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Taxation of employment termination payments (ETPs) Posted on Jun 29, 2016 by editor

Tax

Redundancies, whether forced or elective, can become complex as there are many taxation issues to consider when receiving a payout. The most common form of payment an employee will receive is an employment termination payment. Employment termination payments (ETPs) include payments for unused rostered days off or for unused sick leave; payments in lieu of notice; payments due to redundancy or early retirement that exceeds the tax-free amount, or payments due to invalidity. Mistakes in employment termination payments (ETPs) are common as it is up to the employer to work out how much is owed to the employee and how […]

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End-of-year super strategies Posted on Jun 22, 2016 by editor

Super

With the end-of-financial year looming, there are some key strategies you can utilise to maximise your nest egg ahead of 30 June. Maximise super contributions Review your contribution types and amounts to ensure you have maximised (not exceeded) your contribution caps for the financial year. The non-concessional contributions cap for 2015/16 is $180,000 or $540,000 over three years for those under 65 at 1 July 2015. From 1 July 2017, a $500,000 lifetime non-concessional contributions cap is proposed to take effect. The concessional contributions cap is currently at $30,000 and $35,000 for those aged 49 or over at 30 June […]

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Claiming mobile phone expenses Posted on Jun 22, 2016 by editor

Tax

With tax time fast approaching, now is a good time to review those tax deductions that are often easily forgotten such as mobile phone expenses. Mobile phone expenses can generally be claimed as a tax deduction provided they are used for work purposes, such as receiving or making work calls. When claiming expenses you will need to work out the percentage that reasonably relates to your work related use, not your entire phone bill. The ATO requires you to substantiate these claims by keeping records for a 4-week representation period in each income year to claim a deduction of more […]

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LRBA deadline extended Posted on Jun 15, 2016 by editor

Super

The ATO has extended its 30 June 2016 deadline to 31 January 2017 for SMSF trustees to review limited recourse borrowing arrangements (LRBA) for non-arm’s length income. The Tax Office issued the Practical Compliance Guide 2016/5 in April to provide guidance for SMSF trustees to ensure LRBA arrangements are on terms that are consistent with an arm’s length dealing. The extension follows several individual requests to the ATO for further time, highlighting the need for additional ATO guidance. SMSF trustees with a LRBA that is not maintained at arm’s length by 31 January 2017 will be subject to the top […]

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ATO targets rental property owners Posted on Jun 15, 2016 by editor

Tax

The Tax Office is focusing on rental property owners this tax time and is encouraging rental owners to understand their obligations and check their claims are right before lodging their tax returns. The ATO will be paying close attention to excessive interest expense claims and incorrect apportionment of rental income and expenses between owners. The Tax Office will also be targeting holiday homes that are not genuinely available for rent and incorrect claims for newly purchased rental properties. To avoid incorrect property claims, rental property owners need to ensure all rental income is included when claiming deductions and that property […]

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New rules for properties worth $2 million or more Posted on Jun 8, 2016 by editor

Tax

From 1 July 2016, those who purchase a residential or commercial property in Australia that is worth more than $2 million must withhold 10 per cent of the price. Buyers are then required to remit this amount to the Tax Office unless they obtain a tax clearance certificate from the property vendor. The new rule is designed to put a stop to foreign property owners who sell Australian homes without paying capital gains tax by transferring some of the responsibility to home purchasers. Most property transactions will not be affected by the change; only 2.26 per cent of homes in […]

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ATO simplifies business activity statements Posted on Jun 1, 2016 by editor

Tax

The Taxation Office has recently announced that it is working towards making a simpler BAS to reduce GST compliance for small businesses and also make GST record keeping and reporting easier. This is a result of tax professionals, small businesses and industry associations expressing their concerns to the ATO over current BAS requirements. From 1 July 2017, the ATO is reducing the number of labels on activity statements. Small businesses will only need to report: GST on sales GST on purchases Total sales The ATO will remove the requirement to report export sales, capital purchases, non-capital purchases and other GST […]

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