The ATO has released the final version of LCG 2017/D3, which contains further details on the treatment of reversionary and non-reversionary death benefit income streams. The tax office yesterday released the finalised version of LCG 2017/D3, titled LCG 2017/3 Superannuation reform: Superannuation death benefits and the transfer balance cap, which provides guidance on the tax
Continue reading »Monthly Archives: "May 2017"
ATO highlights important mechanics with CGT relief
The ATO has reminded SMSF practitioners to consider factors such as the CGT discount when making decisions about the CGT relief with clients. Speaking in an ATO webinar, the tax office’s director of technical leadership Helen Morgan explained that for the segregated relief, the fund is taken to have sold an asset immediately before the
Continue reading »Personal super contributions
You can boost your super by adding your own contributions to your super fund or into your spouse’s super fund. Personal super contributions are the amounts you contribute to your super fund from your after-tax income (that is, from your take-home pay). These contributions: are in addition to any compulsory super contributions your employer makes
Continue reading »Increase the small business entity turnover threshold
In the 2016-17 Budget, the Government announced an increase to the small business entity turnover threshold from $2 million to $10 million. From 1 July 2016, business with a turnover of less than $10 million will be able to access a range of concessions which are currently only available to business entities with a turnover
Continue reading »Reducing the corporate tax rate
In the 2016–17 Budget, the government announced that it will reduce the corporate tax rate progressively from 30 per cent to 25 per cent. Some government amendments have been made to this measure and these have been incorporated into the information below. Currently, there is a small business corporate tax rate which is less than the headline corporate tax
Continue reading »Commissioner clarifies tax arrangements for working holiday makers
With a number of media reports circulating in relation to the tax treatment for working holiday makers and the tax that they pay, the ATO wants to make clear the tax arrangements in place. Tax Commissioner Chris Jordan said “the amount of tax that a working holiday maker may pay will depend on their residency
Continue reading »Tax rules to change for temporary working holiday makers
On Tuesday 27 September 2016, the Treasurer announced that from 1 January 2017 working holiday makers will be taxed at 19 per cent on earnings up to $37,000. Ordinary marginal tax rates will apply after that. They will no longer be entitled to claim the tax free threshold. On 28 November 2016, the Treasurer announced that this tax rate would be reduced from
Continue reading »Incorrectly claiming the Wine Grapes Levy as R&D expenditure
The Australian Taxation Office (ATO) and the Department of Industry, Innovation and Science (DIIS) are warning about a scheme where some promoters, including those operating under reputable brand names, are advocating that companies who pay the compulsory Wine Grapes Levy (the levy), can register the activity with DIIS or simply claim the levy, as all
Continue reading »Slim tax tally sees Google clash with the ATO
Google Australia is set to lock horns with the Australian Taxation Office (ATO) after being issued with an amended tax bill following financial audits by the Australian tax collector. The local arm of the California-headquartered company has said it will “lodge an objection”, according to Fairfax Media. “The company will continue to uphold its positions
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