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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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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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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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Business tax debt to be reported to credit agencies

The Government has announced that it will allow the Australian Taxation Office (ATO) to disclose tax debt information of businesses to registered credit reporting bureaus (CRBs), in certain circumstances. The measure is aimed at supporting “more informed decision making in the business community” and reducing “unfair advantage gained by businesses…

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Genuine ATO call or a scam attempt? ATO issues guidance on how to tell the difference

The ATO has warned that identifying information like tax file numbers (TFNs), bank account numbers or your date of birth are the keys to your identity, and can be used by scammers to break into your life if they are compromised, and it is essential to keep this information secure.

There is increased fraudulent activity…

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Foreign tax residents with HECS/HELP & TSL debt now have to make compulsory repayments and report their worldwide income to the ATO

In a widely publicised move, the Australian Government has introduced changes relating to Higher Education Loan Program (HELP – previously HECS) and Trade Support Loan (TSL) repayment obligations.

The first loan repayments will commence from 1 July 2017 and will be based on your worldwide income for the 2016/17 Australian income year (that…

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Reminder: Immediate deductibility for assets under $20,000 purchased by small businesses (turnover up to $10m) extended until 30 June 2018

In the last Federal Budget the Government announced an extension to the measure providing an instant asset write-off for small businesses. This announcement has since been legislated and small businesses (now defined as businesses with turnover under $10m) can immediately deduct the business portion of most assets if they cost less than $20,000…

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Are you buying or selling Australian property valued at $750,000 or higher? A new tax withholding regime applies!

And by “property” we mean:

  • residential or commercial real estate
  • vacant land farm land
  • mining/quarrying/prospecting…

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