Compiled by our Tax Experts the NTAA $30,000 instant asset write-off The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant […]
UNCATEGORIZED
Practice Update: January/February 2019
Compiled by our Tax Experts the NTAA Division 293 assessments The ATO has been issuing ‘Additional tax on concessional contributions (Division 293) assessments’ with respect to liabilities relating to the 2018 income year. Division 293 imposes an additional 15% tax on certain concessional (i.e., taxable) superannuation contributions. It applies to individuals with income and concessional […]
Practice Update: December 2018
Compiled by our tax experts at NTAA Company loans to shareholders under review The Government has released a consultation paper outlining proposed reforms to ‘simplify’ the loan agreements that are generally required when a shareholder (or their associate) borrows funds (or receives a payment) from a related company. Editor: Broadly, where a private company makes […]
Scammers Impersonating Tax Agents
Compiled by our tax experts the NTAA The ATO has received increasing reports of a new take on the ‘fake tax debt’ scam, whereby scammers are now impersonating registered agents to lend legitimacy to their phone call. The fraudsters do this by coercing the victim into revealing their agent’s name and then initiating a three-way […]
Practice Update: November 2018
Compiled by our tax experts the NTAA Fast-tracking tax cuts for small and medium businesses The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years. Companies with an aggregated turnover of less than $50 million will have a tax rate of 25% in the 2022 […]