News & Events
The world of tax and business is everchanging.
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- Repeal of Minerals Resource Rent Tax (MRRT) and related measures: Exposure draft released The Federal Government has released an exposure draft of a bill and an explanatory memorandum addressing the repeal of the Minerals Resource Rent Tax (MRRT) (effective from 1 July 2014) and measures introduced by the previous government which were to be funded from the amounts raised by the MRRT. As elaborated upon below, the changes... Read more » 1.11.2013 | Read more
- Can you claim a deduction for home to work travel? Did you know that you may be entitled to claim some of the expenses you outlay while travelling between your home and your regular workplace, or even to your alternative workplace? While claiming such work travel tax deductions are certainly possible, such claims can be a minefield that needs to be navigated very carefully so... Read more » 7.10.2013 | Read more
- Combating “Dividend Washing” The Assistant Treasurer has announced a measure to combat “dividend washing”. Dividend washing occurs when a person sells shares ex-dividend and the person selling the shares retains the right to the dividend and the franking credits. Then the same person immediately buys equivalent cum-dividend shares (which include the right to an additional dividend and franking... Read more » 4.09.2013 | Read more
- 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