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Review of rules for early release of superannuation
By WSC Group | Created on February 6, 2018
The Government has announced that Treasury will review the current rules governing early release of superannuation on grounds of severe financial hardship and compassionate grounds.
Taskforce to help digitise small business
By WSC Group | Created on February 6, 2018
The Government has established a Small Business Digital Taskforce, to be headed by entrepreneur Mark Bouris AM, to ensure more Australian small businesses can thrive in an increasingly digital economy..
No small business tax rate for passive investment companies
By WSC Group | Created on December 7, 2017
The Government has released draft tax legislation to clarify that passive investment companies cannot access the lower company tax rate for small businesses of 27.5%, but will still pay tax at 30%.
One-third of top 100 accounting firms have no women partners
By Edmund Tadros | Created on December 7, 2017
Women make up one in five accounting partners across the Top 100 Accounting Firms list and about one in three newly appointed partners.
Tax benefits for investing in affordable housing
By WSC Group | Created on December 7, 2017
In the 2017-18 Federal Budget the Government announced a series of measures intended to improve housing affordability in Australia. To entice investors, the Government is providing an increase in the CGT discount for individuals who choose to invest in affordable housing.
Taxing Bitcoin
By WSC Admin | Created on December 1, 2017
Cryptocurrencies, like Bitcoin, are independent and not regulated by any central authority. Until recently, these digital currencies were not treated in the same way as cash for tax purposes in Australia.
Should Business Push A Social Agenda?
By WSC Group | Created on September 25, 2017
For years we’ve been told that consumers prefer businesses that take a stand on social issues – those that are environmentally and socially friendly. But is that always the case?
Super Guarantee – What Happens When You Get It Wrong
By WSC Group | Created on September 25, 2017
The ATO receives around 20,000 reports each year from people who believe their employer has either not paid or underpaid compulsory superannuation guarantee (SG). In 2015-16 the ATO investigated 21,000 cases raising $670 million in SG and penalties.
New threshold for capital gains withholding
By WSCAdmin | Created on August 3, 2017
From 1 July 2017, where a foreign resident disposes of Australian real property with a market value of $750,000 or above..
Super concessions for first home savers and downsizers
By WSCAdmin | Created on August 3, 2017
Does superannuation offer an avenue to help downsizers and first home savers? The Government seems to think so.
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.
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.
Super Reform: What SMSFs Absolutely Need To Consider Before 30 June
By WSCAdmin | Created on June 9, 2017
The wide-ranging superannuation reforms come into effect on 1 July 2017. With the changes come a series of issues that Trustees need to be across, even if they don’t immediately affect you or your fund:
Reduction in the corporate tax rate
By WSCAdmin | Created on June 2, 2017
The most significant difference between the Government’s original proposals and what was finally passed by Parliament was in relation to the reduction in the corporate tax rate.
PENALTY RATES AND THE IMPACT OF CHANGE
By WSCADMIN | Created on April 25, 2017
The Fair Work Commission (FWC) has moved to cut Sunday and public holiday penalty rates.
RIDE-SOURCING IS 'TAXI TRAVEL'
By WSCADMIN | Created on April 8, 2017
In a recent case, the Federal Court has agreed with the ATO that 'ride-sourcing' (such as that provided using Uber) is 'taxi travel' within the meaning of the GST law.
NO OVERTIME MEAL ALLOWANCE, NO OVERTIME MEAL DEDUCTION
By WSC ADMIN | Created on April 4, 2017
An employee construction project manager/supervisor was denied deductions for overtime meal expenses, as he was not paid an overtime meal allowance under an industrial agreement (award).
Pride & Prejudice: Top Four Predictions for 2017
By WSCADMIN | Created on April 3, 2017
The global economy is picking up and Australia is about to secure the global record for the longest period a country has gone without a recession..
Personal income tax cuts are law!
By WSCADMIN | Created on March 26, 2017
Editor: The government has finally legislated the tax cuts originally announced in the May 2016 Budget, so that the marginal tax rate of 37% now starts at $87,000.
Superannuation changes passed by Parliament
By WSCADMIN | Created on March 24, 2017
Editor: The government's extensive changes to the taxation laws regarding superannuation were passedby Parliament on 23 November 2016.
Parental leave. Where are we up to?
By WSCADMIN | Created on March 19, 2017
How did paid parental leave get to be so contentious? The current debate is not about parental leave in general;..
Record keeping is always key to taking on the ATO
By WSCADMIN | Created on March 14, 2017
In a recent case before the Administrative Appeals Tribunal (AAT), amended assessments issued to a taxpayer by the ATO, which were based on the amounts of unexplained deposits to the taxpayer's bank accounts (in some years, in the hundreds of thousands of dollars, in others, millions), have been largely upheld.
Pre-retirees: Avoid 'too good to be true' tax schemes
By WSCADMIN | Created on March 10, 2017
The ATO has launched a new project called 'Super Scheme Smart', an initiative aimed at educating individuals about the potential pitfalls of 'retirement planning schemes', to keep them safe from risking their retirement nest egg.
Phoenix Taskforce swoops on dodgy businesses
By WSCADMIN | Created on March 6, 2017
The ATO’s stance against phoenix activity has continued with multiple search warrants issued, and many business and residential sites accessed without notice across Victoria and Queensland, as part of a criminal investigation into unpaid superannuation, employee withholding, GST, and income tax.
Tax time is prime time for scams
By WSCADMIN | Created on March 3, 2017
The ATO is reminding Australians to be on the lookout for tax-related scams during tax time, as scammers are particularly active because of the large number of people lodging their tax returns.
Overtime Meal Allowance Amounts
By WSCADMIN | Created on February 27, 2017
The reasonable amount for overtime meal allowance expenses for 2016/17, where an allowance is paid under an award, order, determination, industrial agreement or a Commonwealth, State or Territory law, is $29.40 per meal.
Tax implications for the sharing economy
By WSCADMIN | Created on February 9, 2017
The ATO is reminding taxpayers who earn income through the sharing economy that they have tax obligations they should consider.
SuperStream deadline extended!
By WSCADMIN | Created on February 8, 2017
With only days to go until the 30 June SuperStream deadline, the ATO noted that, while many small businesses had implemented the required changes,"some small businesses may need extra time and help to become SuperStream compliant".
SMSFs and Collectables – last opportunity to comply!
By WSCADMIN | Created on February 5, 2017
From 1 July 2011, SMSF investments in collectables and personal-use assets have been subject to stricter rules than SMSF investments in other assets (such as shares and property).
NTAA's 2016 BUDGET SUMMARY
By WSCADMIN | Created on February 1, 2017
The lifetime cap will take into account all non -concessional contributions made on or after 1 July 2007 (i.e., from the 2008 income year) and will be indexed in $50,000 increments in line with averageweekly ordinary times earnings
