No.48: Phoenix Reforms and Director Identification Numbers

The Turnbull Government is taking action to crack down on illegal phoenixing activity that costs the economy up to $3.2 billion per year to ensure those involved face tougher penalties. Phoenix Activity is the stripping and transfer of assets from one company to another by individuals or entities to avoid paying liabilities. This has been
Read More…

No.47: Small Business Companies Income Tax Rate

There has been a lot in the Press recently regarding the reduction in the corporate income tax rate for small companies which carry on a business. The coverage has focussed on: whether the tax cut applies to passive investment companies; and the impact the changes will have on the payment of franked dividends by companies
Read More…

No.46: Concessional Contributions Cap for 2018 Year

From 1 July 2017, three major changes have come into effect in relation to concessional superannuation contributions. 1. Reduction in the Concessional Contribution Cap From 1 July 2017, the general concessional contributions cap has reduced to $25,000 for all individuals regardless of age. The previous and new caps are outlined in the following table: The
Read More…

No.45: Foreign resident capital gains withholding payments

On 9 May 2017 as part of the budget, the Government announced proposed changes to the Foreign Resident Capital Gains Withholding (FRCGW) rate and threshold. The following changes will apply to contracts entered into on or after 1 July 2017: For real property disposals where the contract price is $750,000 and above (currently $2 million).
Read More…

No.44: 2017/18 Federal Budget highlights, 9 May 2017

Please click here – Download the Federal Budget Tax Bulletin 2017-18 The Federal Budget for 2017/18 was handed down by the Treasurer, Mr Scott Morrison, at 7.30 pm (AEST) on 9 May 2017. Highlights The key tax and superannuation highlights from the Budget are summarised below. A detailed summary can be found at the link
Read More…

No.43: Fringe Benefits Tax Update 2017

FBT Rates Since the introduction of the 2% temporary budget repair levy, the FBT rate has increased from 47% to 49% from 1 April 2015 and will continue through to the 2017 FBT year. Moving forward from 1 April 2017, the FBT rate will return to 47%. Other rates to be aware of when grossing-up
Read More…

No.42: Superannuation Reform Package

On Wednesday 23 November 2016, the major part of the Government’s legislation relating to the taxation of superannuation was passed by both houses and Royal Assent was granted on 29 November 2016.  By and large, the measures commence from 1 July 2017. The amendments are to give effect to the newly enshrined legislative objective of
Read More…

No.41: Changes to 2016 Budget super announcements

A Media Release today by the Federal Government has announced a number of significant changes to the superannuation reforms proposed in the May 2016 Budget. The major change is the removal of the so-called retrospective $500,000 lifetime cap on non-concessional contributions. The modified superannuation reforms are briefly as follows: Non-concessional contributions for those who have
Read More…

No.40: New Office

Effective from 8 August 2016, Blaze Acumen will be relocating to a new office. The good news is that we’re not moving very far and we remain in the Southgate Complex with which you would be familiar. We are simply moving into the adjacent IBM Tower. The new office address is: Blaze Acumen Level 27
Read More…

No.39: Tax scams demanding payment of fake ATO debts

Sophisticated tax scam techniques are being used to defraud taxpayers. The scammers use letters, emails or telephone calls pretending to represent the Australian Taxation Office (ATO). Emails can include links to fake websites which look remarkably genuine. The email attachments or links may also contain malware which corrupts your computer system, or ‘ransomware’ which seeks
Read More…