Long awaited repeal of mining tax starts from 1st October 2014 The Governor-General has proclaimed Tuesday 30 September as the start date for Schedules 1 to 5 of the Minerals Resource Rent Tax Repeal and Other Measures Act 2014. As a result, the Schedules will have the following dates of effect for most taxpayers (those […]
Repeal Of Mining Tax And Small Business Tax Breaks – Start Dates Proclaimed: Read More »
Deemed dividends under family law orders – new ruling by A.T.O. Under a new ruling issued by the Tax Office a deemed dividend arises in which a private company pays money or other property because of a family law obligation to a spouse who is not a shareholder of the private company. Ordinary dividends under family
Marriage Or Relationship Breakdown – Dividends And Deemed Dividends Read More »
Foreign income must be declared Generally you must declare all income you have received from foreign sources during the financial year in your tax return. Foreign income includes: business income foreign employment income most pensions and annuities bank interest dividends royalties rent capital gains personal services income. W Wen & Co. provides tax advice regarding foreign source
What Foreign Income Do You Need To Declare? Read More »
Bitcoin use and tax implications The Tax Office (ATO) recently delivered guidance on the taxation treatment of bitcoin. Under the guidance paper and rulings, bitcoin transactions are treated like barter transactions with similar taxation consequences. Bitcoin use by individuals Generally, there will be no income tax or GST implications for individuals if they are not in business
The Tax Office To Treat Bitcoins Like Barter Transactions Read More »
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 »