articles: Taxation

2017 Tax Planning Checklist: Introduction

This paper sets out various items to consider prior to 30 June 2017, for effective tax planning.

  • Taxing of Trade Income

  • Record Keeping

  • Individual Income Tax Rates

  • Temporary Budget Repair Levy

  • Medicare Levy Surcharge and Private Health Care Rebate

2017 Tax Planning Checklist: Deductions

Key Items

  • ​Prepayments - Small Business Entity Taxpayer

  • Prepayments - Not Defined as Small Business

  • Prepayments "Excluded Expenditure"

  • Deductions Under the General Prepayment Rules

  • Bringing Forward Deductions

  • Interest on Investment Loans

  • Bad Debts (if taxation return prepared on an accruals basis)

  • Staff - Bonuses

  • Staff - Holidays

  • Superannuation

  • Superannuation Minimum Contribution

  • Superannuation Co-Contribution – for 2016/17

  • Interest on Loan Funds

  • Repairs and Maintenance

  • Directors’ Fees

  • Travel Deductions

  • Expense Substantiation

  • Depreciation

  • Negative Gearing

  • Building Allowance

  • Borrowing Costs

  • Entertainment

  • Research and Development

  • Property Owner's Deductions

  • Donations and Gifts

  • Audit Fees

  • Salary Packages

  • Working from Home Expenses

  • Expenses for Shareholding Investments

  • Taxation Advice

  • Motor Vehicle Expenses

2017 Tax Planning Checklist: Personal Planning

Key Items

  • ​Zone Offset

  • Sickness and Accident Insurance Payments

  • Home-Office Expenses

  • Utilising Tax Free Threshold

  • Tax Offsets Net Medical Expenses

  • Work Related Expenses

  • Dividends, Interest, Managed Funds Distributions

  • End of Year Tax Schemes

  • Salary Packaging

  • Superannuation Contributions

  • Splitting of Superannuation Contributions

  • Australian Taxation Office Monitoring

  • Motor Vehicle Expenses

2017-2018 Federal Budget Expert Analysis - Health

Key points

  • Medicare Levy to increase by 0.5% from 1 July 2019

  • Medicare Levy low-income thresholds increased

  • Medicare Guarantee Fund to be established to ensure Medicare is fully funded

  • The freeze on the indexation of the Medicare Benefits Schedule (MBS) has been lifted

  • Retention of bulk billing incentives for diagnostic imaging and pathology services

  • Affordable access to medicines continued

2017-2018 Federal Budget Expert Analysis - Property

Key points

  •  Measures aimed at foreign resident property owners
  • Restricting ownership by foreign ownership in new developments

  • GST integrity measure on property transactions

  • Limiting plant and equipment depreciation claim for property investors

  • Integrity measures regarding the Small business Capital Gains Tax (CGT) concessions will be introduced

2017-2018 Federal Budget Expert Analysis - Superannuation

Key points

  • Limited Recourse Borrowing Arrangements to be included in a member’s superannuation balance and transfer balance caps

  • First home owners will be allowed to salary sacrifice to superannuation for home deposits

  • Home sellers 65 years or over can make non-concessional contributions to superannuation

2017-2018 Federal Budget Expert Analysis - Infrastructure

Key points

  • $75 billion in infrastructure funding and financing over the next 10 years

  • Western Sydney Airport to be built

  • Funding of Melbourne to Brisbane Inland Rail project

  • $10 billion National Rail Programme

  • Establishment of a $472 million Regional Growth Fund to deliver job-creating infrastructure

2017-2018 Federal Budget Expert Analysis - Housing Affordability

Key points

  • First home buyers can salary sacrifice into their superannuation account

  • Up to $300,000 from the proceeds of the sale of the family home can be contributed to superannuation for persons aged 65 and over

  • Increasing the CGT discount to 60% for investments in affordable housing

  • Allowing managed investment trusts (MITs) to be used to develop and own affordable housing

  • Further initiatives to increase housing supply

ATO Key Agent Program

Moore Stephens is proud to be partnering with the Australian Taxation Office (ATO) on the Key Agent Program that was implemented last year. This program has been co-designed with key stakeholders and influential partners as a way to work through and address the changing environment of taxation in Australia. This whole-of-ATO approach is designed to engage industry leaders and provide the opportunity to feedback on administrative issues and upcoming changes.

Ease of doing business in Australia

We are often asked the question “how easy is it to do business in Australia?”
 
The World Bank Group annually ranks all countries for the ease of doing business and Australia currently ranks in the top 15 amongst the 217 countries measured.