Superannuation Contributions for 2018/2019 The contributions that a member can make into a superannuation fund will depend on whether those contributions are classified as “concessional” or ”non-concessional contributions”. Concessional contributions refer to contributions made with before tax dollars while non-concessional contributions refer to contributions made with after tax dollars. For example. Employer contributions including salary- [...]
Main Residence Exemption - Foreign Residents Proposed reforms by the Australian Government are set to remove the CGT Main Residence Exemption for non-residents. The new rules apply to properties purchased after 9th May 2017. For properties purchased on or before 9th May 2017, the new rules will not apply to disposals until after 30th June [...]
How does the ATO use it's data-matching system? The ATO uses its data matching services to ensure individuals and businesses are correctly reporting all of their income. The ATO collects data from a wide range of sources including banks, financial institutions and government agencies. The system has been put into place by the ATO to [...]
In this month's Your Knowledge Update we review when you can take your super, new minimum pay rates and the $10k limit on cash payments to business. Download this month's issue here - Your Knowledge Update - July 2018.
In this month's Your Knowledge Update we look at how the super guarantee amnesty for employers will work, outline changes coming your way from 1st July 2018 and kick around some EOFY tips. Download this month's issue here - Your Knowledge Update - June 2018.
Holiday Rental Property Deductions Holiday rental properties have again been mentioned in the press from the Australian Taxation Office that they will be the subject of their focus, with the most likely candidates are highly negatively geared rental properties with postcodes that fall in and around known holiday destinations. All taxpayers need to ensure that [...]
In this month's Your Knowledge Update we look at what the ATO's statistics reveal about Australians and review proposed CGT legislation that has potentially serious tax implications for expats and foreign residents who own residential property in Australia. Download this month's issue here - Your Knowledge Update - May 2018
Operations of Transfer Balance Cap From 1 July 2017, the amount of super balance you can transfer from your accumulation account into retirement phase is subject to a limit known as the Transfer Balance Cap. For the 2017-18 financial year, this limit is set at $1.6 million. Every year after, the cap will be indexed [...]
In this month's Your Knowledge Update we look at what you should know in relation to Single Touch Payroll, if you should use the new super measures when you buy/sell your home and which tax deductions are being closely scrutinised by the Taxation Office. Download this month's issue here - Your Knowledge Update - April 2018.
New Reporting Obligations for SMSF Self Managed Super Funds (SMSF) have new obligations to report certain events that affect their Transfer Balance Cap by lodging the Transfer Balance Account Report (TBAR). The reporting obligation commences on 1 July 2018. The TBAR is a separate form from the Self Managed Super Funds’ Annual Tax Return and [...]