Do depreciation deductions apply to you?

Owners of income producing properties are eligible to claim tax deductions for a number of expenses involved in holding a property. Most investors are aware of some of the deductions they are entitled to; for example, they know they can claim their Property Manager’s fees, council rates and any repairs and maintenance costs. However, all […]

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Div.7A benchmark interest rate

The benchmark interest rate for 2017/18, for the purposes of the deemed dividend provisions of Div.7A, is 5.30% (down from 5.40% for 2016/17).

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ALP announces massive (potential) changes to trust taxation

Editor: Although we don’t normally report on Opposition tax policies, this policy change is so fundamental, and the existing state of the Federal Parliament is so chaotic, that we believe it’s worth bringing this to your attention. The Leader of the Opposition, Bill Shorten, has announced that a Labor Government (should they be elected) will […]

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ATO to be provided with more super guarantee information

The Government has announced a package of reforms to give the ATO near real-time visibility over superannuation guarantee (SG) compliance by employers. The Government will also provide the ATO with additional funding for a SG Taskforce to crackdown on employer non-compliance. The package includes measures to: require superannuation funds to report contributions received more frequently […]

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ATO: Combatting the cash economy

The ATO has reminded taxpayers that it uses a range of tools to identify and take action against people and businesses that may not be correctly meeting their obligations.  Through ‘data matching’, it can identify businesses that do not have electronic payment facilities. These businesses often advertise as ‘cash only’ or mainly deal in cash […]

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Scams

We note that fraudsters are operating all the time and often pretending to be the ATO. The ATO do not require payment over the phone. Yesterday we had a client contact us about a Debt Collection Agency chasing their 2002-2003 tax lodgement. This is a scam. The ATO (or us on their behalf) are the […]

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Higher risk trust arrangements targeted

The ATO’s ‘Tax Avoidance Taskforce – Trusts’ continues the work of the Trusts Taskforce, by targeting higher risk trust arrangements in privately owned and wealthy groups. The Taskforce will focus on the lodgment of trust tax returns, accurate completion of return labels, present entitlement of exempt entities, distributions to superannuation funds, and inappropriate claiming of […]

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Retirement

Anybody who has sat down with us to discuss their future knows what Darryl has instilled in the whole team. Retirement is a state of mind not a state of occupation. Questions continue to be asked is Darryl retired or retiring. The short answer is, Darryl considers himself semi retired, meaning some days he has […]

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Financial Planning

It is with great sadness that we received an email last night from Kera that she is asking her AFSL (The SIRA Group Pty Ltd) to allow her to give up her status as an Authorised Representative. That will mean she will no longer be licensed to give Financial advice through them. Kera has operated […]

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Single Touch Payroll update

A limited release of ‘Single Touch Payroll’ began for a small number of digital service providers and their clients on 1 July 2017, with Single Touch Payroll operating with limited functionality for a select number of employers. The following timeline sets out what is happening in the lead-up to the mandatory commencement of Single Tough […]

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