CGT Rollover relief for changes to entity structure On 8 March 2016, the Tax Laws Amendment (Small Business Restructure Rollover) Act 2016 received royal assent. This roll-over was announced in the 2015-16 budget as part of the Growing Jobs and Small Business package. Broadly, this Act : provides greater flexibility for small business owners to […]
Update on taxi travel/ride-sourcing
Update on taxi travel/ride-sourcing Gavin: As we mentioned in the last edition, the ATO has confirmed that people who provide ride-sourcing services are providing ‘taxi travel’ under the GST law. The existing tax law therefore applies to them and so such drivers are required to register for GST regardless of their turnover. The ATO has […]
Transitional commercial law requirements for tax agents
Transitional commercial law requirements for tax agents The Tax Practitioners Board (TPB) has introduced some transitional arrangements relating to Board approved courses in commercial law for new and renewal tax agent applications lodged between 1 March 2013 and 30 June 2014. Transitional requirements between 1 March 2013 and 30 June 2014 The TPB has reduced […]
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 […]
What can a SMSF Invest in?
What can a SMSF Invest in? Investing through your SMSF is a tax-effective way to create wealth. Income from your SMSF (including capital gains) is taxed at concessional rates, so you should end up saving more money for your retirement. But before you start anything; before you decide whether or not investing in property through […]
Trauma insurance inside SMSF
Trauma insurance inside SMSF Trauma insurance inside SMSF is no longer available following new legislation that became effective on July 1 of 2014. Other forms of insurance such as Life Cover, Any Occupation TPD and Income Protection are still available through superannuation. Every working Australian has a one in three chance of becoming disabled for more […]
