Super changes from July 1 amended, but passed The Treasury Laws Amendment (2017 Measures No. 2) Bill 2017, containing further amendments to the new superannuation rules kicking in on the 1 July 2017, passed both houses of Parliament in June…
A piece of legislation that recently made its way through Parliament means that come July 1, misdemeanors committed by errant taxpayers will become a lot more costly. Penalty units, which are currently pegged at $180 per unit, are set to…
In a recently released practical compliance guideline, the ATO sets out its administration approach in relation to super fund commutation requests. It is an essential piece of information for SMSF trustees because it explains which commutation requests will not be…
Transitional CGT relief is temporary relief available to all complying super funds, not just SMSFs, for certain CGT assets that would otherwise give rise to a taxable capital gain through the necessary efforts to comply with the new transfer balance…
You generally make a tax loss when the total deductions that can be claimed for a financial year exceed the total of assessable and net exempt income for the year. If you operate a business that makes a loss you…
The general rule is that you can claim deductions for expenses your business incurs in its task of generating assessable income. Many of these deductions are obvious – rent, materials, supplies and so on — but there are also some…
It is a fairly well-established and welcome act for an aunt or uncle or of course a parent to start a savings account for a new addition to the next generation. It is not so common however, among the warm…
Click here for a pdf version of the article End-of-year tax planning tips for business The general rule is that you can claim deductions for expenses your business incurs in its task of generating assessable income. Many of these deductions…
Land owned before CGT, but can a recent house built on it be CGT-free? Naturally, a taxpayer will assume that when they build a house, that building will not qualify for CGT exemption until it becomes that taxpayer’s “main residence”.…
Click here for a pdf version of the article The budget announcements contain a suite of tax and superannuation measures aimed at increasing housing stock and improving housing affordability. While the government has not gone close to clamping down on…