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Levy (or ‘TBRL’), which has applied to individuals with a taxable income exceeding $180,000 since 1 July 2014, is repealed with effect from 1 July 2017.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