March 2017 Newsletter

Tax News | Views | Clues

March 2017


Client who have yet to do their 2016 returns or prior time is running out as the ATO are not hesitating in issuing penalties for late lodgements.


Re-characterisation of income from trading businesses


August 2016 Newsletter

Client Alert

August 2016


ATO small business benchmarks updated

The ATO has announced the latest benchmarks for small businesses. Based on the data from 2014 income tax returns and business activity statements, the benchmarks cover over 1.3 million small businesses. ATO Assistant Commissioner Matthew Bambrick said one of the great things about the benchmarks was that they gave a lot of small-business owner’s peace of mind.

July 2016 Newsletter

Client Alert
Tax News | Views | Clues
July 2016


June 2016 Newsletter

Last-minute tax planning tactics for individuals

The current financial year is almost at an end, and with an election to be held two days later the recently announced federal budget measures will of course have no chance to take effect until sometime into the next financial year, if at all.

But in the meantime there are still many strategies you may be able to put into play to ensure you pay not one cent more tax than is necessary for the 2015-16 year.

April 2016 Newsletter


Deadline looming for SMSF collectables compliance

The ATO has reminded trustees of self managed super funds (SMSFs) that if they have investments in collectables or personal-use assets that were acquired before 1 July 2011, time is running out to ensure their SMSFs meet the requirements of the superannuation law for these assets.

Assets considered collectables and personal-use assets include artwork, jewellery, antiques, vehicles, boats and wine.

February 2016 Newsletter

Single Touch Payroll pilot and tax offset proposed

December/ January 2015/2016 Newsletter

December 2015/January 2016

  • Tax negotiation limited to known debt amounts
  • CGT roll-over for small business restructures on the way
  • ATO starts issuing "certainty" letters
  • Government rejects SMSF borrowing ban recommendation
  • Car expenses and FBT concessions on entertainment

Newsletter September 2015

Small business tax discount on the way In a surprise – but welcome – move in the 2015 Federal Budget, the Government announced a small business tax discount. The Government said that, with effect from 1 July 2015, individual taxpayers with business income from an unincorporated business that has an aggregated annual turnover of less than $2 million will be eligible for a small business tax discount. The discount will be 5% of the income tax payable on the business income received from an unincorporated small business entity.