The Treasury Law Amendment (2018 Measure No. 1) Bill 2018 was introduced into Parliament on 7 February 2018 and includes under Schedule 5 proposed changes to the Goods and Services Tax (GST) withholding regime on sales of new residential premises and potential residential land. These are as previously announced in last year’s Budget. A summary
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Draft legislation has been released on 6 November 2017 in relation to GST withholding for sales of new residential premises or new potential residential land (for example subdivided residential lots). The proposed new rules were first mentioned in the 2017-18 Federal Budget and apply to contracts entered into on or after 1 July 2018, and
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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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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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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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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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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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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
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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
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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
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