Accounting & Wealth Insights

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.

Self-education expenses are deductible where the expenses have the necessary connection with the production of the taxpayer’s assessable income. However, a deduction will be denied for the first $250 of certain kinds of self-education expenses.

Crowd-sourced funding helps both start-ups and small to medium sized businesses and investors access the opportunities that are available from an innovative economy. From 29 September 2017, the new crowd-sourced funding (CSF) regime will come into effect and ASIC will begin accepting licence applications from CSF intermediaries.

A taxpayer has learned that no capital gains tax event would occur on the transfer of real property from themselves to a family member. A recent private binding ruling highlights that a beneficial ownership of an asset doesn’t solely relate to shares in a company or beneficiaries of trusts and can occur to real property owned by individuals.