Latest News and Information

The state of SMSF in 2016/2017; regulatory changes and the rise of the robo SMSF

 
Published on January 17, 2017 at 12:00 AM

Self Managed Superannuation Funds, otherwise known as SMSFs, are an increasingly-popular way for people to manage their super. Unlike with conventional super funds, in a SMSF, you have control over the investments, and if it’s managed well, the returns to your retirement savings can be significantly greater. … » Read More & Show Comments

Federal Budget Brief 2013

 
Published on May 15, 2013 at 12:00 AM

A summary of some of the relevant 2013 federal budget announcements, including cap on work-related self-education deductions, medicare levy increase, baby bonus abolishment, Aged Pensioner residence downsizing pilot programme...… » Read More & Show Comments

Living-away-from-home concessions to be tightened

 
Published on February 28, 2013 at 12:00 AM

The Government has proposed a raft of changes concerning living-away-from-home allowances (LAFHAs) and benefits. Essentially, the Government is restricting access to the concessions. Employers and employees who may… » Read More & Show Comments

Commissioner's new power to withhold refunds

 
Published on February 27, 2013 at 12:00 AM

Legislation is making its way through Parliament to give the Commissioner of Taxation a new power to withhold “high risk” refunds pending integrity checks of a taxpayer’s claim. The changes are being introduced in response… » Read More & Show Comments

Non-resident tax rate increases on the way

 
Published on February 26, 2013 at 12:00 AM

Legislation has been introduced into Parliament to amend the income tax rates for non-residents from 1 July 2012. The changes, pending formal enactment, will essentially increase the non-resident tax rates from the 2012–2013 year… » Read More & Show Comments

Minors and low tax offset changes

 
Published on February 25, 2013 at 12:00 AM

The Government has introduced legislation to implement its 2011 Budget announcement to bring an end to the ability of minors (children under 18 years of age) to access the low income tax offset (LITO) to reduce tax payable on their… » Read More & Show Comments

Director penalty regime - take two!

 
Published on February 24, 2013 at 12:00 AM

The Government has reintroduced legislation into Parliament to extend the director penalty regime. This will, among other things, make directors personally liable for their company’s unpaid superannuation guarantee amounts.… » Read More & Show Comments

CGT small business concessions denied

 
Published on February 23, 2013 at 12:00 AM

A recent case before the Administrative Appeals Tribunal (AAT) has demonstrated the need for great care when structuring arrangements to ensure a taxpayer’s eligibility for the small business capital gains tax (CGT) concessions.… » Read More & Show Comments

Private health insurance rebate changes looming

 
Published on February 22, 2013 at 12:00 AM

Income testing of the 30% private health insurance rebate starts on 1 July 2012. Essentially, singles earning over $84,000 per annum and families earning over $168,000 per annum will receive a reduced rebate that is less than the current… » Read More & Show Comments

Resources

 
Published on March 13, 2013 at 12:00 AM

Useful links and resources… » Read More & Show Comments

Mini-budget tightens fringe benefits, health rebates and more

 
Published on December 15, 2012 at 12:00 AM

The Government’s mid-year budget update was handed down in late October 2012. The Treasurer revised down the expected Budget underlying cash surplus to $1.1 billion for 2012–2013 – down from $1.5 billion… » Read More & Show Comments

ATO to data-match motor vehicle purchases

 
Published on December 16, 2012 at 12:00 AM

The ATO is collecting details of individuals and businesses who have purchased or acquired a vehicle with a transaction value of $10,000 or greater in the 2011–2012 or 2012–2013 financial years. The information will be … » Read More & Show Comments

AUSTRAC shares information with the ATO

 
Published on December 17, 2012 at 12:00 AM

AUSTRAC has recently highlighted the growing role of financial intelligence in tackling crime, including tax evasion. In 2011–2012, AUSTRAC reported that information sharing. AUSTRAC has recently highlighted… » Read More & Show Comments

Honest mistake in not documenting private company loans

 
Published on December 18, 2012 at 12:00 AM

A taxpayer has been, in most part, successful before the Administrative Appeals Tribunal (AAT) in relation to a matter concerning loans from a private company. These loans were made to him, over various years, as a shareholder and director… » Read More & Show Comments

Depreciation deduction allowed for certain equipment

 
Published on December 19, 2012 at 12:00 AM

A recent case before the AAT has highlighted the need for businesses to maintain appropriate records of plant and equipment used in business. The taxpayer, who was a partner of a box manufacturing business… » Read More & Show Comments

Special Circumstances Found To Set Aside Excess Contributions Tax

 
Published on December 20, 2012 at 12:00 AM

A taxpayer has successfully argued before the AAT that there were special circumstances in his situation to allow for the exercise of the Commissioner’s discretion under the law to reallocate superannuation contributions. Accordingly, monies paid… » Read More & Show Comments

Tasmanian bushfires – lodgment and payment deferral

 
Published on March 1, 2013 at 12:00 AM

For victims affected by the Tasmanian bushfires of January 2013, the ATO announced that it will make arrangements to defer lodgment and payment of certain monthly and quarterly activity statements. The arrangements… » Read More & Show Comments

SMSF investment in property requires care

 
Published on March 2, 2013 at 12:00 AM

The ATO has warned trustees of self managed superannuation funds (SMSFs) to exercise care in ensuring that arrangements entered into to invest in property are properly implemented, particularly those involving limited… » Read More & Show Comments

ATO Data-Matching Programs

 
Published on March 3, 2013 at 12:00 AM

The ATO has announced data-matching programs to identify instances where taxpayers may not be meeting their tax obligations. The ATO says it will collect data from various banks and credit card companies relating to credit and debit… » Read More & Show Comments

Deductions for Rental Properties Allowed

 
Published on March 4, 2013 at 12:00 AM

In a recent decision, the Administrative Appeals Tribunal (AAT) allowed a taxpayer’s claim for rental deductions in respect of two properties for the 2008 income year. The taxpayer owned the properties with her two sons… » Read More & Show Comments

Foreign income assessable

 
Published on March 5, 2013 at 12:00 AM

The AAT has found that a taxpayer was a resident of Australia and therefore affirmed the Tax Commissioner’s decision to assess the taxpayer’s foreign income earned for the 2006 to 2008 income years… » Read More & Show Comments

Mistaken Belief Does Not Revoke Excess Super Tax Bill

 
Published on March 6, 2013 at 12:00 AM

A taxpayer has been unsuccessful before the AAT in arguing that her “mistaken belief” as to the timing of a superannuation contribution was a “special circumstance” that warranted reallocating excess superannuation contributions… » Read More & Show Comments

Taxman's new power to address super law contraventions

 
Published on March 7, 2013 at 12:00 AM

The Government has proposed to establish what it calls a fairer administrative penalty regime for trustees of SMSFs for certain contraventions of the superannuation law. Administrative penalties would range from $850 to $10,200… » Read More & Show Comments

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