Accounting & Wealth Insights

The ATO has advised that it will be collecting data to identify individuals engaged in providing ride-sourcing services during the 2016/17 and 2017/18 financial years.

Two of the three Bills that formed the superannuation reform package first announced by the government in the 2016 Federal Budget have received assent.

The ATO has updated its instructions to vendors seeking a reduction in the withholding rate that will apply to the sale of certain taxable Australian property. The relevant foreign resident capital gains withholding variation application form provides the details of the vendor, the asset and the reason for a variation. The variation may reduce the withholding rate to nil.

A simpler BAS will become the default GST reporting method for all small businesses from 1 July 2017. This measure was originally announced in the 2016/17 Federal Budget and is designed to reduce GST compliance costs for small businesses,.

The Christmas and New Year holiday season is fast approaching.

This year, our office will be closed from midday Friday 23rd December 2016 and reopen on Monday 9th January 2017.

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.