Welcome to our August 2021 Client information Bulletin Contents 6 Member SMSFs – the issues and opportunities Business in a post pandemic environment The National Plan’s impact on business New laws target sharing economy platforms 6 Member SMSFs – the issues and opportunities From 1 July 2021, the maximum number of members a Self Managed…
The Victorian Treasurer, Tim Pallas, handed down the State budget on 20 May 2021 that included changes to Payroll Tax, Land Tax and Stamp Duty that will affect a range of Victorian business and investors. The key changes are summarised below. Payroll Tax The key changes for Victorian Payroll Tax; The Tax-free threshold will increase…
There are a few changes and developments coming to Superannuation Guarantee which all employers and employees need to be aware of. Rate of Superannuation Guarantee increases to 10% Effective from 1 July 2021, the minimum rate of Superannuation Guarantee will increase from 9.5% to 10% of an employee’s ordinary time earnings. Superannuation Guarantee does not…
The Australian Taxation Office (‘ATO’) has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g., additional heating, cooling and lighting costs), as a result of working from home due to the Coronavirus pandemic. Refer to the ATO’s Media Release of 7…
The Federal Government will today announce an economic stimulus package in response to the coronavirus outbreak to hopefully help stimulate the economy. The measures will include incentives to fast track investment, apprentice wage subsidies and cash payments of up to $25,000 for small and medium businesses to save jobs and help businesses battle supply disruptions.…
The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some.
The ATO has again flagged that underreporting of foreign income is an issue, but this time the gloves are off.
New figures give visibility to tax compliance issues within small business sector and indicate where ATO expects resources to be focussed now and in the future. Read our 4 tips to make your business ATO-proof.
Ridesharing and the FBT taxi travel exemption When an employee uses a taxi service for travel to or from work or if the employee is sick, it is generally exempt from Fringe Benefits Tax (FBT) under the FBT taxi travel exemption. The question is, what about Uber and other ridesharing services, do they also qualify for…
‘Proof of life’ certificates required for overseas pensioners One of the stranger pieces of legislation to be introduced into Parliament last month is an attempt to ensure that overseas welfare recipients over the age of 80 are in fact, alive. There are approximately 96,000 people permanently living overseas who currently receive an Australian social security…