ASG News

12 Feb 2016 | Published by: Support Team

Single Touch Payroll pilot and tax offset proposed

 

The Government is looking to cut red tape for employers by simplifying tax and superannuation reporting obligations through its initiative called Single Touch Payroll (STP). “Employers currently manually report Pay As You Go (PAYG) withholdings to the ATO,” the Assistant Treasurer Kelly O’Dwyer said. “Under the new STP this information will be automatically reported to the ATO through Standard Business Reporting (SBR) software.”...

 

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4 Dec 2015 | Published by: Support Team

Tax negotiation limited to known debt amounts


Two company taxpayers have been unsuccessful before the Federal Court in seeking to set aside statutory demands issued by the ATO.
 
The matter essentially involved two individuals who carried on property development activities through several entities (including the taxpayers) and their recollections of an alleged "global deal" with the ATO at a meeting on 10 April 2014 to resolve various debt recovery disputes –

 

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10 March 2016 | Published by: Support Team

Tax relief for small businesses that restructure on the way

 

Small businesses are important to the Australian economy, as they facilitate growth and innovation. However, as a small business develops over time, its initial legal structure may no longer be suitable for the business. Where a business has to restructure to accommodate growth, the transfer of assets from one legal structure to another could give rise to unwanted tax liabilities, even though the underlying economic ownership remains the same.

 

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22 April 2016 | Published by: Support Team

Deadline looming for SMSF collectables compliance

  

The ATO has reminded trustees of self managed super funds (SMSFs) that if they have investments in collectables or personal-use assets that were acquired before 1 July 2011, time is running out to ensure their SMSFs meet the requirements of the superannuation law for these assets. Assets considered collectables and personal-use assets include artwork, jewellery, antiques, vehicles, boats and wine.

 

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23 May 2016 | Published by: Support Team

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 to $87,000 in an attempt to address tax bracket creep. The Government expects this will stop around 500,000 taxpayers facing the 37% marginal tax rate and prevent average full-time wage earners from moving into the second-top tax bracket until 2019–2020.

 

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10 June 2016 | Published by: Support Team

2016 Tax Planning Strategies

  

Get in early with year end tax planning!
 
Whether you are looking to explore tax planning strategies or find solutions to manage your tax liabilities, talk to us before 30 June 2016. As the 2016 financial year is soon drawing to a close, we can work together to better manage your tax liabilities through tax planning techniques

 

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10 July 2016 | Published by: Support Team

Tax Time 2016: take care with work and rental property claims

   

The ATO encourages people to check which work and rental property-related expenses they are entitled to claim this tax time and to understand what records they need to keep.

 

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cents & sensibility | tax news - views - clues | Aug 2016 

17 Aug 2016 | Published by: Support Team

ATO small business benchmarks updated

   

The ATO has announced the latest benchmarks for small businesses. Based on the data from 2014 income tax returns and business activity statements, the benchmarks cover over 1.3 million small businesses....

 

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cents & sensibility | tax news - views - clues | Sept 2016 

09 Sept 2016 | Published by: Support Team

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 you need to do for tax. Popular....

 

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cents & sensibility | tax news - views - clues | Oct 2016 

17 Oct 2016 | Published by: Support Team

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. The rate of tax payable on individuals’ taxable incomes from $80,001 to $87,000 would fall from 37% to 32.5%.

 

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cents & sensibility | tax news - views - clues | Nov 2016 

20 Nov 2016 | Published by: Support Team

Budget superannuation changes on the way

   

The Federal Government has been consulting on draft legislation to give effect to most of its 2016–2017 budget superannuation proposals. Here are some of the key changes.

 

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cents & sensibility | tax news - views - clues | Dec 2016 

21 Dec 2016 | Published by: Support Team

Contrived trust arrangements in ATO sights

   

The ATO has cautioned taxpayers against arrangements that seek to minimise tax by creating artificial differences between the taxable net income and distributable income of closely held trusts.

 

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cents & sensibility | tax news - views - clues | Feb 2017

15 Feb 2017 | Published by: Support Team

Changes to the ‘backpacker tax’  

   

From 1 January 2017, tax rates changed for working holiday makers who are in Australia on a 417 or 462 visa (these rates are known as ‘working holiday maker tax rates').

 

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What's new for FBT In 2017?

cents & sensibility | tax news - views - clues | March 2017

10 Mar 2017 | Published by: Support Team

What's new for FBT In 2017?

   

There have been a number of developments with respect to employers calculating their FBT liability for the 2017 FBT year. We have highlighted the most significant changes for the 2017 FBT year in this month’s newsletter......

 

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cents & sensibility | tax news - views - clues | April 2017

21 April 2017 | Published by: Support Team

Reduction in FBT rate from 1 April 2017

   

In conjunction with the introduction of the temporary budget repair levy (of 2%, payable by high income earners), the FBT rate was also increased from 47% to 49% for the 2016 and 2017 FBT years.......

 

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cents & sensibility | special edition

10 May 2017 | Published by: Support Team

2017/18 Federal Budget Highlights

   

On Tuesday, 9 May at 7.30pm, the Federal Treasurer, Mr Scott Morrison handed down his second budget focusing on boosting the economy and households.
 
The tax and superannuation highlights.......

 

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cents & sensibility | tax news - views - clues | June 2017​

26 June 2017 | Published by: Support Team

More taxpayers can access the benefits of being an 'SBE'

   

Note, recent changes to the law have expanded the eligibility criteria for a taxpayer to be considered a ‘Small Business Entity’ (or ‘SBE’), meaning more businesses will be able to utilise the tax concessions that are only available to SBEs........

 

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cents & sensibility | tax news - views - clues | July 2017​

20 July 2017 | Published by: Support Team

Removal of the Temporary Budget Repair Levy from the 2017/18 income year

   

The 2% Temporary Budget Repair Levy (or ‘TBRL’), which has applied to individuals with a taxable income exceeding $180,000 since 1 July 2014, is repealed with effect from 1 July 2017....

 

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cents & sensibility | tax news - views - clues | August 2017​

28 August 2017 | Published by: Support Team

ATO warning regarding work-related expense claims for 2017

   

The ATO is increasing attention, scrutiny and education on work-related expenses (WREs) this tax time. Assistant Commissioner Kath Anderson said: “We have seen claims for clothing and laundry expenses increase around 20% over the last five years.......

 

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cents & sensibility | tax news - views - clues | September 2017​

22 Sept 2017 | Published by: Support Team

ALP announces massive (potential) changes to trust taxation

   

Note: Although we don't normally report on Opposition tax policies, this policy change is so fundamental, and the existing state of the Federal Parliament is so chaotic, that we believe it's worth bringing this to your attention.

 

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cents & sensibility | tax news - views - clues | October 2017​

26 Oct 2017 | Published by: Support Team

No small business tax rate for passive investment companies

   

The Government has released draft tax legislation to clarify that passive investment companies cannot access the lower company tax rate for small businesses of 27.5%, but will still pay tax at 30%.

 

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cents & sensibility | tax news - views - clues | November 2017​

29 Nov 2017 | Published by: Support Team

Reporting of transfer balance account information

   

The recent superannuation reforms introduced the concept of a 'transfer balance account', to basically record the value of member balances moving into or out of 'retirement phase'.

 

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cents & sensibility | tax news - views - clues | December 2017​

14 Dec 2017 | Published by: Support Team

Parliamentary update

   

Tax legislation passed

 

The Government has passed changes to the tax legislation that will limit, or deny, deductions for travel expenses and depreciation claims for certain residential premises.

 

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cents & sensibility | tax news - views - clues | February 2018​

19 Feb 2018 | Published by: Support Team

Further 'affordable housing' measures passed

   

Parliament has passed the legislation allowing first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS), and allowing older Australians to 'downsize' and then contribute the proceeds of the sale of their family home into superannuation.

 

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cents & sensibility | tax news - views - clues | March 2018​

27 March 2018 | Published by: Support Team

Big changes proposed to eligibility for the CGT SBCs

   

The Treasurer has released draft legislation containing new "integrity improvements" to the CGT small business concessions ('SBCs') (i.e., including the 15-year exemption, the retirement exemption, the 50% active asset reduction and the small business roll-over).

 

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cents & sensibility | tax news - views - clues | April 2018​

18 April 2018 | Published by: Support Team

New superannuation rates and thresholds released

   

The ATO has published the key superannuation rates and thresholds for the 2018/19 income year.

 

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cents & sensibility | tax news - views - clues | Federal Budget 2018

9 May 2018 | Published by: Support Team

Federal Budget 2018

   

Personal income tax plan.
The Government will introduce a seven-year, three-step, Personal Income Tax Plan, as follows

 

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cents & sensibility | tax news - views - clues | May 2018

22 May 2018 | Published by: Support Team

GST withholding measures now law

   

Legislation has been passed to “clamp down” on GST evasion in the property development sector

 

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cents & sensibility | tax news - views - clues | June/July 2018

31 July 2018 | Published by: Support Team

Superannuation guarantee amnesty introduced

   

The Government has introduced legislation to complement the superannuation guarantee ('SG') integrity package already before Parliament by introducing a one‑off, twelve-month amnesty for historical underpayment of SG.

 

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cents & sensibility | tax news - views - clues | October 2018

18 Oct 2018 | Published by: Support Team

Increased scrutiny of home office claims

   

Last year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for ‘other work-related expenses’, which includes home office expenses.

 

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cents & sensibility | tax news - views - clues | November 2018

Fast-tracking tax cuts for small and medium businesses

   

The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years.

 

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cents & sensibility | tax news - views - clues | January 2019

Company loans to shareholders under review

   

The Government has released a consultation paper outlining proposed reforms to ‘simplify’ the loan agreements that are generally required when a shareholder (or their associate) borrows funds (or receives a payment) from a related company.

 

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cents & sensibility | tax news - views - clues | February 2019

Division 293 assessments

   

The ATO has been issuing ‘Additional tax on concessional contributions (Division 293) assessments’ with respect to liabilities relating to the 2018 income year.

 

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cents & sensibility | tax news - views - clues | March 2019

Changes to the small business instant asset write-off

   

On 29 January 2019, the Prime Minister announced that legislation will be introduced to:

 

  • extend the small business instant asset write-off by 12 months to 30 June 2020; and
  • increase the write-off threshold from less than $20,000 to less than $25,000 (effective immediately).

 

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2019/20 Federal Budget

 

Personal income tax

   

Changes to personal income tax rates

 

The Government has proposed the following changes to the personal income tax rates:

 

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Tax cuts become law

   

The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low income tax offset from $645 to $700 in 2022/23.

 

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“Outrageous” deductions rejected​

   

The ATO has published some of the most unusual claims that they disallowed last financial year.
 
Nearly 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses, but the ATO's systematic review of claims had found, and disallowed, some very unusual expenses, including:

 

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cents & sensibility | tax news - views - clues | Sept 2019

cents & sensibility | tax news - views - clues | August 2019

$30,000 instant asset write-off​

   

The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second-hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off.

 

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cents & sensibility | tax news - views - clues | October 2019

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