Early Super Release
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…
Tax Accountants Sydney | Callaughan Partners
Compliance Update
New compliance changes
are coming.
Australia’s Anti-Money Laundering and Counter-Terrorism Financing reforms are expanding obligations for many professional service providers. We’ll continue sharing practical updates to help clients understand what may change and what it could mean for their business.
What clients should know
From 2026, some accounting and advisory services may involve additional client identification, record-keeping, risk assessment, and compliance requirements.
- AML/CTF obligations are expected to apply to more professional services.
- Businesses may need stronger client verification and record-keeping processes.
- Accountants and advisers may request extra information from clients.
- Early preparation can help reduce disruption when the changes begin.
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Latest Articles
Useful insights across accounting, taxation, business strategy and financial decision-making.
Personal Income Tax Cuts passed!
Personal Income Tax Cuts passed! Parliament has passed the Government’s Personal Income Tax…
CASH FLOW
For new businesses possible the hardest lesson surrounds cash flow. It an be…
Cryptos – The taxing side
Cryptocurrencies are becoming increasingly popular and with more of us investing in them,…
Early Super Release
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, this change will enable the ATO to build on these existing relationships and provide a more streamlined service to superannuation fund members.
A key improvement under the new process is the ATO providing electronic copies of approval letters to superannuation funds at the same time as to the applicant, which will mitigate fraud risk and negate the need for superannuation funds to independently verify the letter with the Regulator.
Individuals will also upload accompanying documentation simultaneously with their application, rather than the current ‘two-step process’.
Since DHS will accept early release applications up until 30 June 2018, there will be a short transition period where DHS will continue to process those existing applications and complete any necessary reviews.
Nonetheless, from 1 July 2018 the ATO will process all new applications.
Personal Income Tax Cuts passed!
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 will introduce the Low and Middle Income Tax Offset (in addition to the Low Income Tax Offset) from 1 July 2018, being a non-refundable tax offset
of up to $530 per annum to Australian resident low and middle income taxpayers (apparently over 10 million taxpayers will get at least some tax relief from this new offset in 2019 income year).The offset will be available for the 2019, 2020, 2021 and 2022 income years
and will be received as a lump sum on assessment after an individual lodges their tax return. - Lifting tax brackets, to protect Australians from the impact of ‘bracket creep’, as follows:
- – From 1 July 2018, the top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000.
- – From 1 July 2022, the 19% personal income tax bracket will increase from $37,000 to $41,000, and the top threshold of the 32.5% personal income tax bracket will further increase from $90,000 to $120,000. The low income tax offset will also be lifted to $645.
3. The 37% tax bracket will be removed entirely from 1 July 2024, and the top threshold of the 32.5% personal income tax bracket will be increased from $120,000 to $200,000.
CASH FLOW
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 sit down with us to discuss your needs and how we can help map out your cash flow issues moving forward.
The importance is to ask for help early and not try to struggle through it and end up with administrators being appointed.
Contact us today to discuss these issues.
Cryptos – The taxing side
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 if:
• they are used to pay for goods or services for personal use – e.g. Travel and food, and
• the cost of them are used to pay for the transaction is less than $10,000 (this is the exemption for personal use assets).
If the cost of the crypto used in the transaction exceeds $10,000, the personal use exemption will not be available and CGT will apply. The capital gain will be the sale price less the purchase price.
If you are buying and selling cryptos, then your profits will be treated as assessable income.
If you are paid in cryptos for goods or services provided as part of a business, you will need to record the value in Australian dollars as part of your ordinary income for tax purposes. The value in Australian dollars will be the fair market value which can be obtained from a reputable exchange. Similarly, when you use cryptos to purchase items.
Record keeping. You must keep the following:
• the date of each transaction
• the amount in Australian dollars at the time of the transaction (which can be taken from a reputable online exchange)
• what the transaction was for, and
• details of the other party
In simple terms cryptos are treated much like shares. If you are buying and selling then it will be assessable income, if you are buying and holding for the long term then you will have a CGT asset.