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Advice

 

Superannuation changes effective 1st July 2019 – Does this affect you?

From July 1, super funds are required to cancel default life insurance policies in funds where members have not made a contribution for 16 months, unless members actively "opt in" to the policy or reactivate the account.

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Removing tax deductibility of non-compliant payments

As part of the government’s efforts to combat the black economy, and in response to the recommendations from the Black Economy Taskforce, a raft of new measures have been introduced to impose additional incentives for businesses to comply with their obligations.

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Small & Medium Business Instant Asset Write-off – Increase means big win for more businesses

With the Federal Election now out of the way, many businesses will turn to considering whether there might be any opportunities to reduce their tax liability for the year about to end on 30 June 2019. Just prior to calling the election, the Government managed to pass legislation extending the scope of its instant asset write-off. As a result, eligible businesses have an opportunity to substantially reduce their tax payable if they act before 30 June 2019.

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Labor’s tax and superannuation policies

As we approach the inevitable but as yet unannounced 2019 Federal Election, Australians are starting to consider policies of the major parties, and we are particularly interested in the policies related to tax and superannuation.

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Surprise ATO visits to Tasmanian businesses & information sessions

Up to 500 Tasmanian small businesses can expect a surprise visit from the ATO during March 2019, in particular those that advertise as being ‘cash only’ or those that operate outside of the ATO’s performance benchmarks, with certain industries more at risk of such visits than others.

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NEWSFLASH: Single Touch Payroll extended to small employers!

After a long period of uncertainty, the legislation extending the electronic Single Touch Payroll (STP) reporting regime to employers with 19 or fewer employees was agreed to by the Senate on 5 December 2018.

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Scam warning! Fake ‘ATO’ callers threaten arrest over ‘unpaid tax debts’

We have been alerted to an increased incidence of phone calls from scammers claiming to be Australian Tax Office (‘ATO’) representatives. Whilst this is not a new scam, holiday season is a high risk period and people tend to let their guard down at this time of the year.

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Christmas Parties and Gifts

With the festive season fast approaching it is a good time to revisit the Fringe Benefits Tax (FBT), GST and income tax implications associated with the holiday season, in particular the Christmas functions and gifts that businesses may provide to staff and clients at this time of the year.

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