Committed to your future.

GST credits not available for payments on behalf of super funds

Sunday 20 March 2016

The ATO has issued GST Determination GSTD 2016/1, which provides the Commissioner's view on whether employers can claim input tax credits for expenses paid on behalf of superannuation funds. Read more

Small business tax concession refused as threshold test failed

Tuesday 15 March 2016

A recent case before the Federal Court examined whether a taxpayer was entitled to the tax concessions. In particular, the Court looked at whether the taxpayer had correctly excluded a debt (a pre-1998 loan) from the MNAV test calculation. Read more

Trusts' ABNs to be cancelled if no longer carrying on business

Friday 11 March 2016

The ATO has advised that the Registrar of the Australian Business Register (ABR) will begin cancelling the Australian Business Numbers (ABNs) of approximately 220,000 trusts, where there is evidence they are no longer carrying on an enterprise. Read more

Tax relief for small businesses that restructure on the way

Monday 7 March 2016

The Government has proposed amendments to the law to provide tax relief for small businesses that restructure on a genuine basis. Read more

ATO starts issuing "certainty" letters

Friday 29 January 2016

The ATO announced on 6 October 2015 that it will commence a "certainty letter" initiative through which it will send letters to approximately 500,000 taxpayers informing them that their 2015 tax returns are finalised. The aim of this initiative is to provide certainty to taxpayers who have met their tax obligations for the 2015 income year. Only select taxpayers who meet the following criteria can expect to receive the letters. Read more

Time to wind up your SMSF? Your list of do's and don'ts

Thursday 28 January 2016

Self Managed Super Funds (SMSF) are one of the most useful vehicles for Australians to take charge of their financial future. But SMSF's don't last forever. There will in all likelihood come a time when you will need to wind up your self-managed superannuation fund (SMSF). We outline why a SMSF might need to be wound up and provide some important do's and don'ts for when it happens. Read more