Frequently asked questions about self managed superannuation funds In recent years one of the most popular topics our clients want to discuss with us is their eligibility to have a self managed super fund, so we have compiled a list of questions asked by our clients and by the clients of our industry peers. We […]
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Profits of professional firms under ATO spotlight! The ATO has updated its guidelines on the taxing of profits made by certain professional firms. Specifically, it is focusing on the risk of arrangements that appear to comply with tax law but are purposefully designed to affect a certain tax position (under a tax avoidance rule known as “Part IVA”). Structured for a
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New Capital Gains Tax withholding rules for foreign residents Details of how it will administer the new foreign resident C.G.T. withholding payment rules have been released by the ATO. The new withholding rules will apply to contracts entered into on or after 1 July 2016. Summary of the new CGT withholding rules When a foreign resident disposes of certain
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Wealthy Australians uncovered The Tax Office has announced that it has partnered with insurance providers to identify Australians with policies that cover an expanded range of asset classes. Coming under its net are insurance policies that include cover for damage or loss related to marine, aviation, enthusiast motor vehicles, fine art and thoroughbred horses. Purpose
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Review of the “Backpacker Tax” The Prime Minister, the Hon. Malcolm Turnbull, has announced that Federal Budget will be handed down on Tuesday 3 May, a week earlier than the scheduled date. The government said it would review the taxation and superannuation arrangements for the Working Holiday Maker visa program, further to the proposed 2015
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The Fringe Benefit Tax Year ends on 31 March 2016 … If you allow a staff member to use a work car for private purposes, give one of them a cheap loan, reimburse another for a private expense, such as school fees, or generally provide entertainment or recreation – you may be up for fringe benefits
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