Accounting & Wealth Insights

The Federal Treasurer, Mr Scott Morrison, has handed down his second Budget (the government’s first of its three-year term) at 7.30 pm (AEST) on 9 May 2017. Mr Morrison said the Budget is focused on boosting the economy and households, so that “we live within our means and are able to return the Budget to balance in 2020/21”.

Stability and confidence for superannuation is the good news coming out of the 2017-18 Federal Budget. With SMSF members still working through the wide-reaching and complex superannuation changes of the last Budget which take effect from 1 July 2017, this Budget’s minimal changes will result in a period for members to ensure they have the correct strategies in place.

Okay, so you’ve registered a company name and you’ve got your own ABN. Does this necessarily mean you’re now automatically a contractor?

Choosing a financial planner is probably one of the most important financial decisions you will ever make…

…and if you make the wrong choice it can certainly be a costly mistake!

The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst the changes was legislation which provides CGT relief for members who are transferring assets out of retirement phase in 2016/17 to comply with the changes.

The following changes affecting small businesses have been recently passed by the federal government in principle and is currently waiting royal assent

Documentation requirements Timing Businesses are now required to have the transfer-pricing documentation prepared before the time the entity lodges its income tax return for the income year relevant to the matter (or matters). Information In addition, businesses must ensure the transfer-pricing documentation contains an arguable position of why the self-assessment position for transfer pricing outcomes…