News

Primary Producer Income Tax Averaging

Legislation has been introduced in Parliament that proposes to allow primary producers to return to income tax averaging 10 income years after choosing to opt out, instead of the opt-out choice being permanent. 

What recent retirees can teach pre-retirees

  Frank Sinatra's My Way probably hasn't been among the karaoke top 100 for years. Yet its signature lyrics, "regrets, I've had a few", will certainly resonate with all of us – including recent retirees.

Active vs passive assets and the small business CGT concession

  The small business capital gains tax concessions are extremely valuable, and for small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing any consequent tax liability, even to zero.

Deloitte points to ‘red flag’ SMSF patterns

  Deloitte has outlined behaviours that typically do not pass the “sniff test” and can alert the ATO to potential non-compliance or suspect SMSF transactions.

ATO issues further taxpayer alerts on key focus areas

  The ATO is continuing to crack down on the incorrect use of the Research & Development Tax Incentive program, issuing an additional two taxpayer alerts.

Save early, save often

  One of the underlying attributes of Australia's superannuation system is that it starts young adults saving for retirement as soon as they join the workforce.

Borrowed money to pay a business tax debt? Is the interest deductible?

  It was about 1990 when the ATO was asked about the tax deductibility of interest on a loan a business may have taken out to repay a tax debt. 

Government pushes forward with multinational tax measures

  The Australian government has introduced legislation to Parliament to implement a new string of tax measures to prevent multinationals from profit shifting.

Online Selling

  The Australian Taxation Office (ATO) continues to increase their surveillance activity and utilize the electronic data bases of on-line sellers.

Jump-start your retirement savings

  Unfortunately, many people would reach their mid-fifties and conclude that their savings are not on track to finance a satisfactory lifestyle in retirement. 

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