If a company fully franked a distribution during the year ending 30 June 2017 before the Treasury Laws Amendment (Enterprise Tax Plan) Act 2017 become law on 19 May 2017, the amount of the franking credit on the distribution statement provided to shareholders may be incorrect. This is because the franked distribution would likely be [...]
Editor: As 1 July 2017 approaches, many practitioners will be faced with the challenge of advising clients who have pension phase interests in superannuation in excess of $1.6 million to partially commute existing superannuation income stream interests (i.ie., pensions) by 30 June 2017, to get their clients under the $1.6 million transfer balance cap. As [...]
Editor: When a member of a superannuation fund dies, their death triggers a compulsory cashing event. If the deceased person had a ‘dependent’ (usually a spouse), it may be possible to cash out the deceased’s superannuation interest by way of a death benefit income stream (i.ie., pension), which could be reversionary or non-reversionary. From 1 [...]
Where a company is in liquidation, it will be liable for the superannuation guarantee charge (‘SGC’) in relation to payments made to its former employees under the Fair Entitlements Guarantee Act 2012 (FEG Act). The FEG Act provides for financial assistance (referred to as an ‘advance’) to former employees, where the end of their employment [...]
The car parking threshold for the FBT year commencing 1 April 2017 is $8.66. This replaces the amount of $8.48 that applied in the previous year commencing 1 April 2016.
Ordinarily, the CGT Main Residence Exemption (‘MRE’) applies once a dwelling has been lived in as a main residence. However, the ‘construction rule’ in S. 118-150 of the ITAA 1997 allows for vacant land (or land during the period in which a dwelling is being constructed) to have main residence status for a maximum four-year [...]
Editor: The ATO recently withdrawn IT 2486, TD 92/106, TD 92/182 AND TD 93/148. The withdrawn rulings and determinations all dealt with different matters relating to who is assessed on interest income. The ATO has consolidated the views expressed in the withdrawn ruling and determinations in new TD 2017/11. As a general proposition, for income [...]
There are now more ways to pay online Meet the Chip & Swipe Reader Shopify has just released a new toy for you to play with, and increase you productivity ten-fold. The New Chip & Swipe Reader is the company's newest Point of Sales system, helping consumers of the product sell more stock and accept [...]
The Birth of E-commerce Trading, selling, bartering - commerce has been around since we invited the wheel, but you can't deny that it has changed dramatically since. Its no surprise how quickly traditional buying and selling was transported to the internet, with the E-commerce industry becoming a $1.9 TRILLION industry. Can you guess what the [...]
The Fidget Spinner & Viral Marketing Haven't heard of a Fidget Spinner? Crawl out of your hole and simply look down the main road of your city. Kids, even adults, are going crazy for the viral trend that is Fidget Spinners. First marketed as a calming tool for children with nervous energy, adults soon picked [...]
A Guide to the Analytics of E-commerce If you're running an online business, analytics are crucial to your success and understanding the future endeavours. Getting into a weekly routine of analysing the data of your business gives you immense insight into how you can improve and build your online shop. If you're starting out within [...]
