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Succession planning – NSW farming families

Succession planning – NSW farming families

The stamp duty exemption for farms in NSW has recently been broadened and will greatly increase the succession planning options available to families in the rural sector.   The past exemption for transferring farming properties between generations requires the...

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Div 7A and financial accommodation

Div 7A and financial accommodation

The ATO has recently released a significant draft ruling around Div 7A, which ensures that private companies cannot make tax-free distributions of profits to shareholders or their associates in payments, loans, or forgiven debts. Generally, a private company is taken...

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AAT to get more powers to help small businesses

AAT to get more powers to help small businesses

The AAT may soon be given more powers to help small businesses if a proposed Bill passes Parliament before the Federal election is called. The Bill, which is currently before the House of Representatives, seeks to enable small business entities to apply to the Small...

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Get ready for FBT time, 23 May 2022

Get ready for FBT time, 23 May 2022

The end of March signals the approach of FBT time. Employers that have not previously provided employees with fringe benefits need to be aware this year that any COVID-19 related items provided may be subject to FBT, including rapid antigen tests and protective...

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Super guarantee minimum threshold removed

Super guarantee minimum threshold removed

In Australia, it is estimated that around 300,000 young, part-time, mostly female workers currently and legally do not receive super contributions from their employers under the super guarantee scheme. This is due to their before-tax earnings per month falling below...

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Support for farmers and primary producers after the floods

Support for farmers and primary producers after the floods

Farmers & Primary producers hit by storms and floods in NSW can access $15,000 immediately, through grants of up $75,000, as part of the jointly funded Commonwealth-State Disaster Recovery Funding Arrangements.   Grants are now available for eligible primary...

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Downsizer contributions: Age limit change

Downsizer contributions: Age limit change

By Thomson Reuters Tax & Accounting  More people will soon be able to make up to $300,000 in downsizer contributions into super with the lowering of the age limit to include those 60 years and over from 1 July 2022. Before this date, only those aged 65...

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Record-keeping education instead of financial penalties

Record-keeping education instead of financial penalties

By Thomson Reuters Tax & Accounting  If you run a small business and are found by the ATO to have made unintentional record-keeping mistakes, you could be liable to an administrative penalty. However, this could soon change under new proposed laws to...

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FHSS maximum releasable amount increased

FHSS maximum releasable amount increased

By Thomson Reuters Tax & Accounting  The maximum amount individuals can take out of their super under the First Home Super Saver Scheme will be increased from $30,000 to $50,000 for any release requests made on or after 1 July 2022. Initially, the scheme was...

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Work test scrapped for super contributions: under 75s.

Work test scrapped for super contributions: under 75s.

By Thomson Reuters Tax & Accounting  Individuals aged between 67 and 75 will be able to make non-concessional, and salary sacrificed contributions without the need to pass the work test or satisfy the work test exemption criteria from 1 July 2022. The...

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