News and Views

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.

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.

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).

  • 6
  • 7
  • 8
  • 9
  • 10
  • Showing results 181 to 200 of 259