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The government has introduced a housing affordability bill where CGT main residence exemptions  will come in to place for foreign residents. Schedule 1  of the bill amends ITAA 97  which will:
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A new bill will come into effect from 1st January 2020 which imposes a restriction on entities dealing with cash transactions. Important highlights from the bill are as follows:
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Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax.   Traditionally, year-end tax planning for small businesses is based around two simple concepts – i.e., accelerating business deductions and deferring income.
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Your Checklist Claims for deductions Receipts for deductions Car claims and log books Please review the information below and contact our office if you need assistance.   Tax saving strategies prior to 1 July 2017 A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year,…
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Personal income tax cuts are law! Editor: The government has finally legislated the tax cuts originally announced in the May 2016 Budget, so that the marginal tax rate of 37% now starts at $87,000. The following are the rates for adult residents for the 2016/17 income year (i.e., from 1 July 2016).
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Pre-retirees: Avoid ‘too good to be true’ tax schemes The ATO has launched a new project called ‘Super Scheme Smart’, an initiative aimed at educating individuals about the potential pitfalls of ‘retirement planning schemes’, to keep them safe from risking their retirement nest egg. According to the ATO, individuals most at risk are those approaching…
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