Our Blog
Share transfer to family partnership ineffective
A husband and wife have been unsuccessful before the Administrative Appeals Tribunal (AAT) in arguing that they had transferred shares in a family company to a family partnership, and that therefore they should not be assessed on dividends issued by the company to themselves. Read more…
Budget Levy from 1 July 2014
The Government's Temporary Budget Repair Levy is now law. The levy is be payable at the rate of 2% of each dollar of an individual's annual taxable income over $180,000. The levy is active for three financial years, starting on 1 July 2014 and ending on 30 June 2017. That means the top marginal tax rate is effectively 49% (including the 2% Temporary Budget Repair Levy plus the 2% Medicare levy). Read more…
Tax debt release on serious hardship grounds refused
In a recent case, the Administrative Appeals Tribunal (AAT) refused an individual's application to be released from his tax debt of $58,000 on the grounds of serious hardship. Read more…
PERSONAL TAXATION
2% deficit levy for three years from 1 July 2014 on incomes over $180,000
The Treasurer announced the introduction of a Budget deficit levy (ie tax), which will apply for three years from 1 July 2014. This temporary levy will apply at 2% for incomes over $180,000 (ie 2% on taxable income in excess of $180,000). Read more…
Tax amnesty for undeclared offshore income
The ATO has launched a voluntary disclosure initiative known as "Project DO IT: disclose offshore income today". The Tax Commissioner, Chris Jordan, has warned that the initiative is a last chance opportunity for individuals who have not declared their overseas assets and income to come back into the tax system before 19 December 2014 in order to avoid steep penalties and the risk of criminal prosecution for tax avoidance. Read more…
Tax planning
There are many ways in which entities can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable incomes. Taxpayers should be aware that in order to maximise these opportunities, they need to start the year-end tax planning process early. Of course, those undertaking tax planning should be aware of the potential application of anti-avoidance provisions. However, if done correctly, tax planning can provide a number of tax savings for entities. Read more…
Tax data net to be widened
The government has proposed to improve taxpayer compliance through new third-party reporting regimes and has undertaken public consultation to seek feedback on possible policy issues. The proposal aims to improve taxpayer compliance by enhancing the information reported to the ATO by a range of third parties. The proposal is currently scheduled to commence from 1 July 2014 (although first reports would not be due to the ATO until after 1 July 2015). Read more…
Local government payments in ATO sights
The ATO has previously sought from local government council and shire authorities throughout New South Wales, Victoria, Queensland, and Tasmania details of entities who provided contractor services in the 2011 and 2012 financial years. The ATO says it will now acquire details of entities receiving taxable payments from local government council and shire authorities throughout the country covering the 2011 to 2014 financial years. Read more…
Best Tech 2014
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Talking Tech - The Must-Have 2014 Gadgets As we know, the technology industry is booming with new and improved gadgets Read more…
The 5 Step Super Check There are five simple things you can do that can make a difference to your super savings over time, meaning more money for you when you retire. Read more…
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