Advice

Advice

 

Newsflash: the Government passes the $20,000 asset write-off extension

The legislation extending the $20,000 immediate asset write-off for another year to 30 June 2019 has finally passed both Houses after having been introduced into Parliament in May, following the Federal Budget announcement.

The immediate asset write-off is available for small businesses with aggregated annual turnover under $10 million. Small…

read more

Travel to inspect residential rental properties

From 1 July 2017, unless one of the exclusions listed below applies, travel expenses incurred in relation to residential rental premises will no longer be deductible, and these expenses will not be added to the cost base of the property for capital gains tax (CGT) purposes either. Effectively, these…

read more

Changes for foreign residents who own Australian residential property

As part of the package of measures aimed at addressing the housing affordability crisis, the Government also introduced two new measures directed at foreign residents who own Australian residential property.

read more

Depreciation of plant & equipment in residential rental properties

This change will affect those investors who purchase second-hand residential properties after 7:30 pm on 9 May 2017 by limiting the depreciation they can claim on “previously used” plant and equipment assets (i.e. those already installed on the property at the time of purchase and included in the purchase…

read more

Downsizing super contributions

One of the ‘housing affordability’ measures that has recently been legislated is the introduction of a new, ‘downsizing’ superannuation contribution type, which allows older Australians to contribute some or all of the proceeds of the sale of their family home to superannuation.

From 1 July 2018, people aged over 65 are able to make an additional…

read more

Purchaser to withhold GST on certain property transactions from 1 July 2018

From 1 July 2018, purchasers of new residential premises or subdivisions of potential residential land will be required to pay part of the purchase price directly to the ATO on or before the settlement of the property, rather than paying the whole amount to the vendor.

This new regime is aimed at addressing tax evasion activities by property…

read more

Federal Budget 2018

On 8 May 2018, the Treasurer Scott Morrison delivered the Government’s 2018/19 Budget. With the next Federal election coming up within 12 months, this Budget is a key political tool for the Government that benefited from a recent uplift in the economic performance and improved fiscal results compared to prior years. They have taken advantage of this by announcing a range of personal income tax rate cuts, as well as continuing with their push to roll out company tax rate cuts to the bigger end of town – a plan that may prove politically difficult to implement following the recent revelations in the wake of the Royal Commission into the Banking, Superannuation and Financial Services industry. The personal tax cuts are the cornerstone of the Budget, however these are scheduled to be implemented over seven years and two Federal election cycles. Furthermore, while the Treasurer’s economic outlook for the forward estimates period is positive, many commentators consider it to be overly optimistic. Both of these factors may prove insurmountable hurdles when it comes to passage of the announced measures through Parliament. The Budget includes a few integrity measures, in particular for businesses and a number of welcome tweaks in the superannuation area.

read more

Get ready for Single Touch Payroll - count your employees as at 1 April!

After a long period of uncertainty, the details of Single Touch Payroll (STP) are finally becoming available and it will change the way employers report to the ATO their payments to employees and related information. Under STP, employers will report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation information from their payroll solution each time they pay their employees.

read more
Subscribe to the latest, easy to understand advice