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Your Knowledge – November 2017

  • Taxing Bitcoin
    How cryptocurrencies are taxed and the implications of trading and investing for you, your business and your SMSF
  • Cleaners and couriers latest black economy target
    The new compliance requirements
  • New legislation restricts access to the reduced company tax rate
    The entities prevented from accessing the reduced company tax rate
  • How small subsidiaries are being caught by Australia’s new multinational tax crackdown
  • ASIC penalties ‘the cost of doing business’

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Your Knowledge – October 2017

  • New laws hold franchisors responsible for vulnerable workers
  • Alert: What you need to tell the ATO about your SMSF Safe harbour for directors of struggling companies
    New safe harbour provisions give directors some ‘wiggle room’ where they are attempting to restructure a company outside of a formal insolvency process.
  • Tax incentives for investing in affordable housing
    How to benefit from the Government’s push for affordable housing.

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Your Knowledge – September 2017

Inside in this issue includes:

  • Should Business Push A Social Agenda?
  • ASIC Targets Growing Companies In Audit Crackdown
    ASIC is in the midst of a concerted campaign targeting companies that have outgrown the reporting exemptions.
  • Super Guarantee – What Happens When You Get It WrongThe ATO receives around 20,000 reports each year from people who believe their employer has either not paid or underpaid compulsory superannuation guarantee (SG).
  • Director’s fees: What and How To Pay Them
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Budget 2017-18: The Balancing Act

The problems that any Australian Government is expected to resolve and the wish list they are supposed to fulfil, is extensive regardless of which party is in power. As author John Lydgate wrote:

“You can please some of the people all of the time, you can please all of the people some of the time, but you can’t please all of the people all of the time.”

This Budget delivers a series of measures to attempt to please as many people as possible. It tackles the issues currently in focus across the Australian community – gaps in healthcare, first home ownership, foreign workers, investment and bank accountability to name a few of the pressure points. It also delivers an economic ‘sugar hit’ in the form of $75 billion in infrastructure projects. Key measures include:

Business

  • Extension of the $20,000 immediate deduction until 30 June 2018
  • Contractors in the courier and cleaning industries face greater compliance
  • Access to small business CGT concessions tightened
  • Banks slugged with ‘major bank levy’

Superannuation

  • Super concessions for over 65s to downsize – up to $300,000 per member
  • The ability for would-be first home owners to salary sacrifice into super to save a deposit

Investors

  • An array of housing affordability measures including: a CGT discount increase to 60% for investments in affordable housing, and Managed investment Trust investment opportunities in affordable housing
  • Deductibility of investment property travel costs to end and restrictions on depreciation deductions
  • A series of restrictions on foreign property investments

Individuals & Families

  • Medicare levy increase to 2.5% from 1 July 2019
  • Help with energy bills for some social security recipients
  • Demerit system for jobseekers

Overall the 2017-18 Budget will not offend anyone (except perhaps the banks) and there are
plenty of give-aways. The only danger is the level of optimism in the economic projections in a climate of uncertainty.

 

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