updates

  • Changes to Employee Share Schemes

    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 …

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  • Government announces “Single Touch Payroll”

    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. …

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  • Fuel Tax Credit rates have increased

    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, …

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  • Know a business that just needs a “boost”?

    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 …

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  • Disposal of Australian property by Non-Residents

    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 …

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  • Excess Non-Concessional Contributions Tax Reform

    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 …

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  • Reforming the Tax Treatment of Employee Share Schemes

    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 …

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  • Tip regarding the useful life of depreciable assets

    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 …

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  • Online tool for potential SMSF trustees

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

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  • ATO webinars on SuperStream

    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.

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