Backpacker tax Government to re-think the backpacker tax Backpacker tax Review of tax arrangements for Working Holiday Maker visa program Deputy Prime Minister, Barnaby Joyce, and Assistant Agriculture and Water Resources Minister, Senator Anne Ruston, have welcomed a review into taxation arrangements for the Working Holiday Maker visa program. The review’s scope will cover taxation […]
First Home Saver Accounts
First Home Saver Accounts Effective from July 1 2015 the government has abolished the first home saver account scheme. From July 1, 2015, all first home saver accounts (FHSA) will be treated the same as any other account held with a provider. This will affect the restrictions on your account and will allow you to […]
Government scraps anti-detriment payments
By Bottrell Group on December 8, 2015 in Hints & Tips, Interesting Articles, Motivation, Uncategorized
Government scraps anti-detriment payments SMSF practitioners may need to reassess any anti-detriment payment strategies in place for clients with the government looking to remove the tax refund as part of its tax reform plans, says the SMSF Association. Speaking to SMSF Adviser, federal member for Deakin Michael Sukkar said he was calling for the anti-detriment […]
Future of Newcastle’s city centre
By Bottrell Group on October 1, 2015 in Hints & Tips, Interesting Articles, Motivation, Uncategorized
Future of Newcastle’s city centre It’s the deal that may have achieved a first in the debate about the future of Newcastle’s city centre: unity agreement. The NSW government on Tuesday announced it had purchased The Store, paving the way for a revamp of plans for the Wickham transport interchange project. The Hunter Street property backs […]
Three more tax changes for small business
Three more tax changes for small business The government has introduced legislation for the following three small business measures that, if passed, will apply from 1 July 2015: A tax offset to individuals who run small businesses (with an aggregate annual turnover of less than $2 million), or who have a share of a small […]
The maximum annual government contribution- First Home Saver Accounts
The maximum annual government contribution The maximum annual government contribution is based on the contribution threshold that is indexed periodically in $500 increments. Income year Contribution threshold Maximum government contribution 2013-14 $6,000 $1,020 2012-13 $6,000 $1,020 2011-12 $5,500 $935 2010-11 $5,500 $935 2009-10 $5,000 $850 2008-09 $5,000 $850 Changes to first home saver accounts The […]
Change in commercial law course requirement
Change in commercial law course requirement The government’s recent changes to the Tax Agent Services Regulations 2009 (TASR) mean that some tax agents will not need to complete a Board approved course in commercial law. The law has been changed so that tax agents, and former nominees of agents, who were previously registered by a State […]
Life insurance to get much-needed shake-up
THE federal government is set to launch a major shape-up of the life insurance industry, a sector ASIC believes is dogged by bad advice and high commissions. Under the plan the cost of life insurance policies will be cut and upfront commission rates reduced from 120 per cent of premiums to 60 per cent by […]
New prime minister
New prime minister As we’re sure you all know by now, Kevin Rudd is the Prime Minister . . . again . . . but this has also resulted in a change in various Ministerial positions of relevance to the Tax World, including Chris Bowen becoming the new Treasurer (after Wayne Swan stepped down) and […]
Small business super clearing house reform
Small business super clearing house reform The Government has announced that the ATO will take over the running of the Small Business Superannuation Clearing House. Editor: The Small Business Superannuation Clearing House is a free online service that helps small businesses with 19 or fewer employees meet their superannuation guarantee obligations by allowing employers to […]
October Tax Forum Update
October Tax Forum Update The Government has released a discussion paper in the lead-up to the Tax Forum on 4 and 5 October to inform public debate on priorities and directions for continuing tax reform. The Tax Forum is intended to help the Government build on their other tax reforms, and help identify further reforms […]
Government committed to increasing super guarantee
Government committed to increasing super guarantee At a recent speech commemorating the twentieth anniversary of the introduction of the superannuation guarantee regime, the Assistant Treasurer and Minister for Superannuation reaffirmed the Government’s commitment to increasing the minimum superannuation guarantee percentage from 9% to 12%. Although it has yet to be legislated, the plan is to […]
June 2014 Super Update from the ATO
June 2014 Super Update from the ATO On 12 March 2014, new privacy laws came into effect and mainly relate to what we do when we collect personal information. These amendments affect how we collect, store, provide access to and disclose personal information. This includes information that is provided to us from third parties including […]
Find your Lost Super
Find your Lost Super It is important to keep track of your super. If you’ve ever changed your name, address or job, you may have lost track of some of your super. Having several super accounts could mean that fees and charges are reducing your overall super investment. There are a number of ways to […]
Superannuation Co Contributions
Superannuation Co Contributions In recent years, the government has been decreasing the superannuation co contributions for low income earners. Based on the individuals taxable income, each financial year, the co contribution that the government will contribute to a complying superannuaiton fund will decrease. There is a maximum of $500 per financial year. Interested in […]
