No cost strategies to increase your super

(13/12/2019) It’s coming up to the end of another year, among all the chaotic festivities, our thoughts may turn to goals and resolutions achieved during the year. Career successes, reaching fitness goals and life milestones are all causes for celebration. While most of us wouldn’t even think twice about our superannuation, now is the perfect […]

Better protection for consumers: new ASIC powers

(13/12/2019) While the Banking and Financial Services Royal Commission seems long ago in the minds of many, the people that have been financially affected by dubious practitioners will no doubt carry the scar of mistrust for life. This then, is precisely why the government has introduced new laws which will give ASIC new enforcement and […]

SMSF sole purpose test…?

(05/12/2019) To be eligible for superannuation fund tax concessions, SMSFs are required to be maintained for the sole purpose of providing retirement benefits to members, it is what is known as a sole purpose test (s 62 of the SIS Act). Failing the test could expose trustees to civil and criminal penalties in addition to […]

Expansion of tax avoidance taskforce?

(06/12/2019) The Tax Avoidance Taskforce has recently been expanded by the ATO to private groups and high wealth individuals. Originally conceived in 2016 to ensure that multinational enterprises, large public and private business pay the right amount of tax, this has now been extended to cover more taxpayers. The taskforce’s main role is to investigate […]

ATO debts to DO affect your credit…!

(22/11/2019) The ATO now has another “stick” in its arsenal to get businesses to engage with it and manage outstanding tax debts. Laws have recently been passed that allow the Tax Office to disclose tax debt information of businesses to registered credit reporting bureaus (CRBs). The aim of the laws, according to the government, is […]

Less tax for some working holiday makers?

(22/11/2019) In a decision that was hailed by various media outlets as monumental, the Federal Court’s decision that a backpacker would not have to pay extra “backpacker tax”, was touted to have wide ranging application to all holiday makers. However, upon further analysis, the impact of the decision is very much narrower than first thought. […]

$10,000 cash payment limit: the facts

  (29/11/2019) To combat the use of cash in black economy activities, the government has introduced a law which will implement an economy-wide cash payment limit of $10,000. If enacted, the law will make it a criminal offence for certain entities to make or accept cash payments of $10,000 or more. Understandably this limit has […]

Reportable tax position…?

  (29/11/2019) The expansion of the Reportable Tax Position (RTP) schedule to large private companies and corporate tax groups have been shelved by the Tax Office until the 2020-21 financial year (ie 1 July 2020) amid pushback from various stakeholders over the lack of clarity surrounding its practical implementation. The ATO notes it is now […]

Trusts avoiding CGT… Alert!!!

(15/11/2019) The ATO recently issued an alert on its concerns over trusts avoiding CGT by exploiting restructure rollovers. Specifically, it is actively reviewing arrangements that supposedly allow a unit trust to dispose a CGT asset to an arm’s length purchaser with no CGT consequences. As a result, both taxpayers and advisors who enter into these […]

Debt forgiveness due to love…

(08/11/2019) 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 certain moneys and/or benefits (eg loans and forgiven debts) […]