Category Archive for: ‘6.2 – Updates’

Following on from our news post on 20 October last year, the Small Business Minister has recently announced that the Government will scrap many of the 2009 changes to the taxation of Employee Share Schemes, effective 1 July 2015 as follows: All Companies: The Government will reverse the changes made to the taxing point for options in 2009. This change …

The Government has announced that it will cut red tape for employers by simplifying tax and superannuation reporting obligations through Single Touch Payroll. Under Single Touch Payroll, employers’ accounting software will automatically report payroll information to the Australian Taxation Office (ATO) when employees are paid. This will eliminate the need for employers to report employee-related Pay As You Go Withholding …

Fuel tax credit rates increased for fuels acquired from 10 November 2014. Rates will be indexed from 1 February and 1 August each year in line with the consumer price index. If you have already lodged a BAS for fuel acquired after 10 November 2014, you are entitled to more fuel tax credits. You can claim these extra credits by …

On the back of our new Business Advisory practice, Isaacs & Cole is giving every one of our clients the opportunity to “give a boost” to businesses they care about this December. It may be your own business, a friend’s, a family member’s…..any business at all that’s in need of a little TLC and refreshment. Refer your business of choice …

A Treasury discussion paper released on 31 October explores how the 10% non‑final withholding tax will apply to the disposal of taxable Australian property by foreign residents, where the value of the residential property transactions are under $2.5 million. Under the measure, the payer in a transaction will have an obligation to withhold 10% of the proceeds payable in relation …

Treasury exposure draft legislation released on 10 October gives effect to the Budget measure that allows individuals to withdraw superannuation contributions made in excess of the non-concessional contributions cap, as well as the earnings on these contributions, in order to avoid excess contributions tax. Key details of the proposal include: Application to excess non-concessional contributions made in the 2013/14 financial year …

In a joint media release on 14 October 2014, the Federal Government responded to lobbying by start-up companies by proposing a number of changes to the ESS rules, including: Special concessions targeted at shares issued by eligible start-up companies – those with turnover not exceeding $50m, unlisted, and incorporated for less than 10 years; Employees of eligible start-up companies can …

For the purposes of depreciation, taxpayers have the right to ignore the ATO effective life rates contained in Tax Ruling TR 2014/4 and instead adopt their own calculation of the useful life of a business asset. Taxpayers who elect to use their own calculation of useful life must be able to support their contention that the asset undergoes heavy usage. …

“SMSF Assist” is an online tool designed to help self-managed superannuation fund (SMSF) trustees and potential trustees learn more about running an SMSF

Given the overwhelming interest in the ATO’s recent SuperStream webinars, more will be scheduled for December 2014. Visit our website for regular updates and click here to download a recording or view a transcript of recent sessions.