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Super Tax News: Lump sums from a foreign super fund

Lump sums from a foreign super fund If you received a lump sum payment from a foreign super fund, you may
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Super Tax News: Lump sums from a foreign super fund

2017-18: Plant & Equipment depreciation deductions used in rental premise

Income tax deductions - no longer allowed. Income tax deductions for the decline in value of previously used plant and equipment
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2017-18: Plant & Equipment depreciation deductions used in rental premise

2016-17: Small business concessions access expanded

From 1 July 2016, a range of small business tax concessions became available to all businesses with a turnover of less
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2016-17: Small business concessions access expanded

2017-18: Instant write-off of assets under $20,000

Small Businesses = Turnover less than $10 million All simplified depreciation rules will apply to assets when choosing this method. To use
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2017-18: Instant write-off of assets under $20,000

2017-18: First Home Super Saver Scheme

The FHSS Scheme allows you to save money for a first home inside your superannuation fund. This will help first
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2017-18: First Home Super Saver Scheme

2017-18: Payroll Taxes – NSW

Payroll tax is applied to a business’s New South Wales (NSW) wages that exceed the payroll tax threshold. The payroll tax
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2017-18: Payroll Taxes – NSW

2017-18: Changes to the GST treatment of digital currency

If you use digital currencies (such as Bitcoin) in your business, you have had to pay GST twice: once on
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2017-18: Changes to the GST treatment of digital currency

2017-18: Food and GST

Did you know that some fresh foods - such as salads, sushi and cooked pasta with sauce - may be
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2017-18: Food and GST

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Quiz: Lump sums from a foreign super fund

Have you imagined your super lump sum received from foreign super fund, you must include in your assessable income if received after six month gaining Aus residency.

You must register for GST if:

your business or enterprise has a GST turnover (gross income minus GST) of $75 000 or more

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Is your ABN inactive? Will be cancelled soon.

To maintain accurate data, the Australian Business Register (ABR) periodically checks its records for Australian business numbers (ABNs) and automatically cancels those that appear inactive. The ABR checks are happening throughout 2018.

If you are sole trader, partnership or trust ABN cancelled if you have:

stopped your business activity
declared no business income for the last two years
not lodged business activity statement or income tax returns or more than two years.

To avoid ABN cancellation, your outstanding lodgements need to bring these up to date.

Sometimes sole traders have forms outstanding because they think they don’t need to lodge if their income is below the tax-free threshold. This is a reminder if sole trader that regardless of your income you need to lodge the:

individual tax return including the supplementary section
business and professional items schedule for individuals.

It is important ABR information remains current, as the public uses ABN Lookup data to verify business and GST status. If sole trader no longer operates a business, you can update business structure and cancel ABN. If you decides to start running your business again, we can help you reapply.
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The Director of a company that fails to meet a pay as you go (PAYG) withholding or superannuation guarantee charge (SGC) liability in full by the due date automatically becomes personally liable for a penalty equal to the unpaid amount.

When a PAYG withholding or SGC liability remains outstanding, the ATO may issue a director penalty notice (DPN). This is necessary to enable the ATO to start legal proceedings to recover the penalty. Even without issuing a notice, the ATO can collect the penalty by other means, for example, by withholding a tax refund.
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Welcome To Tax Code Accounting

Tax Code Accounting (ABN: 50 163 060 642) is a professional still very friendly with the aim to plan your tax affairs most efficiently. Our focus is to bring you most recent updates on Tax and Accounting. We interpret “Codes” so as to make them simple to understand for every taxpayers. We always very conscious about timely compliances for our clients and hence our “Follow-ups” and “Reminders” are most popular among our clients. We are keen for detail, we do ask you questions and process every transactions as if your in-house full time accountant.


While you reading our welcome message, we request you to visit our different sections on the website. We know you being very busy in your business can’t search for business issues and hence it is our website that we most use to make you updated on the latest happening in the tax and accounting world. We do update text every now and then. Our “Latest News” section and “What’s New” areas are very dynamic. You can further subscribe to our newsletters as well. No matter you visit our website or subscribing to newsletters, we are always happy to speak to you while you need any immediate advise over phone or you wanted to see us to discuss business issues.


We operate in low-cost environment this is because we work efficiently. We do follow checklists, formats and standard operating procedures recommended by IPA Australia. We straight forward wanted to pass on the benefit of operating low-cost to your business and hence we wanted to be very reasonable while we charge to you. If you are struggling about how to keep your records, we will share our experience with you, so that you bring to us only relevant details in a format that help us process things fast and with least interruption to your business time. This further help you to get a good control over your business transaction which you can refer anytime. You don’t require to wait till your financials are prepared.

Give us an opportunity to bring you better solutions, better compliance and better business health checks.

March 2018

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  • February monthly BAS due


Very quick, and very good. Would definitely recommend to anyone needing accounting services.

Sinisa Kukavica, Bonnyrigg Heights, NSW;

Keep your eye on “Latest News” and “What’s New” section. “Useful Links” are also very helpful links.