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With everyone retiring later in life and working longer, the government has been playing catch up to align some outdated age provisions in the tax law to today’s standards.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...
There have been a number of recent federal budget announcements that willimpact individual, businesses and superannuation funds. Our good friends at NTAA have provided a great 15-minute NTAA's 2019-2020 Budget Update which summarises all the recent announcement in easy to understand terms if you want...
Australian Taxation Office Single Touch Payroll Single Touch Payroll (STP) is a new way of reporting tax and super information to the ATO. From the 1st July 2019, all small businesses with 19 employees or less will be required to report their payroll payment details electronically using...
The team at Rittwatchman & Associates have decided to join their experience to share with you the top ten most common tax deductions claimed by individual taxpayers within their firm. But before we begin, lets first discuss what a tax deduction is and how it...
As the EOFY is fast approaching, the team at Rittwatchman & Associates wanted to provide some assistance and guidance to help you streamline your tax compliance and obligations. Below are some fundamental checklists that you can use to ensure that you and your business is...