2016 Federal Budget Summary
In this Special Issue we summarise the key announcements of the 2016 Federal Budget.
Personal taxation
Personal tax rates: small tax cut from 1 July 2016
From 1 July 2016, the 32.5% personal income tax threshold will increase from $80,000…
Changes in Higher Education Loan Programme (HELP) debt and/or a Trade Support Loans (TSL) Debt
Australians with a Higher Education Loan Programme (HELP) debt and/or a Trade Support Loans (TSL) debt who are moving overseas for longer than six months will need to provide the ATO with their overseas contact details within seven days of leaving…
Client Alert Explanatory Memorandum (May 2016)
CURRENCY:
This issue of Client Alert takes into account all developments up to and including 13 April 2016.
Tax planning
There are many ways in which entities can defer income, maximise deductions and take advantage of other tax planning…
Client Alert (May 2016)
Tax planning
There are many ways in which entities can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable income. Taxpayers should be aware that they need to start the year-end tax…
Do You Have to Pay Capital Gains Tax When Selling a Home?
Let's say you have been living in your only home for many years but now you want to move to a smaller place. You have built up quite a bit of equity so you are likely to receive a large profit when you sell. Will you have to pay capital gains…
Are the costs of establishing a self-managed super fund (SMSF) deductible?
Answer:
The costs of establishing a superannuation fund would typically be classified as non-deductible capital expenditure. Clearly the SMSF trust – or any interest in the trust – does not qualify as a "depreciating asset" for the…
Private Health Insurance Rebate Thresholds
Eligibility for the private health insurance (PHI) rebate is income tested against the PHI income thresholds, which are usually adjusted annually.From 1 July 2015, the income thresholds used to calculate the PHI rebate and the Medicare…
Client Alert Explanatory Memorandum (April 2016)
CURRENCY:
This issue of Client Alert takes into account all developments up to and including 16 March 2016.
Deadline looming for SMSF collectables compliance
From 1 July 2011, self managed superannuation fund (SMSF) investments in collectables…