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Congratulations to LCI Partners - Knowledge Shop’s iPad2 32GB wifi competition more » |
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The Treasurer has announced a number of significant tax and superannuation changes as part of the Mid-Year Economic and Fiscal Outlook. more » |
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The anticipated changes to the trust streaming laws contained in Tax Laws Amendment (2011 Measures No. 5) Bill 2011 passed through Parliament last night. While the Bill contains a number of important amendments, in the short term most practitioners and their clients will need to focus on the changes to the streaming of franked dividends and capital gains through trusts. The new rules apply from 1 July 2010 so will be relevant for the year ending 30 June 2011. more » |
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The Government releases a discussion paper on the controversial proposed regime requiring businesses to annually report payments made to contractors in the building and construction industry. more » |
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The Government has released draft regulations setting out the rules for SMSFs and their investment in collectibles and personal use assets. more » |
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The 2011/2012 Federal Budget was a ‘nip and tuck’ Budget.
Many of the changes were either because of or justified by the need to improve the workforce participation rate to counter the declining unemployment rate from the current level of 5% to 4.5% by June 2013. Others were simply to fulfil the promise of brining the budget into surplus.
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28 February 2011 The Government announced today an extension of the concessional contributions cap for individuals aged 50 and over with super balances under $500,000 from 1 July 2012. more » |
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27 January 2011The Government today announced an increase in the Medicare Levy threshold to help pay for the flood recovery process.
Applying from the 2011/2012 income year, the flood levy of 0.5% will apply to all taxpayers with a taxable income of $50,000 or more and 1% for all those with an income above $100,000. more » |
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17 December 2010 The ATO has released its position on the Anstis case and will allow an automatic deduction for the Youth Allowance for 2007 to 2010 income years. more » |
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16 December 2010: The Government’s response to the Cooper Review bypassed many of the more dramatic changes to SMSF, such as the recommendation to remove the capacity for SMSF to maintain in-house assets and the prohibition on in-specie contributions, but has raised the bar even higher for SMSF auditors.
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