Client Alert Explanatory Memorandum (October 2017)
Bills for increase in Medicare levy to 2.5%
The Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017 has been introduced into Parliament to implement the Government's 2017–2018 Budget announcement to increase the…
Client Alert (October 2017)
Bill to increase Medicare levy
The Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017 has been introduced to implement the Government's 2017–2018 Budget announcement to increase the Medicare levy by 0.5% to 2.5%…
TAX CHANGES FOR SMALL BUSINESS - UPDATES
Instant deductibility threshold extended
Budget 2017-18 has extended the instant deduction for depreciating business assets costing less than $20,000 until 30 June 2018.
Please note that this provision only lets small businesses to claim…
Client Alert Explanatory Memorandum (September 2017)
Work-related expense claims under scrutiny
The ATO has warned taxpayers to avoid making incorrect claims for work-related expenses at tax time this year. This year, the ATO is using real-time data to compare taxpayers with others in similar…
Client Alert (September 2017)
Work-related expense claims under scrutiny
Will you claim work-related expenses on your tax return this year? The ATO now uses real-time data to compare people’s tax returns with others in similar occupations and income brackets. This year…
How the Government stole your franking credits
Investment company Century Australia wrote to shareholders last week to tell them it was recalculating the franking credits it had issued with dividend payments made during the 2016/17 financial year.
Century’s turnover in the 2016/17 financial…
Client Alert Explanatory Memorandum (August 2017)
Tax cut for small businesses: ATO will amend returns
For the 2016–2017 income year, the company tax rate for small businesses decreases to 27.5%. Companies with turnover of less than $10 million are eligible for this rate. The maximum franking…
Client Alert (August 2017)
Tax cut for small business: ATO will amend returns
For the 2016–2017 income year, the company tax rate for small businesses decreases to 27.5%. Companies with turnover of less than $10 million are eligible for this rate. The maximum franking…
SMSF survey reveals trustees are uneasy about offshore accounting
An overwhelming majority of SMSF trustees are uncomfortable with their personal financial records being processed and stored offshore, according to a recent survey.
A survey of SMSF trustees conducted by SMSF administration firm Superfund…
Rate change for franking credits – 2016/17
The company tax rate for small business has been reduced to 27.5% for 2016-17 and the maximum franking credit your small business clients can allocate has decreased to 27.5% (previously 30%). This reduced rate applies to companies with an aggregated…