Early Super Release

Posted by Brad Callaughan on August 2, 2018

Early release of super on compassionate grounds: ATO From 1 July 2018, responsibility for the administration of the early release of superannuation bene ts on compassionate grounds will be transferred from the Department of Human Services (DHS) to the ATO. Since the ATO is responsible for most of an individual’s interactions with the superannuation system,...

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Personal Income Tax Cuts passed!

Posted by Brad Callaughan on July 26, 2018

Personal Income Tax Cuts passed! Parliament has passed the Government’s Personal Income Tax plan, meaning that the rst stage of the proposed income tax cuts will start to take effect from 1 July 2018. According to the Prime Minister, taxes “will now be lower, fairer and simpler”. The Government’s plan has three steps: The Government...

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Posted by Brad Callaughan on June 30, 2018

For new businesses possible the hardest lesson surrounds cash flow. It an be a real juggling act in the beginning of a new business to manage incomings and outgoings. It is also common for larger businesses to experience cash flow issue when it comes to expansion. The best way to approach these situations is to...

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Cryptos – The taxing side

Posted by Brad Callaughan on June 29, 2018

Cryptocurrencies are becoming increasingly popular and with more of us investing in them, it is now important for us to understand how they are taxed and the ATO’s view on these. Cryptos are regarded as a capital gains tax (CGT) asset so CGT applies on the disposal. However, transactions are exempt from capital gains tax...

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GST for developers/builders and the like

Posted by Brad Callaughan on June 28, 2018

The way GST is collected on sales of newly constructed residential properties or newsubdivisions will change from 1 July. As part of the sales process purchasers will be required to remit the GST directly to the ATO as part of the settlement process. The seller will be responsible to inform their solicitor of their obligations...

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