Federal Budget 2016
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Federal Budget 2016

Targeted Personal Income Tax Relief Changes effective 1 July 2016 (i.e., 2016/17 income year) From 1 July 2016, the government will increase the 32.5% personal income tax threshold from $80,000 to $87,000. This measure will reduce the marginal rate o…

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Mar 24, 4 years ago

Data Matching – Property Sales and Rental Income

The ATO has advised that it is continuing its ongoing “real property transactions 1985-2017 data matching program protocol”. It is undertaking this program to basically ensure that taxpayers are correctly meeting taxation obligations in relation …

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Mar 24, 4 years ago

Claiming Car Expenses in the 2016 Financial Year.

From July 1, 2015 i.e. for the financial year ended 30th of June 2016, changes to the tax law have made claiming car expense as a tax deduction for individuals simpler. Although, of course when talking tax, “simpler” is a relative term! T…

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Mar 24, 4 years ago

Navigating the Bankruptcy Rules

While we assist our clients with their income tax and accounting affairs, we’re quite often asked about this complex area of legislation. As they say, ‘it happens’, and this is also very true with taxpayers who are simply unable to pay their ou…

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Mar 24, 4 years ago

Since you asked…Buying off the Plan

One of the reasons we have introduced Tax Talk to our firm and to you our client, is to provide some feedback on the ‘year in year out ‘questions that we are asked regarding certain topics. Keeping that in mind, following below is a quick wrap re…

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Mar 24, 4 years ago

Monthly Tax Tip – FBT and Work-Related Electronic Devices.

The Government has extended the FBT exemption with respect to eligible work-related items that are provided by small business entity employers to their employees. These changes apply from 1 April 2016 (i.e., from the commencement of the 2017 FBT year…

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Mar 24, 4 years ago

Recovering Student Loans from Overseas Residents

Minister for Education and Training, Senator Simon Birmingham, has advised that, from 1 January 2016, people who have benefited from Australian student loans, and who now live overseas, will pay for them the same way as they would if they lived in Au…

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Jan 25, 4 years ago

ATO and United States IRS share bank information

The ATO has announced that it has undertaken its first ever automatic sharing of bank information with the United States (US) Internal Revenue Service (IRS). Details of over 30,000 financial accounts worth over $5 billion are being provided to the US…

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Jan 25, 4 years ago

Increase to ‘small lost threshold’ for super

The Superannuation (Unclaimed Money and Lost members) Act 1999 was recently amended* so that, from 31 December 2015, the small lost threshold for super accounts is increasing from $2,000 to $4,000. Inactive and un-contactable accounts with a balance …

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Jan 25, 4 years ago

Monthly Tax Tip – Using SMSFs for asset protection

When designing an asset protection strategy, some clients may not know that superannuation, and SMSF’S specifically, represent one of the best assets protection structures going around, due to the fact that the entire interest in an SMSF is protect…

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Jan 24, 4 years ago

The 2015/16 Budget Revisited

Towards the end of last year many clients were still not 100% clear on the new tax measures handed down in the May 2015 Federal Budget. With the start of a new year, I thought it might be good to revisit some of these to ensure clarification on what …

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