The Major Parties’ Superannuation and Tax Policies
The Major Parties’ Superannuation and Tax Policies April 18, 2019

The federal election has been called for May 18 and both major parties have outlined their superannuation and tax policies. With the federal election only weeks away many of our clients have been asking what the major political parties’ policies are that may impact their SMSF, individual taxation circumstances or personal investments.

ATO Position on Superannuation and Annual Leave Loading
ATO Position on Superannuation and Annual Leave Loading April 08, 2019

The Australian Taxation Office (ATO) has provided clarification on whether or not compulsory superannuation is required to be paid on annual leave loading.

QBCC: Changes to Minimum Financial Reporting Requirements
QBCC: Changes to Minimum Financial Reporting Requirements April 03, 2019

The new Minimum Financial Requirements (MRF) laws commenced on 1 January 2019 with the aim of ensuring that licensees in the building and construction industry are operating a financially sustainable business.

2019/2020 Federal Budget Highlights
2019/2020 Federal Budget Highlights April 03, 2019

On 2 April 2019, the Treasurer, Mr Josh Frydenberg, delivered his first Federal Budget and the first Federal Budget of the Morrison Government. As the Morrison Government heads towards an election (yet to be announced but forecast for May 2019), the budget sets out their agenda for a future term in office with a focus on returning the budget to surplus while delivering income tax relief to low and middle income earners.

Monthly Paper Activity Statements No Longer Issued
Monthly Paper Activity Statements No Longer Issued March 21, 2019

Temporary exemptions from lodging your Business Activity Statement (BAS) online have now ended and the Australian Taxation Office (ATO) will no longer issue paper activity statements.

Update on the ALP’s Franking Credit Policy
Update on the ALP’s Franking Credit Policy February 25, 2019

In March 2018, the Australian Labor Party (ALP) announced a policy to remove franking credit refunds.  If the ALP wins the next federal election, and the policy passes both Houses of Parliament, the commencement date for these changes will likely be 1 July 2019.

Single Touch Payroll Rollout to all Employers
Single Touch Payroll Rollout to all Employers February 14, 2019

Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more staff (substantial employers). The Bill to extend the STP reporting requirements to all employers, regardless of the number of employees, has now passed the Senate and will be Law.

Instant Asset Write-Off for Small Business Extended and Increased
Instant Asset Write-Off for Small Business Extended and Increased February 05, 2019

Legislation was passed on 4 April 2019 to increase the threshold of the small business Instant Asset Write-Off scheme from $20,000 to $30,000 and extend eligibility to medium-sized businesses with a turnover of up to $50 million (previously $10 million).  The scheme is also now legislated to continue through to 30 June 2020.

Earning Accommodation Income From the Sharing Economy?
Earning Accommodation Income From the Sharing Economy? December 04, 2018

Christmas is almost here and for Airbnb hosts this signals an opportunity to earn some extra cash.  While online marketplaces like Airbnb may be a smart way to make use of idle assets, it's important to know what this extra income means for your tax position.

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