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Changes to SMSF 2017-18 annual return Posted on Jun 15, 2018 by admin

Super

There is a number of changes to the 2017-18 Self-managed super fund annual return (SAR) thanks to the super changes which came into effect on 1 July 2017. Transition to retirement income stream (TRIS) accountThe ATO has included a new label for the number of TRIS accounts an SMSF member has in accumulation phase. A TRIS account is in accumulation phase unless the SMSF member has reached 65 years of age or has met another ‘nil’ cashing restriction condition of release (i.e., permanent incapacity, retirement or a terminal medical condition) and has advised their fund. Limited recourse borrowing arrangements (LRBA)New […]

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Importing goods worth $1,000 or less? Posted on Jun 15, 2018 by admin

Tax

Overseas businesses that meet the GST registration threshold (A$75,000) will be required to charge GST on goods purchased from the 1 July 2018. Specifically, GST will be charged on goods that are: less than A$1,000 (low-value); not GST-free (i.e., alcohol or tobacco products); and imported into Australia. Individuals who purchase low-value goods (which they import) will be required to pay GST if they are not registered for GST or importing goods for personal use (even if they are GST registered). However, individuals can avoid paying GST if they are: registered for GST; import low-value goods for business use in Australia; […]

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Superannuation Guarantee Amnesty Posted on Jun 7, 2018 by admin

Super

In a bid to tackle non-payment of employee superannuation, the Minister for Revenue and Financial Services announced the beginning of a 12-month Superannuation Guarantee Amnesty (the Amnesty) on 24 May 2018. The Amnesty provides employers with a one-off chance to self-correct past super guarantee (SG) non-compliance without incurring a penalty and is available until 23 May 2019 (subject to the passage of legislation). Employers who take advantage of the Amnesty will avoid: penalties and charges that may apply to late payments; and are entitled to deductions for catch-up payments made during the Amnesty period to the employee’s regulated super fund […]

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Preparing for tax time Posted on Jun 7, 2018 by admin

Tax

With the end of the financial year fast approaching, preparing ahead will help to take off the pressure of running your business and organising your tax affairs this tax season. Business owners can benefit from gathering and sorting their records now, including cash, EFTPOS, bank statements, credit or debit card transactions that relate to sales and other business income. Records of expenses that can be claimed as business deductions, such as operating expenses, business travel, staff wages and contractor expenses should also be compiled. For those who have changed over their record keeping software in the past year, now is […]

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First Home Super Saver Scheme Posted on May 30, 2018 by admin

Super

The First Home Super Saver (FHSS) is a scheme that enables Australians to save for their first home inside their superannuation fund. The plan allows for faster saving with the before tax (concessional) treatment within super. The 2017-18 Budget allowed individuals to make voluntary concessional and non-concessional payments into their super to save for their first home as of 1 July 2017. From 1 July 2018, individuals can apply to release their voluntary payments and associated earnings, to buy their first home. To apply for the release of these funds, individuals must be at least 18 years old and: – […]

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Targeted amendments to Division 7A Posted on May 30, 2018 by admin

Tax

The Government is widening the scope of Division 7A to include unpaid present entitlements from 1 July 2019. This will apply where a related private company is entitled to a share of trust income as a beneficiary but has not been paid that amount (unpaid present entitlement). Division 7A is an integrity rule that requires benefits provided by private companies to taxpayers to be taxed as dividends unless they are structured as Division 7A complying loans or where another exception applies. The Government aims to clarify the operation of the Division 7A integrity rule to ensure the unpaid present entitlement […]

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Claiming personal super contributions deductions Posted on May 25, 2018 by admin

Super

More taxpayers can now claim a personal super contributions deductions this tax time due to the removal of the 10 per cent maximum earnings condition that came into effect from 1 July 2017. Eligible individuals include those who earn their income from: Salary and wages A personal business (self-employment) Investments such as interest, dividends, rent and capital gains Government pensions or allowances Super Partnership or trust distributions A foreign source Those who wish to claim a deduction need to: Make personal after-tax super contributions directly to their super fund before 30 June 2018, if they have not already contributed this […]

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GST at settlement Posted on May 25, 2018 by admin

Tax

As of 1 July 2018, purchasers of new residential premises or potential land are required to withhold an amount from the contract price and pay the amount to the ATO before settlement. A supplier (vendor, seller) of residential premises or potential residential land must notify the purchaser in writing whether they will need to withhold an amount. If the purchaser is required to withhold, the supplier will need to inform them of the amount and when it needs to be paid to the Tax Office. Generally, if the property contract sale specifies an amount that is the price of the […]

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How the new super measures will apply to SMSFs Posted on May 17, 2018 by admin

Super

The Government has introduced new measures to allow SMSF members to access their super for their first home or make contributions to their super from the sale of downsizing their home. SMSFs should be aware of the following: Downsizing From 1 July 2018, SMSF members who are 65 or over and exchange a contract of sale of their main residence may be eligible to make a downsizer contribution of up to $300,000 into their super without affecting their total super balance or contributions cap for the year. This contribution will count towards the transfer balance cap and be taken into […]

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Focus on work-related car expenses Posted on May 17, 2018 by admin

Tax

The Tax Office has flagged work-related car expenses as a concern this tax time. The ATO is targeting those who make mistakes or deliberately lodge false claims. Examples include: – Claiming things they are not entitled to, i.e., private trips such as work to home travel. – Making claims for trips that did not occur. – Claiming expenses that their employer has already reimbursed them for. Advancements in data-matching technology allow the ATO to match individuals with peers in similar occupations, earning similar amounts of income. Analytics is also used to identify claim patterns, i.e., over 800,000 people claimed exactly […]

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