Category Archive for: ‘6.2 – Updates’

Happy New Financial Year to the Isaacs & Cole community. Now that we have ticked over into the new financial year, it is worth recapping changes effective 1 July 2014: Individuals Temporary Budget Repair Levy which adds 2% to the tax rate for every dollar of a taxpayer’s annual taxable income over $180,000 Increase in the Medicare Levy from 1.5% …

The Government has just announced that the date by which superannuation funds and employers must comply with the new SuperStream contributions data standards has been pushed back. All employers and superannuation funds will now have up to 1 July 2015 to meet the new standards, which require employers to pay and communicate super contributions electronically.

The ATO regularly runs free tax webinars on common topics to help taxpayers keep on top of their obligations. They are currently running sessions on a number of topics including: Tax basics for small business Taxable payments reporting for the constructions industry Owning a rental property Trustees of SMSFs For further information on these webinars and how to register visit …

Click to download the Client Alert Budget Special 2014

“Business as usual is not a viable option for Australia”. The Commission of Audit’s much anticipated recommendations released today are significant and fundamentally rework access to the age pension, access to health care, family benefits, and the efficiency of Government and the services it delivers. The central message is; if you don’t absolutely need something from Government, you’re not going …

The ATO has developed an app for small businesses which allows you to access ‘Small Business Assist’, useful calculators and tax information when on the move. Download the app here.

The ATO have announced that there will be a heavier focus on working with trustees of SMSF’s and their advisers to improve compliance with the governing rules and regulations, and to prepare the SMSF industry for regulatory changes that may take effect next year. The government has proposed legislation which will give the ATO new powers to address non-compliance by SMSF …

A new data and e-commerce standard is being introduced to make it possible for employers to send contributions to all funds in one standard electronic format. In future, you will no longer need to provide this information to separate funds in different formats. The standard will make processing super guarantee payments easier and result in: Fewer data-quality issues A simpler, …

From 1 January 2014, employer superannuation default funds must be MySuper compliant. MySuper accounts are no-frills accounts with a simple set of product features including low fees, and a single diversified investment option. Default funds are funds that employers nominate and pay superannuation contributions into, in the event that an employee does not nominate a fund of their own. Therefore …

As highlighted in previous news items, the Personal Property Securities Act (PPSA) came into effect on 30 January 2012 as a means of regulating the practice of providing security over eligible personal property.  The Act introduces the Personal Property Securities Register (PPSR) and from 30 January 2012 all eligible security interests granted must be registered in the PPSR.  For the …