From 1 January 2017 tax rates are changing for working holiday makers who hold 417 and 462 visas. These rates are known as working holiday maker tax rates. What you need to do If you employ a working holiday maker who is in Australia on a 417 or 462 visa, you must: register with the ATO to... Read More
Selling your business can be a stressful time and unless you’ve done it before, it’s hard to know what to expect or what’s required to get the right result. Below are the top issues for business owners or investors to maximise their results. Understand what you are selling and the tax implications What you are selling and... Read More
The HECS-HELP benefit provides an incentive for graduates of particular courses to take up related occupations or work in specified locations by reducing: compulsory HELP repayments, or HELP debt. You may be eligible for the HECS-HELP benefit if you have graduated in one of the following fields and meet the criteria as listed on the... Read More
The Federal Government has responded to pressure and dropped its plan to introduce a 32.5% tax on backpacker workers. Instead, working holidaymakers will be taxed at a lower rate of 19%, starting January 1, 2017. They will still be charged from the first dollar earned. Under the original $540 million proposal in the May 2015... Read More
The Australian Government has increased the 32.5% tax threshold from $37,001–$80,000 to $37,001–$87,000. What does this mean for employers? The tax tables have changed for employees who earn over $80,000. The new tax tables are available now and should be used for payments made from 1 October 2016.You can download the updated tax tables from ato.gov.au/taxtables... Read More
If you restructure your small business (for example, from a company to a trust) you may be able to apply the small business restructure roll-over concession. You can transfer certain active assets without incurring an income tax liability, but there may be tax implications later when you dispose of that asset. The concession applies when... Read More
As of 1 October 2016, some transactions between Australian and overseas businesses are no longer subject to Australian GST. What are the changes? GST-registered importers no longer need to identify the exact amount paid or payable for international transport, insurance and other costs to calculate the value of the taxable importation for GST purposes. More... Read More
Have you received an email from the ATO asking for your personal details or offering you a refund? We have received a number of reports of scam emails appearing as though they are from the ATO; these may contain malware or request personal information. The ATO do not request your personal information via email. Clicking on a... Read More
The update below has been provided by our affiliated Financial Planning firm, Barns Financial Services www.barnsfinancial.com.au Yesterday the Federal Government announced significant changes to the proposed superannuation reforms that were introduced in the May 2016 Budget. The news that the retrospective $500,000 lifetime non concessional contribution limit has been removed is a sensible decision that... Read More
A number of our clients have had their computer systems affected by malware or ransomware. In these instances they have clicked on links or opened attachments which install malicious software. Scammers have then blocked our clients from accessing their files until they have paid a ransom. To reduce the likelihood of this happening in your... Read More
Changes to Superannuation Contribution CapsChanges to Concessional (Deductible) and Non-Concessional (Non-Deductible) Contribution Caps from 1 July 2024 From 1 July 2024, changes to concessional and non-concessional contribution caps will take effect, allowing individuals to contribute more to their superannuation.... Read More