News and Views

Keeping it in the family

While the ATO continues to crackdown on tax minimisation strategies, quite a few legal pathways to paying less tax while preserving wealth for retirement or estate planning purposes still exist. Family trusts have significant tax saving abilities that make them an attractive tool for wealth creation.

Insurance traps in your super

Insurance arrangements in super can create a few surprise outcomes for members who leave big superannuation funds to start their own self-managed super fund yet leave a portion in their old fund.
 
Members need to be wary of the traps that can cause a loss of cover. As insurance is a complex financial product members need to understand the benefits, risks and the costs entailed when entering into insurance cover in large superannuation funds.

ATO imposes stricter guidelines for SMSF borrowing

Self-managed super funds (SMSF) have until 31 January 2017 to conform to the ATO’s new rules on related party loans.
 
 A guidance paper released by the Tax Office stated that related-party loans e.g. family trusts or private companies to SMSFs now must be at interest rates of 7.75 per cent for shares and 5.75 per cent for property.

Doing Business in Australia- new video

This video offers practical information about doing business in Australia. Moore Stephens WA Director James Tng provides an overview of all relevant tax issues that will arise and covers regulations you need to be aware of to maximise the chances of success in Australia. 

Non-Resident Withholding Tax Regime

From 1 July 2016, disposal of certain Australian property by non-resident Vendors will be subject to a non-final 10% withholding tax. The purpose of this is to assist in the early collection of tax from foreign residents and encourage them to meet their tax obligations in Australia. The tax is required to be withheld by the Purchaser and remitted to the Australian Tax Office (ATO).

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.

Globalisation and the tax system- how taxation affects individuals moving to and out of Australia

The world has shrunk and the business is more fluid than ever. Business has changed and e-commerce has revolutionised the way business is done and where business is conducted from.
 
In the modern world, you can conduct business from a coffee shop, on a beach or in an office. With this change and the way products and services are being delivered, we are noticing now more than ever an inflow and outflow of people into and out of Australia.

Globalisation and the tax system - how taxation affects individuals moving to and out of Australia

 In the modern world, you can conduct business from a coffee shop, on a beach or in an office. With this change and the way products and services are being delivered, we are noticing now more than ever an inflow and outflow of people into and out of Australia. This fundamental shift in society has wider implications and the affects of globalisation on the tax system need to be understood so you can manage your assets.
 

Understanding unfair dismissal

The number of unfair dismissal applications lodged last year suggests that employers are still struggling with unfair dismissal laws.

Around 14,800 unfair dismissal claims were filed in 2015, keeping the Fair Work Commission (FWC) very busy. And while most cases were settled before a formal hearing, they do create an unproductive distraction for employers.

Revisiting super basics for employers

For many employers, it can be easy to forget the responsibility of managing your superannuation obligations amidst the busy lifestyle of operating a business.

However, those who fail to meet their super obligations risk facing severe and even damaging liabilities.
Employers who pay their workers $450 or more before tax in a calendar month must pay superannuation on top of the employee's wages. If an employee is under the age of 18 or is a private or domestic worker, they must work for more than 30 hours per week to qualify. The minimum an employer must pay is called the super guarantee (SG)

Don’t understate your profits! How early exercise behaviour can reduce employee option cost


The Moore Stephens Victoria Corporate Advisory division has responsibility for assisting clients with their financial modelling and this article focuses on the unlisted employee options component and requirements under Australian Accounting Standards.The Moore Stephens Victoria Corporate Advisory division has responsibility for assisting clients with their financial modelling and this article focuses on the unlisted employee options component and requirements under Australian Accounting Standards.
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