Accountants & Advisors

The 2016-17 Federal Budget announcements on superannuation have caused a lot of concern. These include: A $500,000 lifetime non-concessional contributions cap from Budget night A reduction in concessional contribution cap from 1 July 2017 The removal of the tax exemption on earnings supporting transition to retirement income streams (TRIS) from 1 July 2017 The extension of the 30% super contributions tax on high income earners Tax free super balances capped at $1.6m from 1 J

With the Federal Budget on 3 May and an election later this year, tax and tax reform are on the national agenda.... again. The upcoming Budget is likely to contain some of the anticipated structural reforms expected but shy away from the populist policy decisions touted in the media such as the removal of negative gearing. Much of the tax and tax reform debate in Australia is focussed on the position of various interest groups and how the national revenue ‘pie’ should be carv

One of the most common questions from clients with a Self Managed Superannuation Fund (SMSF) is, can I buy property? Followed by the second question, can I buy property in the United States? SMSFs provide investment flexibility for those that understand the rules. They can also be a significant liability if you get it wrong. There are a few key things to check before purchasing a property: The SMSF’s investment strategy and trust deed must allow for the purchase you are conte

If you are not an Australian resident for tax purposes, you are excluded from many of the tax breaks available to residents and an increasing target of the Australian Taxation Office. We explore the widening gap between residents and non-residents. Scrutiny of Australian Investments With residential property prices soaring, foreign investment and ownership is in the spotlight. However, foreign residents and temporary visa holders cannot buy established residential property –

What will change on 1 July 2015 For Business Small business tax cut - 1.5% for companies and 5% tax discount for unincorporated small businesses under $2m (capped at $1,000)* Employee share scheme rule changes to make the schemes more attractive particularly to start-ups (covered in our April update)* 'Fly in fly out' and 'drive in drive out' (FIFO) workers will be excluded from the Zone Tax Offset (ZTO) where their normal residence is not within a 'zone'* Start-ups able to i

Topping up your Superannuation just got a little less dangerous with new rules that allow excess non-concessional contributions to be refunded. Before the change, a huge number of people were penalised by excess concessional contributions tax because they contributed over the allowable level of contributions. It was not uncommon to see $70,000 tax bills from what was a relatively small over contribution. And, there was very little you could do about it even if the contributio

If you are a high income earner, earn income from overseas, or have a large asset base, then, if the rumours have any truth to them, you’re in the firing line in the 2015/2016 Federal Budget. The Australian economy is coming off its resources boom ‘sugar hit’ and as Reserve Bank Governor Glenn Stevens said recently, “the government has little choice but to accept the slower path of deficit reduction over the near term.” The declining iron ore price has blown a $30bn tax recei