Client Alert (October 2016)
Personal middle income tax rate cut on the way
The Federal Government has introduced a Bill which proposes to implement its 2016 Budget proposal to increase the third personal income tax threshold that applies to personal income taxpayers.…
Client Alert Explanatory Memorandum (September 2016)
Share economy participants reminded of tax obligations
The ATO has reminded tax professionals to consider clients who may be involved in the share economy. Some individuals may not be aware they have tax obligations when earning income through…
Client Alert (September 2016)
Share economy participants reminded of tax obligations
The ATO has reminded people who earn income in the share economy that they have tax obligations. The type of goods or services you provide, and how much you provide, will determine what…
What You Need to Know About Repaying HELP Financing
If you participate in the Higher Education Loan Program (HELP) to assist in financing your education, you must start to repay the debt once your income exceeds a government-set repayment threshold for the income tax year, even if you are still…
ATO Powers In Response to SMSF Contraventions
The ATO – as the regulator of SMSFs (self-managed super funds) – has a range of treatments available to it to deal with SMSF trustees who have not complied with the super laws. The ATO says its primary focus is to encourage SMSF trustees…
Tax Scams: Don't Be a Victim
The ATO warns taxpayers to always watch out for scammers. Each year, the ATO receives a growing number of reports from the public of new phishing scams. Not only do scammers try to steal money, they also try to steal identities. The misuse of…
Transitioning from Temporary Residency to Australian Residency
Increased international labour mobility and the use of skilled temporary workers by Australian companies have resulted in a growing number of foreign nationals entering Australia. These people generally hold a temporary visa for immigration…
Beware Super Funds Offering Incentives: ASIC
The Australian Securities and Investments Commission (ASIC) has updated its guide to help employers select a default superannuation fund for their employees. The guide sets out a range of factors for employers to consider when deciding about…
Five Changes That Will Make You An Exceptional Leader
WHEN IT COMES to leadership roles in business, accountants and finance professionals have an edge over other professions. Their insights and acumen are highly prized by the corporate sector, says Dr Byron Hanson, an associate professor at Curtin…
Q&A: Interest and Other Expenses Where Property Is Negatively Geared
Q. I have recently purchased a house for approximately $800,000. I intend to redevelop it as a family home. Ninety per cent of the purchase price was financed by a loan. In due course, I will engage an architect to draw up plans for a new house…