The Treasurer handed down the 2016/17 Federal Budget at 7.30 pm on Tuesday 3 May 2016. The Budget introduces a series of dramatic changes to the concessional tax status of superannuation. In this series of Blog posts we will take a look at some of the key changes introduced. For more information, please subscribe to our newsletter Words of Wisdom…read more →
The current contributions cap will reduce to $25,000 from 1 July 2017. From 1 July 2017, the Government will include notional (estimated) and actual employer contributions in the concessional contributions cap for members of unfunded defined benefit schemes and constitutionally protected funds. Members of these funds will have opportunities to salary sacrifice commensurate with members of accumulation funds. For individuals…read more →
As part of the 2016/17 Budget measures, if your superannuation balance is less than $500,000 you will be able to make additional concessional contributions if you have not reached your concessional contributions cap in previous years. Amounts are carried forward on a rolling basis for a period of 5 consecutive years, and only unused amounts accrued from 1 July 2017…read more →
With the 30 June 2016 rapidly approaching, the Australian Taxation Office (ATO) is encouraging small businesses to make becoming SuperStream ready a priority. SuperStream, the standardisation of how employers make super contributions on behalf of their employees, involves employers sending all super payments and employee information electronically in a standard format. Are you SuperStream ready? If you run a small…read more →
Recently, the ATO received data in relation to a Panamanian law firm containing names of a significant number of Australian residents. Currently the ATO has identified over 800 individual taxpayers and has linked over 120 of them to an associate offshore service provider located in Hong Kong. These cases relate to the release of data by transparency or media organisations…read more →
The ATO recently announced new key rates and thresholds that apply for the year 1 July 2016 to 30 June 2017 as outlined in the following table: Key Caps 2016-17 2015-16 Concessional contributions caps <49 years of age $30,000 $30,000 49 + years of age $35,000 $35,000 Non-concessional contributions cap $180,000 $180,000 Superannuation co-contributions (Maximum entitlement $500) Lower income threshold…read more →
On 4 March 2016, the Government provided certainty to the charitable sector and community organisations by announcing the decision to retain the Australian Charities and Not-for-profits Commission (ACNC). Minister for Social Services, Christian Porter, and Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer, said the decision followed extensive consultation with the sector on the alternative option of repealing and…read more →
From 1 April 2016, there are changes to the fringe benefits tax (FBT) treatment of salary packaged meal entertainment and entertainment facility leasing expense benefits (meal and other entertainment benefits). If you receive these benefits from your employer, you need to be aware of these changes as they may affect your arrangements. Some of the changes will affect all employees,…read more →
Does your self-managed superannuation fund (SMSF) own a vintage motor vehicle, artwork, wine, coins, jewellery or other collectibles? More stringent rules for how these collectible and personal use assets are managed come into effect for all funds from 30 June 2016. While it’s important for all SMSFs to ensure that they are compliant with the rules, funds with collectibles purchased…read more →
We are again urging clients to beware of scammers posing as the Australian Taxation Office (ATO). Scammers pretending to be from the ATO will typically approach you by phone or email in an attempt to trick you into handing over your personal details or money. Scam emails, faxes, SMS and phone calls can and do look or sound very convincing….read more →