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East Maitland Accountants & Financial Advisors, Newcastle Accountants & Financial Advisors

2018/19 Federal Budget

2018/19 Federal Budget Personal income tax changes 1.1 Personal income tax plan The Government will introduce a seven-year, three-step, Personal Income Tax Plan, as follows: Step 1: Targeted tax relief to low and middle income earners The Government will introduce the Low and Middle Income Tax Offset, a non-refundable tax offset of up to $530 [...]

ASIC warns against cutting corners on death nominations

The Australian Securities and Investments Commission (‘ASIC’) is putting the financial advice sector on the notice about meeting requirements for witnessing signatures, after finding issues with advisers failing to correctly witness binding death nomination forms for superannuation benefits. Binding death nominations forms are an important part of estate planning – in the event of a [...]

ANAO report: Unscheduled taxation system outages

The Australia National Audit Office (ANAO) Has released its report into whether the ATO effectively responded to the recent unscheduled information technology (IT) system outages (the most significant of which occurred in December 2016 and February 2017). The ANAO notes that online services have become the primary means of transacting with the ATO, so it [...]

IGT releases report on PAYG installments review

The inspector-General of Taxation’s (IGT’s) report into aspects of the Pay As You Go (PAYG) Instalments system has been publicly released, which is the first IGT review undertaken in direct response to insights drawn from the IGT’s complaint handling service.  It also had stakeholder support during consultation on the IGT 2017 work program and attracted [...]

Reforming Administration of Tax Deductible Gift Recipients

  The Government will reform the administration and oversight of organizations with Deductible Gift Recipient (DGR) status. The Minister for Revenue and Financial Services said, “These sensible reforms will enhance the role of the Australian Charities and Not-for-profits Commission (ACNC), strengthen governance arrangements, reduce administrative complexity and ensure continued trust and confidence in the sector.” [...]

ATO’s Annual SMSF Statistics

The ATO has released its latest statistics on the SMSF sector with the publication of the annual Self-Managed Superannuation Funds: A Statistical Overview 2015-16. According to Assistant Commissioner Kasey Macfarlane, “SMSFs account for 99.6% of all superannuation funds and 30% of the $2.3 Trillion in total superannuation assets in Australia.” “The annual statistics highlight the [...]