kerry's blog

March 2016 Newsletter

 

Tax relief for small businesses that restructure on the way

Small businesses are important to the Australian economy, as they facilitate growth and innovation. However, as a small business develops over time, its initial legal structure may no longer be suitable for the business. Where a business has to restructure to accommodate growth, the transfer of assets from one legal structure to another could give rise to unwanted tax liabilities, even though the underlying economic ownership remains the same.

Newsletter November 2017

Reporting of transfer balance account information

Editor: The recent superannuation reforms introduced the concept of a 'transfer balance account', to basically record the value of member balances moving into or out of 'retirement phase'.

In order to monitor these amounts, the ATO is introducing new reporting requirements and forms.

The ATO has released the new Transfer Balance Account Report (‘TBAR’), which is now available on ato.gov.au, and the ATO plans to have an online TBAR form available from 1 January 2018.

October 2017 Newsletter

Newsletter

October 2017

 

No small business tax rate for passive investment companies

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%.

The amendment to the tax law will ensure that a company will not qualify for the lower company tax rate if 80% or more of its income is of a passive nature (such as dividends and interest).

September 2017 Newsletter

ALP announces massive (potential) changes to trust taxation

September 2017 Newsletter

ALP announces massive (potential) changes to trust taxation

August Newsletter

 

ATO warning regarding work-related expense claims for 2017

July 2017 Newsletter

Be Prepared: What you need to bring to your tax return appointment

If you are coming in soon to discuss your tax return for yourself or business, try and not turn up empty handed, at least turn up prepared with some records or electronic access to them. If you use an online accounting solution data should be available online for us to access. Below is a brief checklist of things to prepare for your tax return appointment. Not all of the following will be relevant for everyone, but will depend on your own circumstances.

End of Financial Year

Please ensure that superannuation for employees are paid today to ensure deductibility and any bonuses paid to staff.

Pay wages today and any last minute capital assets you need to buy.

PAYG Withholding Variation

Please send your PAYG withholding variation information to us as soon as possible so your payroll officer can deduct the correct amount of tax.

April 2017 Newsletter

The following topics were discussed:

  • Reduction in FBT rate from 1 April 2017
  • Lump sum payments received by healthcare practitioners
  • Tax officers “hit the streets” to “help small businesses”
  • Planned changes to GST on low value imported goods
  • Company disallowed $25 million of carried forward tax losses
  • Super changes may require action by 30 June 2017!
  • Working holiday makers – 2017 early lodgers

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