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Topping up your super with downsizer payments Posted on Apr 27, 2018 by admin

Super

Due to new super measures introduced by the Government, Australians will now be able to contribute part of the proceeds of the sale of their home towards their superannuation. From 1 July 2018, where the exchange of contracts of sale for a ‘main residence’ home occurs on or after 1 July 2018, individuals will be able to access the new downsizer super measure. Eligible individuals can contribute up to $300,000 from the proceeds of selling their home into superannuation. This is not a non-concessional contribution, therefore, it will not count towards an individual’s’ contributions caps. However, it will count towards […]

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Employing holiday makers on a visa Posted on Apr 27, 2018 by admin

Tax

Employers can employ holiday makers on either a Working Visa (subclass 417) or a Working and Holiday Visa (subclass 462). Employees on either visa are taxed at 15 per cent from the first dollar earned, regardless of their residency. Working holiday makers cannot claim the tax free threshold and must provide their employer with their tax file number (TFN). Those who do not supply their employer with their TFN will be taxed at top marginal tax rate. If a working holiday maker meets eligibility criteria, employers are required to pay superannuation. Before employing someone on a Visa, you should check […]

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How to catch out an illegal super scheme Posted on Apr 18, 2018 by admin

Super

When a super scheme seems too good to be true, it often is. Many illegal super schemes are operating in Australia, so it is crucial to understand the characteristics of such schemes. A popular illegal scheme is one whereby an individual is enticed by being told they can access their super early to pay off a credit card debt, go on a holiday, buy a car and so on. Generally, such schemes are illegal as superannuation can only be accessed early by meeting a condition of release. Those promoting such schemes usually: – Encourage individuals to transfer super from an […]

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Changes to GST payments at settlement Posted on Apr 18, 2018 by admin

Tax

Buyers of new residential premises or subdivisions of potential residential land will need to pay the GST component of the purchase price to the Australian Tax Office (ATO) as of 1 July 2018. The amount of GST will not change. This change does not affect the sales of existing residential properties or the sales of new or existing commercial properties. Buyers will need to split the amount of GST from the total purchase price, pay the GST component directly to the ATO by a disbursement at settlement and pay the GST exclusive purchase price to the vendor. It is important […]

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Staying ‘super’ compliant Posted on Apr 16, 2018 by admin

Super

Employers have a legal responsibility to pay eligible employees superannuation to provide for their retirement. And although most employers do the right thing, some do try to bend the rules which can see them facing hefty penalties. Employees are entitled to superannuation if they are paid $450 or more before tax in a calendar month, this is known as the super guarantee (SG). To remain complaint, employers must pay SG quarterly using SuperStream. Not paying on time or not paying the right amount may mean you need to pay the super guarantee charge (SGC) and you cannot claim a tax […]

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Fuel tax credit mistakes Posted on Apr 16, 2018 by admin

Tax

Fuel tax credits are provided to businesses who acquire, manufacture, import or use fuel in part of running a business. These credits can greatly benefit business owners but it is important to get the claim right. The ATO sees common mistakes made when calculating and claiming fuel tax credits, including: Wrong calculationsA common error is to calculate fuel tax credits using the cost of the fuel rather than the quantity of fuel multiplied by the relevant rate. The correct formula is: quantity of eligible fuel x correct fuel tax credit rate = fuel tax credits. Inaccurate recordsYou must keep accurate […]

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ATO alerts issued for unclaimed super Posted on Apr 6, 2018 by admin

Super

The Australian Tax Office (ATO) will be contacting 80,000 individuals, starting this week, to alert them of unclaimed super. An email campaign will alert members about ATO-held unclaimed super money from 5 April. On 16 April, 20,000 letters and SMS will be sent. The ATO currently holds unclaimed super money for around 5.38 million accounts, totalling $3.75 billion as at 30 June 2017. These alerts will form part of a number of strategies used by the Tax Office to reunite individuals with their unclaimed super. To claim unclaimed super money, individuals must create a myGov account which is linked to […]

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ATO targeting holiday homes Posted on Apr 6, 2018 by admin

Tax

The Tax Office has rental property owners in its sights this tax season with a large number of mistakes, errors and false claims made by some using their own property for personal holidays. The ATO is reminding owners they cannot claim deductions for holiday homes that are not actually available for rent or only available to friends and family. Private use is entirely legitimate although it does reduce an owner’s ability to earn income from the property. Properties must be genuinely available for rent to claim deductions. This means you cannot use the property for your personal use or let […]

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