Blog
Small Business Tax Cuts
The Prime Minister has announced that they are currently working on the business and jobs package and at the heart of this will be the small business tax cuts. The tax cut will be at least as big as the original 1.5% flagged previously and will commence on 01 July 2015. Keep an ear out...
Time limits for family assistance
The ATO has reminded taxpayers who want to claim family assistance payments for the 2014 financial year that they must lodge a claim with the Department of Human Services (Centrelink) by 30 June 2015 to be eligible. This deadline applies to taxpayers who intend to lodge a claim for: Family Tax Benefit; Child Care Benefit;...
ACCESSING SUPER: PRESERVATION AGE JUMPS TO 56 FROM JULY 2015.
Turning 55, retiring and accessing your super will become a thing of the past from July 2015. Anyone born on or after 1 July 1960 can forget about retiring at 55. From 1 July 2015, Australians turning 55 will have to wait at least another year before they can access super benefits. This is a...
SMSF Don’ts
SMSF main DON’TS are: DO NOT allow the fund to borrow money from any person, unless strictly in accordance with the limited recourse borrowing laws. DO NOT allow the fund’s bank account to go into overdraft. DO NOT borrow money from the fund or use the fund’s money to pay for anyone else’s expenses. DO...
ATO – Data Matching
The ATO has recently announced a new data matching of Share transactions. The ATO will collect information from 20 September 1985 to 30 June 2016 from the share registry and match this information. They expected to have more than $95 million records. They will use these records to match ATO data to identify non-compliance.
