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Land tax and stamp duty surcharges

Changes to land tax and stamp duty are in effect, however the laws are slightly different for each state. These taxes are primarily targeted towards foreign purchasers and foreign owners, but if you have a property in a discretionary trust or wish to buy a property in an existing trust then these surcharges may affect […]

Changes to Personal Income Taxes

On 5th July 2019 the changes to individual tax rates had received Royal Assent as Act No.52 of 2019. The 2019 Act gives effect to three-stages of personal tax cuts which was announced in the 2019-20 Federal Budget. Please click this link to continue reading If you have any questions about these changes please call […]

When did you last review your SMSF’s investment strategy?

You may be aware that the Australian Tax Office (ATO) has issued letters to nearly 18,000 SMSF trustees as part of a campaign to ensure trustees are aware of their investment obligations. Of key concern is ensuring that trustees have considered diversification and liquidity of their assets when formulating and executing their fund’s investment strategy. […]

Wills and Estate Planning

Most people will agree that a Will is an important part of Estate Planning, but it is not a set and forget type of document. There are many things to consider including changes in personal circumstances, finances, family additions and breakdowns. Our lives are constantly changing and so are the needs and requirements of a […]

Payments not complying with PAYG withholding obligations no longer tax deductible

Businesses can no longer claim deductions for payments to workers (employees or contractors) if they have not met their pay as you go (PAYG) withholding obligations. This applies to income tax returns lodged for the 2020 income year onwards. If the PAYG withholding rules require you to withhold an amount from a payment you make […]

Small Business Instant Asset Write-off Changes

Small Business Instant Asset Write-off Changes Increase in the immediate asset write-off: The budget has announced that from 2 April 2019- 30 June 2020 the threshold of $20,000 asset small business write-off will increase to $30,000. The threshold may potentially reduce to the original threshold of $1,000 from 1 July 2020, however the threshold has […]

Changes to Excess Franking Credits

The Labor Party is proposing a ban on some dividend imputation refunds if it win the 2019 federal election. The dividend imputation scheme was first introduced in 1987. The logic is that Australian company profits that are distributed as dividends should not be taxed twice (first at the corporate level and second at the shareholder […]

STP – Changes to employer payroll systems

One of the biggest changes for businesses and their payroll systems is coming soon (1 July 2019) – Single Touch Payroll (STP). Whilst employers with 20 or more employees have been required to report from 1 July 2018, from 1 July 2019 all employers will be required to report wages paid to their employee. As […]

Single Touch Payroll – Webcast

ATO Single Touch Payroll Webcast on 5 March 2019. Following the passage of legislation to extend Single Touch Payroll to all employers from 1 July 2019, the Australian Taxation Office is hosting a live webcast on 5 March 2019 from 11:00am to 12.30pm to share the transition approach and options available to small and micro […]

Higher Education Loan Program (HELP) – Repaying your debt and changes to the system

Many individuals who have gone through the Australian university system or another approved higher education provider will have opted to pay for their education via the HECS-HELP system. This system allows for your higher education to be repaid after your income reaches a certain level. In August 2018, legislation was passed to reduce the threshold […]