Tax & Estate Planning
In NSW the extra 8% stamp duty and extra 2% land tax surcharges for foreign persons, trusts and companies have been in place for a few years. These surcharges apply on top of the usual stamp duty and land...
The NSW Rural Assistance Authority (RAA) is currently providing funding for farming families to receive retirement, succession and estate planning advice. However, the time to take advantage of this is running out, with the funding only available until 30...
Single Touch Payroll (STP) is an ATO reporting obligation which requires employers to report employee payroll information, including superannuation, to the Australian Taxation Office (ATO). If you are using a software solution that offers STP reporting, such as payroll or...
When considering transfers of primary production land, it is important to structure your affairs appropriately from the outset. Specifically, where discretionary trusts own the land or carry on a business on the land, planning is essential to minimise taxation...
On 16 November, an exposure draft of the Corporations Amendment (Proprietary Company Thresholds) Regulations 2018 was released proposing to increase the thresholds that determine a large proprietary company under section 45A of the Corporations Act 2001 (Cth). Under the current...
There are many strategies that can be implemented during a self-managed superannuation fund (SMSF) member’s lifetime to increase certainty about what will happen to their super balance following their death. A commonly used strategy is for the member to have...
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...
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...
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...