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Simpler BAS is coming soon

By WSCAdmin | Created on July 13, 2017

The ATO is reducing the amount of information needed to be included in the business activity statement (or ‘BAS’) to simplify GST reporting.

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Changes to the foreign resident withholding regime for sales of Australian real estate

By WSCAdmin | Created on July 13, 2017

Since 1 July 2016, where a foreign resident has disposed of real estate located in Australia, the purchaser has had to withhold 10% of the purchase price upon settlement and remit this amount to the ATO..

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Extension of the $20,000 SBE Immediate Deduction Threshold

By WSCAdmin | Created on July 13, 2017

In the 2017/18 Federal Budget handed down on 9 May 2017, the Federal Government announced that it intended to extend the ability of Small Business Entity..

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GST on imports: new rules for goods under $1,000

By WSCAdmin | Created on July 13, 2017

Last month, Parliament passed legislation that will see GST applied to all consumer imports regardless of their value. Currently, imports below $1,000 are excluded from GST.

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What did I miss? 1 July changes

By WSCAdmin | Created on July 13, 2017

* GST applies to digital products & services imported by consumers * Small business $20k instant asset write-off extended until 30 June 2018

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Removal of the Temporary Budget Repair Levy from the 2017/18 income year

By WSCAdmin | Created on July 13, 2017

The 2% Temporary Budget Repair Levy (or ‘TBRL’), which has applied to individuals with a taxable income exceeding $180,000 since 1 July 2014, is repealed with effect from 1 July 2017.

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Generational succession: Do your kids really want to take over your business?

By WSCAdmin | Created on July 13, 2017

Generational succession - handing your business across to your kids or family–sounds simple enough.But, many families end up in dispute right at the point when the parents, business, and children are most vulnerable.

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Change to deductions for personal super contributions

By WSCAdmin | Created on July 13, 2017

Up until 30 June 2017, an individual (mainly those who are self-employed) could claim a deduction for personal super contributions where they meet certain conditions.

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Who is assessed on interest on bank accounts?

By WSCAdmin | Created on June 11, 2017

As a general proposition, for income tax purposes, interest income on a bank account is assessable to the account holders in proportion to their beneficial ownership of the money in the account.

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Using social media? Be aware of tax scams!

By WSCAdmin | Created on June 10, 2017

The ATO has advised that, in the lead up to tax time, it's important to be aware of what taxpayers share on social media.

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