ATO to report unpaid debts

ATO to report unpaid debts The Mid-Year Economic and Fiscal Outlook 2016-17 announced that, from 1 July 2017 the ATO will disclose business tax debt information to credit reporting bureaus. The new measure is geared to enhance the integrity of the tax system and ensure businesses who are not compliant do not

Building a sustainable lifestyle

Building a sustainable lifestyle While there have been no tax cuts for individuals in the Budget, the Government has introduced concessions in several areas addressing the cost of living. These areas include: Downsizing retirees Affordable housing Medicare Higher Education National Disability Insurance Scheme Downsizing retirees From 1 July 2018, Australians over the age of

Rates increase for fuel tax credits

Rates increase for fuel tax credits Fuel tax credit rates increased on 1 February 2017.  These rates are indexed twice a year, in February and August, in line with the consumer price index (CPI). The rates vary depending on when you acquire the fuel, the type and quantity of fuel you use,

CGT events affecting shareholders

CGT events affecting shareholders There are a number of capital gains tax events that could affect you as a shareholder. Capital gains tax (CGT) events include various transactions resulting in a capital gain or capital loss.  CGT is the tax paid on any capital gain made.  This is worked out by deducting

Keeping taxpayers honest

Keeping taxpayers honest The Budget focuses on maintaining the integrity of Australia's tax system to ensure it is fair and secure to all and covers five key areas. These key areas are: Avoidance Residential Property Goods and Services Tax (GST) Capital Gains Tax (CGT) Superannuation Avoidance The Government will continue to crack down on

A continued commitment to growth

A continued commitment to growth The Government has taken a two-prong approach in this year's Federal Budget to stimulate growth in the economy by providing targeted spending and business incentives. The key points for small businesses in the 2017/18 Budget include: Regional infrastructure Company tax plan Instant asset write-off Reducing red tape Regional

2017 Year end tax tips

Effective planning and preparation is critical for all taxpayers as the end of financial year approaches. The good news is that we are here to support you so you don't have to do all of the heavy lifting yourself. This is the perfect time of year to seek our advice to maximize

CGT relief provisions for SMSFs

Self-managed super funds can access capital gains tax (CGT) relief to provide temporary relief from certain capital gains arising as a result of trustees complying with the super reforms commencing on 1 July 2017. The CGT relief provisions have been made available to preserve the income tax exemption for certain accrued

Claiming depreciation on investment property

Rental property investors have access to a range of tax strategies. One such strategy, which is often underutilized, is claiming depreciation as a tax deduction. Property expenses, such as depreciation and capital works expenditure, can be deducted over a number of years, adding to a significant return for property investors come

Reducing capital gains tax

Preparation is critical to minimising your capital gains tax at the end of the financial year. Capital gains tax (CGT) is the tax you pay on any capital gain made when you sell or otherwise dispose of an asset. CGT forms part of an individual's income tax; it is not a