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 »
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
2014 Year End Tax Tips For Trusts Read More »
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
2014 Year End Tax Tips For Individuals Read More »
From 1 July 2014, the Medicare levy for individual resident taxpayers will increase to 2% of taxable income No change has been proposed to the Medicare levy surcharge which is currently imposed at a rate of 1% to 1.5% (depending on the income levels and marital status of the individual resident taxpayer) Employees face immediate
Medicare Levy To Rise Read More »
What are concessional contributions? Superannuation contributions can be divided into two types — concessional (before-tax) and non-concessional (after-tax). Each type of super contribution is subject to a contributions cap. A contributions cap sets a limit on the amount of contributions you can make in any one year. Concessional contributions include: employer contributions (including contributions made
Taxation Updates: Concessional Contributions To Superannuation Read More »