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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 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...

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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...

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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)...

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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...

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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,...

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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...

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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...

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