Super downsizer scheme essentials - Tax Accountants Sydney CBD
Under the superannuation downsizer scheme, people aged 65 and older can make a non-concessional (post-tax) contribution of up to $300,000 from the proceeds of selling what was once their family home. Downsizing enables more effective use of housing stock, and existing contribution caps and restrictions will not apply to the downsizer contribution. The scheme applies from 1 July 2018.
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What you need to know about the beefed-up director penalty regime - Tax Accountants Springvale
Being a director of a company, as with any elevation of status, is a role that also brings with it added responsibilities and duties.
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Can the ATO’s public rulings help your outcomes? - Tax Accountants Geelong
The ATO can issue public rulings that provide guidance on the interpretation of various tax laws.
Alternatives to a tax invoice for certain GST credit claims - Tax Accountants Docklands
Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses.
Controversial super change scrapped — but other proposals need to be watched - Tax Accountants St Albans
At the time of writing, the new Parliament released the first batch of proposed changes to the superannuation regime, and among these was the announcement that the proposed $500,000 lifetime non-concessional cap is to be scrapped. Recall that these measures were previously announced in the Federal Budget earlier this year before the election.
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SMSFs need to prepare for the new transfer balance cap - Tax Accountants Sunny Bank
Legislation introducing changes to the superannuation regime were recently passed by Parliament. Among them will be a requirement for fund members to establish a transfer balance account for each retirement phase recipient. In other words, individuals receiving superannuation income stream benefits will be required to have a transfer balance account.
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