No. 53: Company Income Tax & Franking Changes

Reduced corporate income tax rate As you may be aware, the income tax rate for companies under specific turnover thresholds has been reduced to 27.5% with further reductions scheduled to ultimately reduce the company income tax rate for these companies to 25%. Accessing the lower tax rate has the downside of also reducing the franking
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No.51: 2018/19 Federal Budget Highlights, 8 May 2018

The Federal Budget for 2018/19 was handed down by the Treasurer, Mr Scott Morrison, at 7.30 pm (AEST) on 8 May 2018. Download link to detailed Blaze Acumen Federal Budget Tax Bulletin 2018-19 Highlights The key tax and superannuation highlights from the Budget are summarised below.  The detail can be found at the link above.
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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
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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
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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
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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).
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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
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