Super guarantee opt-out for high income earners
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Super guarantee opt-out for high income earners From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap. If appropriate for them, they should submit the relevant ATO form to apply for an SG […]
Deductions for a home-based business
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Deductions for a Home-based business The ATO has reminded taxpayers that, if they run their home-based business as a company or trust, their business should have a genuine, marketrate rental contract (or similar agreement) with the owner of the property. The agreement will determine which expenses the business pays for and can claim as a deduction. If there […]
Tax cuts become law
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Tax cut 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 […]
Principle place residence CGT exemption when there is no “residence”
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Principle place residence CGT exemption when there is no “residence” There is a concession in the CGT rules that can allow a taxpayer to treat a property as their “main residence” even though it does not yet have a habitable dwelling. It is a widely recognised fact that an exemption to capital gains […]
Year-end Tax Tips
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Year-end Tax Tips Having a tax plan in place before 30 June will enable you to make strategic decisions to maximise your returns come tax time. Taking advantage of instant asset write-off Acquiring any depreciating asset (that is first used or installed ready for use after on or after 7.30pm 2 April 2019 and on or before […]
Small business Entity (SBE) Concessions
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Small business Entity (SBE) Concessions A small business entity is entitled to a range of concessions for the year ended 30 June 2019 and 30 June 2020 which potentially offer a range of tax savings to eligible entities. To recap an entity will be regarded as an SBE for the year ended 30 June 2019/20 if it carries […]
Common errors with new GST withholding rules
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Common errors with new GST withholding rules The ATO has noticed some common errors made in activity statements since the introduction of “GST at settlement” on 1 July 2018. Editor: These new laws require purchasers to withhold GST on settlement (and pay it to the ATO directly) generally when buying ‘new residential premises’ from developers. In particular, the […]
ATO focus on the cash economy
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] ATO focus on the cash economy ATO Assistant Commissioner Peter Holt has announced that, in the 2019/20 financial year, the ATO will be visiting a further 10,000 small businesses across the country, including up to 500 small businesses in Tasmania. He further said that businesses that advertise as ‘cash only’ and businesses that are operating outside of […]
SMSF member limit increase
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] SMSF member limit increase The Government has introduced legislation into Parliament to effectively increase the maximum number of allowable members in SMSFs from four to six (i.e. less than seven members). The amendments are proposed to apply from 1 July 2019. [siteorigin_widget class=”SiteOrigin_Widget_Button_Widget”][/siteorigin_widget]
Deduction for Non-compliant payments to workers
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Deductions for Non-compliant payments to workers The rules for claiming deductions for payments to workers are changing. From 1 July 2019, businesses can only claim deductions for certain payments made to workers where they’ve met the Pay As You Go (‘PAYG’) withholding obligation for that payment. Specifically, a business can only claim a […]