News and Views

ATO Targeting SMSF Tax Avoidance

The Australian Tax Office has its sight set on an emerging tax avoidance tactic being taken up by a number of self-managed superannuation funds. 

The ATO has warned individuals (at or approaching retirement age) not to use a strategy known as diverting personal services income (PSI) through their SMSF to minimise or avoid their income tax obligations. 

Paperless Record Keeping- Best Practice

The ATO reminds us on its website that by law, business operators have to keep records, which “explain all transactions, be in writing, be in English or in a form that can be easily converted, and be kept for five years”. Some records, especially in relation to capital gain tax events, may need to be kept for longer. Clients sometimes tell us about their frustration in relation to this record keeping burden. They tell us about running out of space for the piles of paper. However, the ATO tells us that “be in writing” also means “in electronic format” and that “the principles are the same”.
 

 

Moore Stephens explains the latest tax incentives for investment in Australian innovation companies.

On 27 July 2016 Moore Stephens WA held an information session for Investors and Early Stage Innovation Companies (ESIC). 

The speaker panel consisted of Davide Costanzo (Moore Stephens), Jeff Broun (PCP), David Greatwich (Swanson Reed) and Paul Clark (Venturecast).

The event focussed on the new tax incentives that came into play on the 1 July 2016 which can give an investor a 20% tax offset and a capital gains tax (CGT) exemption for their investment in an ESIC.

If you are buying or selling property over $2 million – New rules now apply

From July 1 2016, all Australian residents, selling property with a market value over $2 million (GST exclusive) will need to get a clearance certificate from The Australian Taxation Office (ATO).

From 1 July 2016, a 10% withholding tax will apply when foreign residents sell certain types of Australian property. If  you are selling Australian property, the new rules assume you are a non-resident unless you have a clearance certificate from the ATO. Without this clearance certificate, the purchaser must withhold 10% of the purchase price and pay this to the ATO.

South Australian State Budget 2016/17: Key take-outs for Business

Late last week The Hon. Tom Koutsantonis released the 2016/17 South Australian state budget. A budget aimed at “transforming South Australia into a modern, high technology and globally competitive economy - which will create more jobs for South Australians”.  As expected it is a fairly benign budget with the government still focused on the successful implementation of last year’s many measures.
This year the new business initiatives focus on much needed job creation and, together with the extension to exisitng payroll tax rebates announced a few weeks ago and the stamp duty reductions announced last year, we hope the measures will deliver a much needed confidence boost to SA business.
with the extension of the existing payroll tax rebates for the next four years announced a few weeks ago and the stamp duty reductions announced last year - See more at: http://www.bdo.com.au/en-au/insights/articles/budget/2016-south-australian-budget-backs-smes#sthash.Ie5Qhanw.dpuf
Today’s announcements, along with the extension of the existing payroll tax rebates for the next four years announced a few weeks ago and the stamp duty reductions announced last year, will give many the confidence to back their vision and grow. - See more at: http://www.bdo.com.au/en-au/insights/articles/budget/2016-south-australian-budget-backs-smes#sthash.Ie5Qhanw.dpuf
Today’s announcements, along with the extension of the existing payroll tax rebates for the next four years announced a few weeks ago and the stamp duty reductions announced last year, will give many the confidence to back their vision and grow. - See more at: http://www.bdo.com.au/en-au/insights/articles/budget/2016-south-australian-budget-backs-smes#sthash.Ie5Qhanw.dpuf

How will IFRS 15 Revenue from Contracts with Customers affect you?

The International Accounting Standards Board (IASB) published IFRS 15[1] Revenue from Contracts with Customers in May 2014 effective for reporting periods commencing on or after 1 January 2018.  During the development of IFRS 15 the construction and property industry was identified as one of those most likely to be impacted upon by the new standard[2].  Given the long term nature of contracts within the construction and property industry it is vital that you understand and prepare for the impacts of IFRS 15 now.

End of Financial Year Tax Newsletter

As you prepare to collate your 2016 year end financial and tax records for us, we have prepared some information on key aspects which may be helpful.

If you are looking to improve your current bookkeeping process and/or systems (including transition to the cloud), we can assist you in this area, so please get in touch! Call our Tax & Business Advisory Team on (0)8 9225 5355. 

Buyer beware: the new risk to clients funding insurance in super

It may be hard to believe but we’re almost on the home straight of what has felt like the longest election campaign in recent history. And while both of the major parties have unveiled a number of policies over the past two months on key issues ranging from higher education, to innovation, penalty rates – and of course, “jobs and growth” – one of the most debated and divisive policies continues to be the government’s proposed changes to superannuation.
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