Annual reporting to the ATO of contractor payments

Sep 4, 2018

The taxable payments reporting system (TPRS) requires businesses to report to the ATO all payments made to contractors during an income year. This additional reporting is in the form of an annual report that is used by the ATO to cross check that contracting income is being correctly declared by contractors. The annual report is... View Article Read More

ATO shifts the responsibility for paying GST from developers to purchasers

May 1, 2018

The ATO will soon be outsourcing the collection of GST on new residential property sales and home site sales to innocent purchasers in an attempt to thwart cowboy developers who do not meet their GST obligations. Parliament has recently passed legislation that changes the way GST is paid and accounted for in transactions involving new... View Article Read More

Company tax rates: difficulties with the current state of play

Feb 15, 2018

The rules for determining which tax rate applies to company taxpayers have changed significantly over the past two years and are still undergoing change. The current rules provide that the lower tax rate of 27.5% applies to a company carrying on a business with turnover (combined with certain connected entities) less than a particular threshold,... View Article Read More

New stamp duty exemption on business insurance for eligible small business entities in NSW

Feb 9, 2018

From 1 January 2018 eligible small business entities are exempt from stamp duty on certain types of insurances in NSW. The exemption applies to the following types of business insurance: commercial vehicle insurance; commercial aviation insurance; occupational indemnity insurance; and product and public liability insurance. To obtain the benefit of this exemption, business entities will... View Article Read More

Keith & Nicole – binding death benefit nominations for blended families

Nov 1, 2017

Keith and Nicole are both divorced and have children from previous marriages. Nicole’s children, Connor and Isabella, come to live with Keith and Nicole after they get married. After a near miss during a special effects mishap for his latest film clip, Keith decides that he had better get his affairs in order. Keith has... View Article Read More

Subsidised business succession and estate planning advice for farmers

Nov 1, 2017

Careful estate planning is essential in securing the ongoing viability of primary production businesses from one generation to the next. In recognition of this, the NSW Rural Assistance Authority (RAA) is currently providing funding for farming families to receive retirement, succession and estate planning advice. The key details of the Farm Business Skills Professional Development... View Article Read More

Legislation passed regarding transfers of farm land

May 4, 2017

On 4 April 2017, legislation was passed to broaden the application of the exemption for transfers of farm land. The two key changes result in the exemption applying to transfers of primary production land in the following scenarios: 1. Where the transferor is a SMSF and the transferee is a family member of a SMSF... View Article Read More

2016-17 budget superannuation reforms

Nov 11, 2016

On 9 November 2016, the Government introduced legislation to implement its 2016-17 Budget superannuation reforms. The package of superannuation bills has been referred to the Senate Economics Legislation Committee for report by 14 February 2017. One of the bills proposes to reduce the annual non-concessional cap following the Government’s announcement that it would not proceed... View Article Read More

New withholding obligations for Australian real estate

Sep 30, 2016

The new Foreign Resident Capital Gains Withholding (FRCGW) regime commenced on 1 July 2016 and imposes withholding obligations on purchasers of certain assets which are classified as Taxable Australian Property (TAP). TAP includes direct interests in land, leases and mining rights and indirect interests in Australian real property such as shares in certain companies that... View Article Read More

Restructure opportunities without tax or stamp duty

Jun 22, 2016

The 2016-17 NSW Budget has confirmed the abolition of mortgage duty, marketable securities duty and non-real estate business assets from 1 July 2016 as planned. In combination with the new small business restructure roll-over (which will also apply from 1 July 2016), this presents an opportunity to review your business structure and consider whether an alternative... View Article Read More