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Taxation
Australian Government Delays Backpacker Tax
May 27th, 2016Small Business Minister Kelly O’Dwyer announced recently that the expected backpacker tax which was supposed to take effect in July will be deferred until at least January 2017. “The government has listened…We are absolutely committed to making sure this is very, very much right for our rural and regional communities, our tourism industry and Australiaread more
ATO Warns Tax Payers of Scammers
May 21st, 2016Tax Office Assistant Commissioner Janine Clark warns the public of this new modus operandi used by fraudsters. Multiple reports have been received by the Australia Tax Office (ATO) of scammers calling taxpayers and identifying themselves as representatives of the ATO demanding for iTunes gift cards as payment for a tax debt. “In April 2016, of theread more
Instant Asset Write-Off to be Extended to Other Small Businesses
May 18th, 2016After the new Federal Budget was handed down on 3 May 2016, small businesses can enjoy up to a total of $2.2 billion worth of tax deductions to be handed out in the next four years. “If we wish to continue to see our living standards rise with more jobs and higher wages, we needread more
Surprising Cap Change On After-Tax Super Contributions
May 14th, 2016While many expected certain amendments in the current after-tax (non-concessional) contribution to super with the new Federal Budget, many were taken by surprise when Treasurer Scott Morrison introduced a lifetime cap of $500,000 on after-tax contributions in the 2016-2017 Budget. “We have long advocated for a lifetime rather than annual limit for non-concessional contributions. Whatread more
Deductions on Training Courses for Employees
May 4th, 2016One of the keys to a successful business is having a team of individuals who are proficient with the roles they are given. However, in order for the team members and the business to grow as whole, companies should provide their employees the opportunity to participate in training courses or seminars where they can expandread more
McKinley Plowman Tax Guide 2016/2017
May 4th, 2016After Federal Treasurer, Mr Scott Morrison, handed down the Budget on 3 May 2016, the government is now setting out plans to ensure that Australia continues to successfully transition from the mining investment boom to a stronger, more diversified new economy. As expected, the Budget covers an introduction of a 10-year enterprise tax plan, fixing problemsread more
Handbags for Work May Be Tax Deductable
April 29th, 2016Women will have more reason to shop for a new handbag now that the Australian Tax Office (ATO) confirms that handbags may be claimed on tax, with the provision that the bag is used for work. Following news reports that it is easier for men than women to claim tax deductions for briefcases than handbags,read more
Foreign Resident Capital Gains Tax Withholding
April 21st, 2016The new withholding system that will apply when non-residents dispose of certain taxable Australian property starts from 1 July 2016. In very broad terms, when a non-resident disposes of certain taxable Australian property (e.g., land and building in Australia) the purchaser will generally be required to withhold 10% of the purchase price and pay thisread more
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