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The June 2021 issue discusses the superannuation guarantee to the unique tax treatment regarding cryptocurrency, and the expertise a Barrister can provide in certain situations. As we are coming into a new financial year, this is a timely reminder to our clients who may be reviewing staff salaries: the superannuation guarantee rate will increase from 9.5% to 10% on 1 July 2021. Be sure to not overlook the superannuation increase and factor this into the total cost of the salary package of your staff.
The financial year is almost over, but there are still effective strategies you may be able to put in place. The aim is to make sure you pay no more tax than you have to for the 2020-21 year and maximise any refunds you may be entitled to. This is still the case, if not more so, in the on-going COVID-19 environment.
The April 2021 issue talks through new insolvency reforms to managing your superannuation transfer balance account
Exempt income doesn’t have tax levied on it. However certain exempt income may be taken into account for other adjustments or calculations — for example, when calculating the tax losses of earlier income years that you can deduct, and perhaps the “adjusted taxable income” of your dependants.April 2021 issue
The March 2021 issue looks at tax offsets for lump sum payments to the growth of SMSF in 2021
A lump sum payment in arrears is a payment you may receive that relates to earlier income years. The tax offset that can be utilised with these sorts of payments works to alleviate the problem of a taxpayer being expected to pay more tax in a year when a lump sum of back payments is received — where they would be disadvantaged by paying more tax than if the income had been spread over several income years.March 2021 issue
Our first issue of 2021 covers the JobMaker Hiring credit, single touch payroll, and other updates from the ATO.
The JobMaker Hiring Credit scheme was passed into law in mid November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, following the devastating impact of COVID-19 on the labour market.February 2021 issue
The last Federal Budget carried with it a number of tax changes that were designed to assist the Australian economy recover from the impact of the COVID-19 pandemic.
Among the changes announced was the temporary re-introduction of the loss carry back rules for corporate tax entities (it was previously briefly in force for 2012-13). The ability to carry a loss backwards simply means that a loss incurred in one year can be, effectively, claimed as a tax deduction in a prior year when tax was paid.December 2020 issue
The Federal Budget measure of allowing businesses to fully write-off eligible assets is a boon to Australian businesses, even though the measure is temporary.
Businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital assets acquired from 7:30pm AEDT on 6 October 2020 (Budget night) and first used or installed by 30 June 2022.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.November 2020 issue
Payments such as JobKeeper and the cash flow boost are measures welcomed by many, however they can also bring with them some unique taxation issues. We run over what to look for.
Also tackled are claiming tax losses, where vehicles stand in relation to the boosted instant asset write off, the question of liquidity and trusts under COVID-19 conditions, and how SMSFs can best cope with the outcomes from rental relief support measures.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.September 2020 issue
The JobKeeper payment, which was originally due to run until 27 September, will now continue to be available until 28 March 2021. There will however be some changes to eligibility, as well as a tightening of payment rates. We run through the details.
We also reveal a largely unforeseen danger for insurance cover in the early release of super scheme, and look at the unfamiliar territory, from a tax point of view, that COVID-19 has put property investors.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.
Despite the current COVID-19 constraints, completing your tax return remains a task we can help achieve to your best advantage. We look at some tax tips for the current tax lodgement period. There is also some good news on the instant asset write-off, and a timely reminder about the importance of being covered against cyber crime.
The requirement for corporate entities to hold general meetings has been helped along by allowing this to be completed remotely, and we also remind relevant taxpayers that varying of instalments, if need be, can help you out of a tight spot.
The COVID-19 period in everyone’s life continues, and as time goes by more issues keep arising regarding certain tax matters. One such issue, which the ATO has realised may be a concern, is the changed rental property market, and the deductions for expenses that are and are not available.
We also consider the issue of passive income and where this figures when qualifying for JobKeeper. There has also been a temporary change made to bankruptcy laws because of the economic fall-out of COVID-19.
Also, as tax time does not simply disappear because of a certain virus, we offer some end-of-financial-year last minute tax tips, a warning on issues stemming from property development undertaken by SMSFs, and how resident or non-resident status affects tax outcomes.
The dominating factor in all our lives at the moment is of course COVID-19. We look at issues that may change the normal deductions taxpayers can make for working from home, plus examine details of the new JobKeeper scheme that both employers and employees will need to know.
There is also the early release from superannuation option that may help many people get through this difficult period, and the temporary changes to the instant asset write-off rules, as well as accelerated depreciation, that are available now.
The overwhelming issue of the day is of course the coronavirus. The government's stimulus package launched in response to the crisis is welcome. We spell out what this means for different taxpayers, and how the measures will work.
Also in this issue we examine the superannuation guarantee amnesty, an interesting quirk of the FBT rules regarding e-bikes, and the important choice of trustees with an SMSF.
If you own certain high-end assets, it may be prudent to make sure your tax affairs are in order. The ATO has asked dozens of insurance companies for policy details over certain asset values to check up on these taxpayers’ tax obligations.
We also look at the realities of accessing some of your retirement savings early, and examine the sorts of expenses you can claim when an investment property is damaged or destroyed. There is also a new obligation regarding CGT when selling taxable property, and we also have a warning about staying safe online.
The bushfire season has highlighted the very central importance that volunteers play in Australia, but along with these essential roles there can also be tax outcomes to consider.
We also sketch out the essentials to know about the First Home Super Saver scheme, succession planning for family businesses, and the possible tax offsets available in the superannuation arena. Discretional trust distributions are also briefly explained.