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17 Jun, 19

Payments made to subcontractors by cleaning services companies subject to payroll tax

The Supreme Court of NSW has concluded that the arrangements between the subcontractors and two companies providing specialised cleaning/housekeeping services were employment agency contracts within the meaning of s 37(1) of the Payroll Tax Act 2007 (NSW). Hence, it held that the payroll tax was correctly imposed on the amounts paid to the subcontractors “in relation to” the procurement […]

31 May, 19

Thinking of setting up a self-managed super fund (SMSF)?

If you set up a self-managed super fund (SMSF), you’re in charge – you make the investment decisions for the fund and you’re held responsible for complying with the super and tax laws. It’s a major financial decision and you need to have the time and skills to do it. There may be better options […]

31 May, 19

Why you should keep record for Capital Gain Tax

You must keep records of every transaction, event or circumstance that may be relevant to working out whether you’ve made a capital gain or loss from a capital gains tax (CGT) event. Generally you need to keep your records for at least five years after the year when the CGT event happened. Keeping adequate records […]

31 May, 19

Increased and extended Instant asset write – off

You can choose to use the simplified depreciation rules if you have a small business with an aggregated turnover (the total normal income of your business and that of any associated businesses) of less than: $10 million from 1 July 2016 onwards $2 million for previous income years. Under these rules, if you purchased assets from 7.30pm (AEST) on […]

Update on reporting of Contractors-from ATO

In the most recent Federal Budget, Government announced these three additional industries to lodge taxable payments reports with the ATO. Now you have to lodge a Taxable payments annual report (TPAR) by 28th August 2020 & then each year, if you are in the following business- road freight services information technology (IT) services security, investigation or surveillance services These […]

15 May, 19

Proposed changes for personal tax offsets

A new non-refundable personal tax offset is due to commence from 1 July 2018, in accordance with legislation passed in June 2018 (TLA (Personal Income Tax Plan) Act 2018). The Low and Middle Income Tax Offset, or LAMITO, provides taxpayers under $125,333 in taxable income between $0 and $530 in additional tax offsets. The base […]

15 May, 19

Checklist of tax changes taking effect in 2018/19

This checklist sets out significant changes that are scheduled to operate from the 2018/19 income year (with cross-references to the commentary in the Guide where they are discussed). Note that, in some cases, implementation of these changes may be dependent on the future passage of the necessary legislation. INDIVIDUALS The individual income tax rate thresholds […]

15 May, 19

CGT main residence exemption removed for foreign residents

Bill lapsed as federal election called The 45th parliament of Australia was prorogued on 11 April 2019. This means that the Bill to which this event relates to has lapsed. In order for this event to become law, it would need to be re-introduced into the new parliament. Should a new bill be introduced into […]

Payments made to subcontractors by cleaning services companies subject to payroll tax

Thinking of setting up a self-managed super fund (SMSF)?

Why you should keep record for Capital Gain Tax

Increased and extended Instant asset write – off

Update on reporting of Contractors-from ATO

Proposed changes for personal tax offsets

Checklist of tax changes taking effect in 2018/19

CGT main residence exemption removed for foreign residents

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