by Ben Smith | Jan 8, 2019 | Tax & Estate Planning
When considering transfers of primary production land, it is important to structure your affairs appropriately from the outset. Specifically, where discretionary trusts own the land or carry on a business on the land, planning is essential to minimise taxation and...
by Ben Smith | Dec 19, 2018 | Tax & Estate Planning
On 16 November, an exposure draft of the Corporations Amendment (Proprietary Company Thresholds) Regulations 2018 was released proposing to increase the thresholds that determine a large proprietary company under section 45A of the Corporations Act 2001 (Cth). Under...
by Ben Smith | Dec 18, 2018 | Tax & Estate Planning
There are many strategies that can be implemented during a self-managed superannuation fund (SMSF) member’s lifetime to increase certainty about what will happen to their super balance following their death. A commonly used strategy is for the member to have a valid...
by Ben Smith | Sep 4, 2018 | Tax & Estate Planning
The taxable payments reporting system (TPRS) requires businesses to report to the ATO all payments made to contractors during an income year. This additional reporting is in the form of an annual report that is used by the ATO to cross check that contracting income is...
by Ben Smith | May 1, 2018 | Accounting & Audit, Tax & Estate Planning
The ATO will soon be outsourcing the collection of GST on new residential property sales and home site sales to innocent purchasers in an attempt to thwart cowboy developers who do not meet their GST obligations. Parliament has recently passed legislation that changes...
by Ben Smith | Feb 15, 2018 | Accounting & Audit, Tax & Estate Planning
The rules for determining which tax rate applies to company taxpayers have changed significantly over the past two years and are still undergoing change. The current rules provide that the lower tax rate of 27.5% applies to a company carrying on a business with...
