Did you know from 1 July 2018, GST will apply to sales of all goods to Australia. The previous $1,000 low-value threshold will no longer apply and those businesses that meet the $75,000 registration threshold will need to register, charge and remit GST to the ATO. This applies regardless of where the business is based.
The small business CGT concessions can save businesses some serious tax – and help business owners significantly boost their superannuation – but it’s essential that you keep the right records, particularly for when the time comes to sell. Find out what your business should be doing now to keep the ATO at bay in the future.
There’s nothing as certain as death and taxes, but tax on death is not so clear. The good news is that when an asset passes to a beneficiary, capital gains tax (CGT) generally does not apply. But down the track when the beneficiary decides to sell that asset, there are many forks in the path.
Being a smart taxpayer means knowing what resources are available to you and understanding how the ATO deals with individuals as tax problems arise. Here are three simple things all individuals can do to help keep their tax affairs as stress-free as possible this tax time.
“Downsizer” contributions let you contribute some of the proceeds from the sale of your home into superannuation – but there are several important eligibility requirements. Learn which areas the ATO says are tripping up superannuation members and ensure you get it right.
If you run a “bucket company” as a beneficiary of a family trust you will be interested to hear that a new Bill has been introduced in Parliament that will exclude companies that fail a “passive income test” from the lower corporate tax rate of 27.5 per cent.
Sustainability of tax revenue is key to any government's fiscal sustainability, that is, the ability to meet both current and future financial obligations (including debt servicing obligations) without major policy adjustment.
Made a tax loss? If you’re a sole trader or individual partner, you may be able to apply the loss against other income like salary or investment income, or carry the loss forward to a future year. Learn what rules apply so you can start factoring losses into your business tax planning.
The government plans to give companies greater access to prior year tax losses in a bid to stimulate business innovation. A new alternative to the “same business test” – the “similar business test” – will make it easier for companies that have experienced a significant change in ownership or control to carry forward their losses. While this will provide greater flexibility, companies will need to carefully weigh up a range of factors to determine whether they meet the test.