To combat the use of cash in black economy activities, the government has introduced a law which will implement an economy-wide cash payment limit of $10,000. If enacted, the law will make it a criminal offence for certain entities to make or accept cash payments...
An alert has been issued over arrangements where trustees of unit trusts disposes CGT assets to an arm's length purchaser with no CGT consequences by exploiting restructure rollovers. Whilst there may be many variations of such arrangements, the overall effect is that rather than selling...
With all the pandemonium of the holiday season and the end of the year rush, your super is probably the last thing on your mind. However, this is precisely the right time to think about implementing some strategies to increase your super for the coming...
The Tax Avoidance Taskforce has recently been expanded by the ATO to private groups and high wealth individuals. Originally conceived in 2016 to ensure that multinational enterprises, large public and private business pay the right amount of tax, this has now been extended to cover...
Wondering what you can claim for your work travel? When a trip is for business purposes only you can claim all airfares, taxis and car hire – and accommodation and meal costs for overnight travel if the business requires it. But if you mix business...
The ATO now has another "stick" in its arsenal to get businesses to engage with it and manage outstanding tax debts. Laws have recently been passed that allow the Tax Office to disclose tax debt information of businesses to registered credit reporting bureaus (CRBs). The...
We are pleased to supply you with the November 2019 edition of Client Alert, which contains information on a number of important tax developments. Getting the benefit of your business tax losses If you’re a sole trader or individual partner, you may be able to use your...
Private companies that pay amounts of money, make loans, or forgives debts of shareholders or associates of shareholders, may be subject to Div 7A rules which are designed to ensure that income is not inappropriately sheltered at the corporate tax rate. Generally, these rules deem...
With everyone retiring later in life and working longer, the government has been playing catch up to align some outdated age provisions in the tax law to today’s standards. One such change brings into line the genuine redundancy payment's qualifying age with the age pension...
You may have heard a lot recently about super funds providing either opt-in or opt-out insurance and have wondered how will affect you and your retirement savings. Perhaps you’ve heard horror stories about super funds cancelling people’s insurance. Don’t fret, in most cases cancellation of...
