Accounting & Wealth Insights

New legislation to be introduced by the government is planning to give an allowance to all people over 65 the ability to contribute to super funds even after finishing work.

The ATO has drafted safe harbour guidelines for apportioning payments made to professional sportspersons for the use of their public fame or image. The ATO will accept that 10% of a sportsperson’s playing contract is associated with these appearances.

Recently, the ATO announced that they will be putting further resources behind ensuring employers meet their superannuation guarantee obligations.

The ATO is warning taxpayers that they are paying close attention to claims for work-related car expenses this tax time. Assistant Commissioner, Kath Anderson, said “standard” claims were a common error. “Some people think they are entitled to a ‘standard deduction’ for car expenses, using the cents per kilometre method, but this is not the…

From 1 July 2017, all superannuation funds, including SMSFs, will be required to report Transfer Balance Cap (TBC) credits & debits to the Australian Taxation Office (ATO) on an ‘events’ basis.

The scope and complexity of Australia’s transfer pricing regime has increased considerably following the recent enactment of more stringent and robust domestic transfer pricing rules.

From 31 July, the NSW Office of State Revenue (OSR) and the State Debt Recovery Office (SDRO) are called Revenue NSW. All functions, administrative and legislative powers of both offices continue under the new name.