download

Inactive ABNs will be cancelled by the ATO

Posted by Brad Callaughan on April 25, 2018

download

The ATO has recently advised that, in an effort to maintain accurate data, the Australian Business Register (or ‘ABR’) periodically checks its records for Australian Business Numbers (‘ABNs’) and automatically cancels those that appear inactive. Ultimately, a taxpayer’s ABN may be cancelled if they: have told the ATO they stopped their business activity; declared no...

Read More »

download

New superannuation rates and thresholds released

Posted by Brad Callaughan on April 18, 2018

download

The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. The Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000. The CGT cap amount will be $1,480,000. The Division 293 tax threshold will be $250,000. The maximum super...

Read More »

untitled2

Combatting the cash economy

Posted by Brad Callaughan on November 1, 2017

untitled2

ATO: Combatting the cash economy The ATO has reminded taxpayers that it uses a range of tools to identify and take action against people and businesses that may not be correctly meeting their obligations. Through ‘data matching’, it can identify businesses that do not have electronic payment facilities. These businesses often advertise as ‘cash only’...

Read More »

untitled

No small business tax rate for passive investment companies

Posted by Brad Callaughan on

untitled

No small business tax rate for passive investment companies The Government has released draft tax legislation to clarify that passive investment companies cannot access the lower company tax rate for small businesses of 27.5%, but will still pay tax at 30%. The amendment to the tax law will ensure that a company will not qualify...

Read More »

untitled

Removal of the Temporary Budget Repair Levy from the 2017/18 income year

Posted by Brad Callaughan on July 27, 2017

untitled

The 2% Temporary Budget Repair Levy(or ‘TBRL’), which has applied to individuals with a taxable income exceeding $180,000 since1July 2014,is repealed with effect from 1 July 2017. Up until 30 June 2017, including the TBRL and the Medicare Levy, individuals earning more than $180,000 faced a marginal tax rate of 49%. With the benefit of...

Read More »

Call 1300 300 997