Last-minute tax planning tips for individuals

The current financial year is almost at an end, and with an election to be held two days later the recently announced federal budget measures will of course have no chance to take effect until some time into the next financial year, if at all. But in the meantime there are still many strategies you

[ Read More ]

Key changes for Tax Time 2016: An overview

The ATO has issued some brief guidance on the key changes and new measures to be aware of when completing tax returns. Some of the changes of note include the tax concessions for small business, changes to gender identifiers, the new tax system for managed investment trusts and increasing access to company losses. Simplified depreciation

[ Read More ]

ATO warns on tax tricks that mean trouble

The ATO warns on tax tricks that will get you in trouble, and says that each year tax avoidance arrangements that are aggressive towards the tax system are promoted to taxpayers. These arrangements typically involve: reducing a participant’s taxable income increasing their deductions against their income increasing rebates or avoiding tax and other obligations entirely.

[ Read More ]

Reducing the company tax rate: What’s the impact on shareholders?

The Coalition’s federal budget announced company tax rate reductions, so that by 2016-27 all companies will have a tax rate of 25%, delivered progressively from 2016-17. The government’s budget paper also stated that dividends will be frankable in line with the rate of tax paid by a company. Of course this depends on 1), the

[ Read More ]

Attention: BAS agents! An extension of services

Attention: BAS agents! An extension of services. If you are a BAS agent registered with the Tax Practitioners Board (TPB), you should be aware that you can provide services in the areas of FBT, GST/BAS and PAYG. From 1 June 2016, the TPB has now extended the definition of a BAS service to enhance your

[ Read More ]