In an attempt to provide some certainty to taxpayers the newly elected Federal Government has made an announcement regarding the future of outstanding tax proposals. Whilst there are 92 outstanding tax proposals we have listed below some changes that may be of interest. Proposals to proceed with changes (if any) Phase out net medical expenses offset forRead more
I recall a recent discussion with one of our business clients. It was after 5pm and as he turned to me, he said “the firm’s greatest assets are now in the lifts as they leave the building for the day.” If people are our greatest asset then why do businesses invariably cut the training budgetRead more
ATO Audit Activity The Taxation Office has been given more funding and resources which will result in an increase in compliance activities in the future. Compliance activities will focus on the following: Wealthy individuals — net worth >$5M High wealth individuals — net worth >$30M SME’s — focus on flow of funds from businesses toRead more
As the end of another financial year draws closer, it is now timely to consider what needs to be done before 30 June and any changes that are effective from 1 July. Superannuation contributions are deductible when paid, and therefore, must be received by the fund on or before 30 June 2013 to be deductibleRead more
