Accounting & Wealth Insights

With the new super rules beginning on 1 July 2017, your requirement to report information about your SMSF and the pensions it pays you and other fund members may be changing. This is driven by the introduction of the new $1.6 million transfer balance cap which limits the amount of assets you can use to pay pensions from super with.

Employee truck (and other transport) drivers who have been required to sleep away from home overnight due to work have new rules relating to travel expense claims. These new rules take effect from 1 July 2017, meaning the drivers affected need to make adjustments as soon as possible.

Are you considering driving your car for Uber to earn extra money on the side? If so, this worked example below will help to illustrate how Uber driving will impact on your tax obligations.

Tax incentives for early stage investors were announced by the government in its National Innovation and Science Agenda on 7 December 2015. The incentives are designed to promote entrepreneurship and innovation, by connecting start-up companies with investors to assist entrepreneurs in developing innovative companies.

The ATO has issued an addendum to Taxation Determination TD 2017/19 (reasonable travel and overtime meal allowance expense amounts for the 2017/18 income year).

Country by country (CbC) reporting applies to income years commencing on, or after, 1 January 2016.

Significant Global Entities (SGEs) need to electronically lodge three statements (the local file, master file and CbC report) with the Australian Taxation Office (ATO).

Your superannuation trust deed along with the superannuation laws form the governing rules that self managed super funds (SMSFs) needs to operate by. The introduction of the $1.6 million transfer balance cap (TBC) and new transition to retirement income stream (TRIS) rules are a ‘game changer’ for SMSFs when discussing benefit payments and estate planning.