News
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 need to pay tax on it. This depends on a number of factors, including how soon after receiving it you became an Australian resident or you stopped working. Your...
read more
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 in rental premises used for residential accommodation are no longer allowed. The changes are now law. The changes apply from 1 July 2017...
read more
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 than $10 million. Before that, the turnover threshold was $2 million. The $10 million threshold applies to most concessions, except for: the small...
read more
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 simplified depreciation rules correctly you must: write off eligible assets costing less than $20,000 each pool most other...
read more
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 home buyers save faster with the concessional tax treatment within super. About the scheme From 1 July 2017 you can make voluntary concessional (before-tax)...
read more
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 rate is 5.45%. The payroll tax threshold for 2017-18 (July – June) is $750,000. What payments are liable for payroll tax? Payments liable for...
read more
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 the purchase of the digital currency and once again when using digital currency to purchase anything already subject to GST. Recent law changes mean that as of 1...
read more
2017-18: Food and GST
Did you know that some fresh foods - such as salads, sushi and cooked pasta with sauce - may be subject to GST? If you operate a GST-registered food business, you’ll need to include GST where your food is: for consumption on the premises where it is sold (for example,...
read more
2016-17: Work-related items exempt from FBT
Subject to the limitations below, a number of employee benefits are exempt from fringe benefits tax (FBT), including the following work-related items: portable electronic devices such as mobile phones, laptops, tablets, portable printers and GPS navigation receivers...
read more
2017-18: HECS – HELP and TSL overseas obligations
The two main changes the Australian Government has introduced means you must: update your contact details and submit an overseas travel notification if you have an intention to, or already reside overseas, for 183 days or more in any 12 months lodge your worldwide...
read more
