The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.
Lodge on Time - Directors of a company can be personally liable for outstanding payments of Tax and Superannuation
28 Feb 2023
An automated penalty is created for directors of a company the end of the day that their obligation is due. A Director Penalty Notice (“DPN”) is issued when no payment has been received for PAYG withholding and/or superannuation (SGC) debts within 3 months of the due date for lodgement.
17 May 2022
The Australian Taxation Office (ATO) has issued a suite of draft guidance documents and a Taxpayer Alert on the topics of Section 100A and Division 7A of the Income Tax Assessment Act. The documents focus on arrangements commonly seen in family and private groups, and are likely to have significant impacts on the way trusts distribute income to ben...
27 May 2020
Many Australian retirees find that they want a smaller home, or a home more suited to their empty-nest requirements. For some, selling the family home can be a great way to release built-up equity to pay for retirement living expenses or in-home support that will allow them to stay at home longer. Older Australians are the beneficiaries of the fed...
25 Sept 2019
Since that time the ATO has been working in conjunction with the software industry to ensure the transition for these business types would be as smooth and as low cost as possible. We have been proactively encouraging or facilitating our clients to transition to STP and looking for solutions to lodgement requirements under the new regime.Whilst 1 J...
9 July 2019
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.
3 July 2019
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.
24 May 2019
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, eli...