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SuperStream checklist Posted on Jan 27, 2017 by editor

Super

All businesses should now be SuperStream compliant. SuperStream is a standard for processing superannuation data and payments electronically. Employers must pay employee super contributions electronically (EFT or BPAY) and send the associated data electronically under SuperStream. SuperStream ensures the data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the Tax Office. For those businesses who have not made the switch, here is a guide to be SuperStream ready: Choose an option SuperStream requires you to pay super and send employee information electronically. If you already do […]

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ATO targeting online selling and ride-sourcing Posted on Jan 27, 2017 by editor

Tax

The Australian Tax Office is collecting data from financial institutions and online selling sites as part of their data matching programs for credit and debit cards, online selling and ride-sourcing. The data will include: the total amount of credit and debit card payments businesses received online sellers who have sold at least $12,000 worth of goods or services payments made to ride-sourcing drivers from accounts held by the ride-sourcing facilitator The ATO will match this data with information from income tax returns, activity statements and other ATO records to identify any discrepancies. Data matching helps the Tax Office to identify […]

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Overview of the transfer balance cap Posted on Jan 19, 2017 by editor

Super

The transfer balance cap was introduced as part of the reforms to superannuation in the 2016 Federal Budget and will commence on 1 July 2017. The cap applies to the total amount of super that has been transferred into the retirement phase. The cap will start at $1.6 million, and will be indexed periodically in $100,000 increments in line with CPI. If, at any time, you meet or exceed your cap, you will not be entitled to indexation. Each individual with super interests in the retirement phase has a personal transfer balance cap that cannot be shared with anyone else. […]

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Changes to tax rates for working holiday makers Posted on Jan 19, 2017 by editor

Tax

Tax rates for working holiday makers who are in Australia on a 417 or 462 visa have changed. From 1 January 2017, employers who employ a working holiday maker in Australia on a 417 or 462 visa: – Must withhold 15 per cent from every dollar earned up to $37,000 with foreign resident tax rates applying from $37,001. – Must register with the Australian Tax Office by 31 January 2017 to withhold at the working holiday maker tax rate. – If you do not register, you will need to withhold at the foreign resident tax rate of 32.5 per cent. […]

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SMSF deadline approaches for limited recourse borrowing arrangements Posted on Jan 12, 2017 by editor

Super

SMSF trustees have until 31 January 2017 to review their limited recourse borrowing arrangements (LRBAs) to ensure they are consistent with an arm’s length dealing, or alternatively brought to an end if they are not. The Tax Office recently provided further guidance to SMSF trustees on when the non-arm’s length income (NALI) provisions apply to an SMSF’s LRBA in their Practical Compliance Guideline (PCG 2016/5) and Taxation Determination (TD 2016/16). When determining whether the NALI provisions apply, SMSF trustees must recognise it is a two-step process. First, it needs to be determined whether: 1. The terms of the LRBA are […]

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Simpler BAS for small businesses Posted on Jan 12, 2017 by editor

Tax

The ATO have introduced a simpler BAS to take effect from 1 July 2017 to help reduce GST compliance costs for small businesses. From 1 July 2017, small businesses will only need to report GST on sales (1A); GST on purchases (1B) and Total sales (G1) on their BAS. Businesses will no longer need to report Export sales (G2), other GST free sales (G3), Capital purchases (G10) and Non-capital purchases (G11). Newly registered small businesses will have the option to report less GST information on a simpler BAS from 19 January 2017. Small businesses registering from 19 January 2017 will […]

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