The Turnbull Government is taking action to crack down on illegal phoenixing activity that costs the economy up to $3.2 billion per year to ensure those involved face tougher penalties. Phoenix Activity is the stripping and transfer of assets from one company to another by individuals or entities to avoid paying liabilities. This has been
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There has been a lot in the Press recently regarding the reduction in the corporate income tax rate for small companies which carry on a business. The coverage has focussed on: whether the tax cut applies to passive investment companies; and the impact the changes will have on the payment of franked dividends by companies
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From 1 July 2017, three major changes have come into effect in relation to concessional superannuation contributions. 1. Reduction in the Concessional Contribution Cap From 1 July 2017, the general concessional contributions cap has reduced to $25,000 for all individuals regardless of age. The previous and new caps are outlined in the following table: The
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