Removal of the HECS-HELP discount and voluntary repayment bonus
From 1 January 2017, the Australian Government will remove the upfront HECS-HELP discount of 10% for eligible students that...
Accounting & Wealth Insights
Are you ready for the Government’s superannuation changes?
On Wednesday 9 November 2016 the Government introduced its superannuation legislation which makes changes to the superannuation laws it...
$1.6m super transfer balance cap – clarification
Transitional provisions will provide for capital gains tax relief on assets that are forced to be transferred from pension...
ATO data matching program — credit and debit cards
Posted October 31, 2016 by Cayle Petritsch - Director & Wealth AdvisorThe ATO has given notice that it will continue to annually acquire data from credit and debit card providers relating to payments to businesses. The ATO will obtain data for the 2015/16 and 2016/17 income years on the identifying details of merchants with credit and debit card merchant facility and the amount and quantity of the transactions processed.
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ATO data matching programs — share transactions and selling on eBay
Posted October 31, 2016 by Marius Fourie - Director & Business AdvisorThe ATO has given notice of two data matching programs, one relating to online selling and the other to share transactions.
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Changes to the assets test for Centrelink Age Pensions from 1 January 2017
Posted October 28, 2016 by Marius Fourie - Director & Business AdvisorAs the end of the year is drawing rapidly to a close it may feel like the changes to the Asset Test for the Aged Pension have just been drawn up, however, these were announced in the 2015 Federal Budget.
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ATO issues warning on unusually high deductions
Posted October 25, 2016 by Cayle Petritsch - Director & Wealth AdvisorThe ATO has issued a warning that they are paying extra attention to taxpayers claiming higher than expected deductions for the 2015/16 income year. Assistant Commissioner Graham Whyte stated that the ATO’s ability to check work-related expense claims has become more sophisticated through use of technology and data analysis.
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Government releases more superannuation legislation
Posted October 4, 2016 by Cayle Petritsch - Director & Wealth AdvisorOn 27 September 2016 the Government released another round of draft legislation implementing a number of the changes to superannuation it announced in the 2016 Federal Budget.
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Can your SMSF buy your business?
Posted September 22, 2016 by Marius Fourie - Director & Business AdvisorAt first glance, the SMSF would not be able to acquire the property from the member because they are a related party of the SMSF.
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Are you clear on what non concessional contributions you can contribute in a year?
Posted September 21, 2016 by Cayle Petritsch - Director & Wealth AdvisorWith the Government abandoning its policy to introduce a $500,000 lifetime cap for non-concessional contributions you can make to superannuation
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