ASIC is targeting company directors with a history of failed companies as part of a surveillance program to combat illegal phoenix activity. Phoenix activity is the fraudulent act of transferring the assets of an indebted company into a new company to avoid paying creditors, tax or employee entitlements. The new company, usually operated by the…
[box style=”solid”] The government introduced changes to the capital gains tax (CGT) discount, previously known as the ‘CGT 50% discount’. Individuals, including beneficiaries of a trust and partners in a partnership, may no longer be entitled to receive the full CGT discount on a capital gain received after 8 May 2012 if they are: foreign or…
[box style=”solid”] The ATO has reminded small businesses with turnover of less than $2 million (ie small business entities or ‘SBE’ that the depreciation rules for business assets are now simpler from the 2012/13 income year onwards. Assets costing less than $6,500 The small business instant asset write-off threshold has increased from $1,000 to $6,500…
[box style=”solid”] For clients in the building & construction industry. As part of the 2011 – 12 federal Budget, the government announced the introduction of ‘Taxable Payments Reporting’. The system requires employers of contractors to report on details of those contractors and amounts paid to them each year. The aim of the system is to…
Refer below for a concise summary of the Federal Budget 2013/14 delivered last night. Personal Tax Rates Personal tax rates (excluding Medicare Levy) remain unchanged and will apply for financial years FY2013 / FY2014 / FY2015 Previously planned increase in the tax free threshold from $18,200 to $19,400 will not proceed Medicare Levy Medicare Levy…