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NEWSLETTERS

The world of tax and business is everchanging.

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• Who and what is on the ATO’s radar this year? The ATO has small businesses, trusts, wealthy individuals and self-managed superannuation funds (SMSFs) firmly in its sights this year as it outlined which high-risk businesses and individuals it will focus on in its 2013-14 compliance crackdown. Below are the key scrutiny areas you should know about: Payment of superannuation guarantee (SG) CGT non-disclosure and under-reporting... Read more » 1.08.2013 | Read more
• Trustees: July 31 deadline for new beneficiaries to provide TFNs Closely held and family trust beneficiaries are reminded that they must quote their tax file numbers (TFNs) to trustees before July 31. Otherwise, the trustee is obliged to withhold tax at the top marginal rate, plus Medicare, from any payments distributed to you. A trustee failing to do so can also have penalties applied. In... Read more » 3.07.2013 | Read more
• Changes for the 2013 tax return The buzz generated by the Federal Budget may have come and gone, but it is important to remember that there are several changes to the tax laws that will affect your business’s 2012-13 income tax return, as well as have an impact on subsequent years. Increase to the compulsory superannuation guarantee rate from 9% to... Read more » 5.06.2013 | Read more
• Tax exemption for pension earnings The Government released in February a draft regulation to provide certainty to the beneficiaries of deceased estates. The regulation will ensure that investment earnings derived by superannuation funds from assets supporting pensions will be exempt from tax. The tax exemption is intended to continue following the death of the pension recipient until all their benefits... Read more » 4.04.2013 | Read more
• Changes to the Australian Business Register The Australian Business Register website has recently been upgraded and some new functionality has been added. When registering a new entity, you should now be able to do the following: register for a business name, an AUSkey, GST, fuel tax credits and PAYG withholding at the same time as applying for an Australian Business Number... Read more » 4.04.2013 | Read more
• What can Small Businesses claim this year? As a small business owner, there are a plethora of tax benefits, incentives, concessions and offsets that can potentially be used. This represents a significant challenge when you have 1,001 matters to think about and an enterprise to run. For more on this topic, click here. 5.03.2013 | Read more
• 2013 Federal Election With the early announcement of the 2013 federal election, this will cause the government to re-prioritise tax measures it may choose to pursue or no longer pursue over the coming months. There may be delays in areas where change was pending and changes sped up in other areas. We will keep you informed of these... Read more » 19.02.2013 | Read more
• Change of Tax Commissioner There has been a change of Commissioner at the Australian Taxation Office. Michael D’Ascenzo AO ceased to be commissioner on 31 December 2012 and Chris Jordan AO commenced as the new Commissioner on 1 January 2013. 19.02.2013 | Read more
• Trusts: Their use and their structure A major motivation for the setting up of trusts is asset protection. Valuable property and other assets can be moved into a trust to isolate them from being exposed to litigation, for example, for protection from creditors, or to maintain an estate until a beneficiary becomes old enough to have legal possession.  Click here to... Read more » 4.02.2013 | Read more
• Key Tax & Superannuation Changes in 2013 With the year end approaching, there are many tax and superannuation changes you can expect from January 1, 2013. The Dad and Partner pay will be available to eligibile working fathers and partners The SchoolKids Bonus replaces the Education Tax Refund The Government will limit eligibility for Family Tax Benefit Part A to young people... Read more » 4.12.2012 | Read more