Download the Federal Budget Tax Bulletin 2016-17 The Federal Budget for 2016/17 was handed down by the Treasurer, Mr Scott Morrison, at 7.30 pm (AEST) on 3 May 2016. Highlights The key tax and superannuation highlights from the Budget are summarised below. A detailed Chartered Accountants summary can be found at the link above. Individuals
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The government has enacted legislation to introduce a 10% non-final withholding tax on payments made to foreign residents that dispose of certain taxable Australian property. However, Australian resident vendors are also directly affected by these new rules – see below. The new withholding regime will apply to contracts entered into on or after 1 July 2016. Assets
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An LRBA is a loan that meets superannuation legislation requirements from a lender to a superannuation fund. The lender can be a bank or a related party of a SMSF ie a loan from a family trust to the family’s SMSF. Such LRBA’s are often on more favourable terms than LRBA’s from banks. The ATO
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In 2015 the ATO issued a warning to Self-Managed Superannuation Funds (SMSFs) involved in arrangements to maximise claims for franking credits from private companies. The ATO has now recently published an “Offer to Self-Managed Superannuation Fund (SMSF) trustees to address dividend stripping arrangements.” Background: The original details of the ATO’s warning were included in Taxpayer
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The ATO has now recently published an “Offer to Self-Managed Superannuation Fund (SMSF) trustees to address dividend stripping arrangements.” Background: The original details of the ATO’s warning were included in Taxpayer Alert TA 2015/1 – dealing with arrangements where a private company with accumulated profits was channelling franked dividends to a SMSF instead of to
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Download the Federal Budget Tax Bulletin 2015-16 The Federal Budget for 2015/16 was handed down by the Treasurer, Mr Joe Hockey, at 7.30 pm (AEST) on 12 May 2015. Highlights The key tax and superannuation highlights from the Budget are summarised below. A detailed Chartered Accountants summary can be found at the link above. Individuals
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Some of our clients have been receiving calls at home from people claiming to be ATO officers and accusing our clients of being involved in tax avoidance and advising them to make payments through their Post Office to an account or they will have a warrant issued for their arrest. These have been fraudulent calls
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Legislation has recently been introduced effective for income years commencing on or after 1 July 2014 (the 30 June 2015 tax year for 30 June taxpayers) which amend the thin capitalisation rules such that: the maximum statutory debt limit (safe harbour debt limit) has been reduced from 3:1 to 1.5:1 (on a debt-to-equity basis) for
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We refer to our Client Alert No 24, the link to which is shown below, in which we discussed the ATO’s views on dividend washing. https://www.blazeacumen.com.au/client-alerts/client-alerts-issue-24.html The ATO has made a further statement regarding dividend washing which can be found at the following link: https://www.ato.gov.au/Media-centre/Articles/ATO-targets-dividend-washing/ The ATO has now indicated that from mid-August 2014, it
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What is SuperStream? SuperStream is a major government reform aimed at improving the efficiency of the “back office” of superannuation. The main purpose of SuperStream is to ensure employer contributions are paid in a consistent, timely and efficient manner to a member’s account. It requires contributions to be made electronically with linked data and payments.
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