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A guide to the different types of superannuation funds Posted on Sep 30, 2014 by editor

Super

There are a lot of different types of superannuation funds, and many people to not know what the differences between them are. We have compiled this guide to explain the different types of superannuation and details the advantages and disadvantages of each. MySuper MySuper accounts are a new type superannuation account that is a ‘no-frills’ superannuation option. Soon MySuper accounts will become the default superannuation option when an employee has not chosen a super fund. MySuper accounts have low fees and very simple features. Retail, industry and corporate funds can all offer MySuper accounts. Retail Funds Retail super funds are […]

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New approach to taxing employee shares welcomed by startups Posted on Sep 22, 2014 by editor

Tax

A tax reform by the federal government will increase the scope of employers to issues employees with shares and stock options. Prior to 2009, employees receiving shares or stock options were able to defer paying tax, with many only paying CGT once they have disposed of the assets down the line. In order to increase budget revenue, the Labour government changed this arrangement, meaning that when an employee received shares, they incurred an immediate tax liability. These restrictions meant that many startups often had to start paying employees higher salaries in order to retain talent. However, the benefits of startups […]

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Crackdown on cash economy Posted on Sep 17, 2014 by editor

Tax

The ATO is cracking down on businesses that operate off the books in order to avoid paying their fair share of taxes, also known as operating within the black, underground or cash economy. Businesses are known to use a wide range of strategies to skirt their tax responsibilities. This may include underreporting takings and paying staff in cash. Several businesses have also been caught using EFTPOS terminals that are not registered to the main company. The ATO has appealed for the broader community to report any behaviour that they think is suspicious, for example, businesses that regularly conduct transactions without […]

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Crackdown on multinational corporate tax evasion Posted on Sep 8, 2014 by editor

Tax

Treasurer Joe Hockey has announced that he has requested the Tax Commissioner ramp up his efforts to prevent multinational corporations from generating profits in Australia before moving them offshore to avoid tax responsibilities. Tax evasion tactics by multinational corporations have been an ongoing problem in Australia. There has recently been a renewed interest in the issue as revelations about the negligible Australian tax paid by high profile companies, such as Google and Apple, have come to the fore. The plan to tackle this issue includes reinforcing Australia’s capitalisation rules, collaborating with other countries and strengthening communication between the government and […]

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Super guarantee frozen Posted on Sep 8, 2014 by editor

Super

Over the past week, the government has confirmed its decision to freeze the compulsory superannuation guarantee at 9.5% for the next seven years. It will rise to 10% in 2021 and then increase incrementally before plateauing at 12% in 2025. Previous to this, the superannuation guarantee was planned to reach 12% by the 2019/20 financial year. In light of these changes, individuals may have to reconsider their approach to superannuation if they want to maintain their current retirement plans. If it is possible for you in your current circumstances, you may want to consider salary sacrificing into your super. This […]

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Potential delay for superannuation increases Posted on Sep 2, 2014 by editor

Super

Currently, there are plans to increase the level of compulsory superannuation contributions, paid by employers, from the current rate of 9.5% of salary to 12%. The increases, as currently planned, would occur in 0.5% increments over the next five years. However, due to pressure on the budget, the government wants to delay the first 0.5% increase for three years. This is because the significant tax concessions that are offered on superannuation contributions place an additional burden on government revenues. Treasurer Joe Hockey is proposing that the increases should be introduced at the discretion of the Treasurer, without the need to […]

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Using the CGT discount Posted on Sep 2, 2014 by editor

Tax

A capital gain is a profit made from the sale of an asset, for example, real estate investments (the family home is exempt), a business or shares. Your capital gain is calculated as the difference between what you paid for the asset and what you eventually sold it for. A capital gain is considered by the ATO as part of your assessable income and is taxed at your marginal rate. There is, however, a discount that may be applied to capital gains. If you have held the asset for over twelve months, you may be eligible for a 50% discount […]

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