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Category Archive for: ‘Practice Update’

November 2017 Practice Update

Reporting of transfer balance account information Editor: The recent superannuation reforms introduced the concept of a ‘transfer balance account’, to basically record the value of member balances moving into or out of ‘retirement phase’. In order to monitor these amounts, the ATO is introducing new reporting requirements and forms.

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October 2017 Practice Update

No Small Business Tax Rate For Passive Investment Companies The Government has released draft tax legislation to clarify that passive investment companies cannot access the lower company tax rate for small businesses of 27.5%, but will still pay tax at 30%.

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September 2017 Practice Update

ALP announces massive (potential) changes to trust taxation Editor: Although we don’t normally report on Opposition tax policies, this policy change is so fundamental, and the existing state of the Federal Parliament is so chaotic, that we believe it’s worth bringing this to your attention.

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August 2017 Practice Update

ATO warning regarding work-related expense claims for 2017 The ATO is increasing attention, scrutiny and education on work-related expenses (WREs) this tax time. Assistant Commissioner Kath Anderson said: “We have seen claims for clothing and laundry expenses increase around 20% over the last five years.  While this increase isn’t a sign that all of these taxpayers are doing the wrong …

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July 2017 Practice Update

Removal of the Temporary Budget Repair Levy from the 2017/18 income year The 2% Temporary Budget Repair Levy (or ‘TBRL’), which has applied to individuals with a taxable income exceeding $180,000 since 1 July 2014, is repealed with effect from 1 July 2017. 

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June 2017 Practice Update

Budget Update The Government handed down the 2017/18 Federal Budget on Tuesday 9th May 2017. The Budget proposes (amongst several other changes) to increase the Medicare Levy by 0.5% to 2.5% from 1 July 2019 (and tax and withholding rates that are linked to the highest marginal income tax (e.g., FBT) will also increase from 1 July 2019). One of …

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May 2017 Practice Update

Company tax cuts pass the Senate with amendments Editor: After a marathon few days of extended sittings (the last before the Federal Budget in May), the Government finally managed to get its company tax cuts through the Senate, but it was not without compromise. The following outlines the final changes to the law, as passed by the Senate, including a …

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April 2017 Practice Update

Reduction in FBT rate from 1 April 2017 In conjunction with the introduction of the temporary budget repair levy (of 2%, payable by high income earners), the FBT rate was also increased from 47% to 49% for the 2016 and 2017 FBT years. However, the FBT rate will revert back to 47% from 1 April 2017. Editor: This means there …

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March 2017 Practice Update

ATO data regarding Super Guarantee non-compliance Editor: The ATO has provided some information about Superannuation Guarantee (SG) non-compliance in its recent submission to a Senate inquiry into the impact of the non-payment of the Superannuation Guarantee. In addition to marketing and education activities to re-enforce the need for employers to meet their SG obligations, the ATO conducts audits and reviews …

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February 2017 Practice Update

Changes to the ‘backpacker tax’ From 1 January 2017, tax rates changed for working holiday makers who are in Australia on a 417 or 462 visa (these rates are known as ‘working holiday maker tax rates’). If a business employs a working holiday maker in Australia on a 417 or 462 visa, from 1 January 2017, they should withhold 15% …

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