Advice

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The Government tackles the backlog of unenacted tax and superannuation announcements

On 6 November 2013, the Treasurer Joe Hockey announced that the Government will address a large number of unlegislated tax and superannuation related announcements. These have been accumulating since 2001 and at the time of the Federal Election there were 96 unenacted announcements which have been causing a great deal of uncertainty for all potentially affected taxpayers.

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Pre-election Announcement Newsletter

As we all prepare to cast our vote this Saturday 7 September in the 2013 Federal Election and no doubt looking forward to the end of the extraordinarily long pre-election campaign, it is worth considering the potential tax related outcomes of the Election.

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Summary of superannuation changes for employers

The following measures, which we have covered in detail in our previous newsletters, will commence from 1 July 2013.

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Federal Budget Bulletin May 2013

The Federal Treasurer handed down his sixth Budget last night. The Budget was framed in the context of a $19.4b deficit for 2012/2013 (as against an originally projected $1.5b surplus) and a Federal election to be held in September. The Budget is designed to support the big ticket reform items of the Rudd/Gillard years being the completion of the National Broadband Network, the implementation of the National Disability Insurance Scheme, and the Gonski school funding reforms. At the same time the Budget has also recognised that the big income items upon which much of these reforms relied, being the mining and carbon taxes, will only raise a fraction of the revenues projected in the prior Budget forecasts.

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Superannuation Bulletin April 2013

On Friday 5 April the Government announced the long awaited superannuation reforms which have been subject to much speculation leading up to the Federal Budget in May. Broadly, the reforms are aiming to remove the concessions available to taxpayers with significant superannuation balances. Together with the change announced in last year’s Federal Budget which meant that from 1 July 2012, individuals with income greater than $300,000 are paying 30% contributions tax on their concessional superannuation contributions, rather than the standard 15%, it is clear that the Government is targeting superannuation balances of high wealth individuals and this is where they anticipate to make the most savings.

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What's YOUR risk profile?

The ATO recently released, for the first time, an overview of its approach to assessing the tax compliance risk profile of small-to-medium enterprises (SMEs) and wealthy individuals. The ATO defines these as follows:

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Superannuation Updates

Are you receiving a pension from your SMSF? Consider Minimum Pension Payments.

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Federal Budget 2012/2013

The Treasurer, Mr Wayne Swan, handed down the controversial 2012/2013 Federal Budget on 8 May 2012. The much vaunted promise to return the budget to surplus has been the key driver behind the changes which are expected to achieve a very slim $1.5 billion surplus for 2012/2013. Considering that the Government is currently in a position of approximately $44.4 billion deficit in the 2011/2012 year, the surplus, if achieved, will represent the first turnaround of such magnitude in Australian history.

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