Top 5 Division 7A watch-outs

The top 5 Division 7A watch-outs are as follows. 1/ Transaction caught by Division 7A Division 7A will arise if transactions fall into the following three categories, for a shareholder or shareholder’s associate: certain loans from a private company, certain payments from a private company, and forgiveness of a debt owed to a private company.

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Backpacker tax: Government backs down

Backpacker tax: Government backs down. The Federal Government has responded to pressure and dropped its plan to introduce a 32.5% tax on backpacker workers. Instead, working holidaymakers will be taxed at a lower rate of 19%, starting January 1, 2017. They will still be charged from the first dollar earned. Under the original $540 million

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ATO takes aim at serious SMSF non-compliance

ATO takes aim at serious SMSF non-compliance. Speaking at national superannuation conference in late August, the ATO’s superannuation assistant commissioner Kasey Macfarlane highlighted a number of issues that the ATO will be taking a keen interest in over the coming year. Chief among these concerns, Macfarlane said, was the fact of serious non-compliance from SMSF

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When is it time to jettison the SMSF?

Ask yourself this question — have you reached the time and circumstances when running your own SMSF is not entirely appropriate anymore? There are specific instances when members are no longer able to be trustees of a SMSF and therefore unable to operate their fund. Tax & Super Australia is presenting a webinar that will

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ATO not doing the best on revenue collection, says national auditor

The Australian National Audit Office (ANAO) has released a report which indicates that while the ATO may have indicated that hundreds of millions of dollars in tax revenue was being taken in, the actual amount may have been overstated. The new report by the ANAO found that the ATO had on at least one occasion over a

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