Got tax clearance to sell your home?
In the market to sell your house? Before you call in the real estate agents and home stylists, you probably know that you’ll need to have a contract of sale handy. Did you know that
Budget 2018/19: Increased “Phoenix” Activity
The Coalition will further increase activity to find and punish business owners running “phoenix” operations. Basically this is where the business owner runs the business, fails to pay employee entitlements (such as super, holiday pay,
Budget 2018/19: Increased SMSF Mebmer Cap
The Coalition will increase the maximum number of superannuation members from 4 to 6. This will make inter generational superannuation and estate planning easier, plus combat the Labor Governments proposal of preventing SMSF’s in pension
Budget 2018/19: Abolishing Super Exit Fees
The Coalition will look to prevent superannuation funds from charging exit fees. These fees discourage people from moving away from under performing funds because there is an unreasonable cost imposed in some cases. This will
Budget 2018/19: Banning Large Cash Payments
The Coalition will ban “large” cash payments to businesses ($10k and above). Great in theory, but how do you prevent someone accepting cash when the very nature of cash is that it is almost impossible
Budget 2018/19: Contractor Reporting Extended
The Coalition will expand the current “contractor reporting” requirements that apply to the construction and cleaning industries (and a few others) to more industries. Our guess is that eventually, all payments to contractors will need
Budget 2018/19: Greater ATO Funding
The Coalition will provide the ATO an extra $450 mil to combat tax cheating. Greater ATO funding basically means more audits and compliance checks. The focus seems to be on:– Contractors that should be employees–
Budget 2018/19: New ABN Framework
The Coalition will look at our current ABN framework and re-design it if need be to better suit current tax laws and values. No doubt in the gun are contractors who are able to obtain
Budget 2018/19: No Tax Deduction for Payments to Contractors (II)
The Coalition will look to deny tax deductions to businesses that make payments to contractors without an ABN. Basically if they aren’t paid as wages (and reported to the ATO), and not as a contractor
