Draft legislation was introduced in the 2013 budget to phase out the net medical expense tax offset (NMETO), which has finally been passed into law. It means that the offset will disappear by the end of the 2018-19 income year, with some interim transitional arrangements put in place between now and July 1, 2019. Part...

We reported about the changes to the penalties able to be handed down to self-managed superannuation fund (SMSF) trustees some months ago, but just as a timely reminder – a new penalty regime for SMSFs is now in effect and pertains to the activities of all SMSF trustees. With its new regulatory powers, the Tax...

SuperStream delayed yet again The introduction of the new superannuation payments standard, SuperStream, has been delayed once more, with the introduction date pushed out to July 2015 for employers with 20 or more staff and to 2016 for smaller operations. The latest delay is seen as an acknowledgement that many employers still have a way...

Guidance on how to deal with instant asset write-off uncertainty — at last As most small businesses know, the previous government introduced a number of small business tax relief measures as part of its Mineral Resources Rent Tax (MRRT, or mining tax) legislation. These included: the ability to instantly write off asset purchases up to...

There are various legitimate ways to go about minimising your business’s tax liability, with various straightforward tax deductions that most businesses can utilise. The general rule is that you can claim deductions for expenses your business incurs in its task of generating income. Many of these deductions are obvious – rent, materials, supplies and so...

With the 2013-14 financial year quickly drawing to a close, it would be the ideal time for individuals to undertake some tax and superannuation planning for the year. The checklist below outlines some pertinent matters to consider and provides planning tips for the 2014-15 financial year. The list is by no means exhaustive; consult this...

The announcement from the Federal Budget of a three year Temporary Budget Repair Levy on high income individuals (2% in excess of $180,000 — see our Budget report for details) will result in the top marginal tax rate increasing from 47% to 49% (inclusive of the Medicare levy). However there are a number of other...

The first section of this article outlines measures that are definitely going ahead come the new 2014-15 financial year, while the second section contains changes outlined in the recent Federal Budget that have yet to be legislated. It is prudent that taxpayers prepare thoroughly for the changes that are certainly going ahead, and keep the...

Rethink your business tax return strategy with the “debt levy” The almost definite passage of the government’s “debt levy” will directly hit many small businesses, particularly those that are unincorporated – which comprise up to 70% of small businesses – according to tax experts. The proposed new tax would kick in at an annual income...

Federal Budget 2014-15 Delivering his first Federal Budget statement, the Treasurer once again emphasised the tough decisions, the fiscal mess his predecessors left behind and the heavy lifting all of us have to do to fix it. However his statement was remarkably light on tax related measures, although he did acknowledge that a review of...