Accounting & Wealth Insights

Individuals with a superannuation balance more than the transfer balance cap will no longer be able to make non-concessional contributions from 1 July 2017. This change in policy is included in the third tranche of superannuation reforms which were originally announced in the 2016/17 Federal Budget.

This proposed measure will allow individuals to make additional concessional superannuation contributions in a financial year by utilising unused concessional contribution cap amounts from up to five previous years, providing that their total superannuation balance at 30 June of the previous financial year was below $500,000.

The government has released a consultation paper on its review of the tax deduction rules for non-compulsory uniform expenses. Division 34 of ITAA 1997 provides that employees can only claim a tax deduction for non-compulsory uniform expenses, where employers have the uniform designs approved and entered on the Register of Approved Occupational Clothing by the Secretary of the Department of Industry, Innovation and Science.

The Commissioner has issued Practical Compliance Guideline PCG 2016/18 which outlines a practical compliance approach for certain countertrade transactions that are GST neutral.

The accounting landscape for small and medium business enterprises has changed dramatically over the past few years and along with it the software used to manage businesses. The health care industry is no exception.

Australia has introduced a new law applying the Australian Goods and Services Tax (GST) to international sales of digital products and services provided to Australian consumers. Under the new law, overseas businesses will be required to pay GST on these sales from 1 July 2017.

Recent changes to Australia’s GST law mean that from 1 October 2016, certain transactions between overseas businesses and Australian businesses will no longer be subject to GST.