25 May 2016
Due to the ATO Portal being down for almost two days, the ATO have been kind enough to grant extensions for March 2016 BAS lodgment and payment to 30 May 2016. If you haven't heard from us yet, you will very soon!!
6 May 2016
The 2016-17 Federal Budget was handed down on Tuesday 3 May 2016. Below is a brief summary of some of the newly announded tax items:
an increase in the small business entity turnover threshold from $2 million to $10 million from 1 July 2016 - unless you are looking for access to the small business CGT concessions, in which case the threshold will stay at $2 million, or access to the unincorporated small business tax discount, in which case the threshold will increase to only $5 million;
a progressive reduction in the company tax rate to 25% over the next ten years - it will not be down to 25% until 2026-27;
targeted amendments to Div 7A to apply from 1 July 2018, including having a single compliant loan duration of ten years and better aligning calculation of the minimum interest rate with commercial transactions;
an increase in the 32.5 per cent personal income tax threshold from $80,000 to $87,000 from 1 July 2016.
A wide ranging Superannuation Reform Package that includes, among many other things:
a $500,000 lifetime cap for non-concessional superannuation contributions, to commence at 7.30 pm (AEST) on 3 May 2016
a $1.6 million cap on the total amount of accumulated superannuation an individual can transfer into the retirement phase, from 1 July 2017
removal of the tax exemption on earnings of assets supporting Transition to Retirement Income Streams from 1 July 2017 (irrespective of when the income stream commenced);
16 March 2016
Lodge your Nil Activity Statements
The ATO has advised that if you have any nil activity statement's , these still need to be lodged. Failure to lodge these, may delay processing of other items and even result in penalties.