Combatting the cash economy

Posted by Brad Callaughan on November 1, 2017

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’...

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No small business tax rate for passive investment companies

Posted by Brad Callaughan on

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...

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

Posted by Brad Callaughan on July 27, 2017

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Repair Levy(or ‘TBRL’), which has applied to individuals with a taxable income exceeding $180,000 since1July 2014,is repealed with effect from 1 July 2017.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...

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Budget Update 2017

Posted by Brad Callaughan on June 28, 2017

One of the other more significant Budget announcements is that, from 9 May 2017, the Government proposes to limit plant and equipment depreciation deductions (e.g., for dishwashers and ceiling fans) to outlays actually incurred by investors in residential properties. More specifically: Plant and equipment forming part of residential investment properties as of 9 May 2017...

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End of Financial Year

Posted by Brad Callaughan on

Happy New Financial Year to all our clients, family and friends from all of us at Callaughan Partners,

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