off to $25,000 as it looks to entice the small business sector ahead of a federal election.
Announced yesterday, Prime Minister Scott Morrison has pledged to increase…
ATO flags common errors with contribution deductions
With greater numbers of clients now eligible to claim deductions for personal superannuation contributions, the ATO has identified some common errors that practitioners and their clients should avoid.
For many super members, the 2017–18…
LRBA Changes May Hinder SMSF Gearing
In the last decade, many SMSFs have used a "limited recourse borrowing arrangement" (LRBA) as part of a gearing strategy to build members' retirement savings. An LRBA is a special type of loan that allows SMSF trustees to borrow to buy an asset…
Are You Getting the Most from Your Investment Property?
Property depreciation claims
Just as with other assets linked to income-producing activities, you can claim depreciation on your investment property through low value asset pooling. Depreciation works to lower your taxable income, meaning…
How to Retire happily
IN BRIEF
Identify what brings you a sense of accomplishment and what your personal goals are for after retirement.
Financial security is key to a healthy, comfortable retirement.
Intellectual engagement, staying socially engaged and…