Category: General

Summary – For Individuals Individuals Early release of superannuation – individuals in financial distress able to access up to $10,000 of their superannuation in 2019-20, and a further $10,000 in 2020-21. The withdrawals will be tax-free and will not affect Centrelink or Veterans’ Affairs payments. Temporary reduction in minimum superannuation draw down rates – superannuation…

Second Stimulus Package for Business owners The Government has released a second, far-reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws. The Prime Minister has warned that there are no…

Single Touch Payroll (STP) reporting has been extended to include all businesses from 1 July 2019 and there are exemptions that employers need to be aware of. Financial year exemptions: Businesses may be exempt from reporting through STP for one or more financial years, or exempt from reporting certain payments. Insolvency practitioners for employers that…

The Tax Office is urging employers with 20 or more employees to prepare for the introduction of Single Touch Payroll. From 1 July 2018, Single Touch Payroll will be introduced requiring employers to report their employee’s tax and super information to the ATO through Single Touch Payroll approved software. Employers will report each time they…

Now is the time to start planning and reviewing your records to maximise your tax deductions for the 2017/18 financial year. Here are our ten top tips for yearend tax planning for businesses and individuals: Businesses Pay quarterly super Super Guarantee (SG) contributions must be paid before 30 June to qualify for a tax deduction…

PREPARING FOR YEAR END – Tax tips for investment property One of the greatest benefits of owning an investment property (besides the additional income) is your entitlement to tax benefits. Here are some tips to maximise your tax return this 2017/18 financial year:  Expenses you can and cannot claim While your property is rented or…

As the end of financial year is fast approaching, it pays to start thinking about how you can grow your superannuation while seeking some generous tax breaks. Spouse contributions The spouse super tax offset allows higher earning taxpayers who contribute super for their non-working or low income earning partners to be eligible for a tax…

Bitcoin and other cryptocurrencies have become increasingly popular over the past few years. As many keen investors jump on board, the ATO is reminding investors to be aware of the tax consequences. Cryptocurrencies are classified as capital gains  tax (CGT) assets, therefore, upon their disposal they may be subject to capital gains tax (CGT). For…

The Tax Office is reminding individuals with self-managed super funds (SMSF) to prepare their 2016-2017 SMSF annual returns by no later than Monday 2 July 2018. Earlier in the year, the ATO advised they were officially extending the due date to 30 June 2018. However, as this date falls on a Saturday, individuals with SMSFs…

Setting up a self-managed super fund (SMSF) requires members to choose between using an individual or a corporate trustee. Each trustee structure has varying requirements and implications for the members of the fund, so it is important to understand the differences. Members can choose up to four individual trustees or a corporate trustee, where a…