New powers handed to ATO re SMSF trustees The ATO has recently been handed new powers to compel compliance by self-managed super fund trustees with their duties and obligations. These are in addition to existing powers and commence on 1 July 2014. New tools to deal with SMSF non-compliance Tax and Superannuation Laws Amendment (2014 Measures No.1) […]
Rogue Self Managed Super Funds Get New Penalties From ATO! Read More »
Change in company tax rate The Government has announced that the company income tax rate will be reduced by 1.5% to 28.5% from 1 July 2015. However, companies which have a taxable income in excess of $5 million will be liable to a 1.5% levy which will be contributed towards the paid parental scheme. This
2014 Year End Tax Tips For Companies Read More »
Unpaid trust distributions Trust distributions to a private company for the 2013 tax year, which are unpaid at end of the 2014 tax year may be a Division 7A loan unless paid out to the company or converted to a complying Division 7A loan by the lodgement date of the company’s 2014 tax return, or
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Business expense claims must be justified for this financial year Remember to keep dated records of all your business expenses and offsets, including: Timing of expenses – Expenses are generally deductible if incurred by 30 June 2014. This requires a presently existing liability. Gifts – Donate to deductible charities before 30 June 2014 Bad debts
2014 Tax Returns – Business Expenses Claims Read More »
Income tax rates have changed for some groups Starting from 1 July 2014 the medicare levy will increase to 2%. In addition there will be a 2% increase to the highest marginal resident individual tax rate (over $180,000 taxable income) as a result of the introduction of the 2% ‘Temporary Budget Repair Levy’ Therefore the
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Main residence exemption from capital gains tax When you sell or otherwise dispose of a dwelling that was your ‘main residence’ (your home), any capital gain is generally exempt from capital gains tax. This is called the ‘main residence exemption’. In the recent decision in Keep v FCT (2013) AATA 709, the taxpayer was unable
Home Owner Denied Main Residence Exemption On Newly Constructed Dwelling Read More »