Complete Business & Accounting Services

About Complete Business & Accounting Services

This author Complete Business & Accounting Services has created 7 entries.

October 2018 Newsletter

Practice Update October 2018 Increased scrutiny of home office claims Last year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for ‘other work-related expenses’, which includes home office expenses. Reportedly, due to a high number of mistakes, errors and questionable claims for home office expenses, the ATO has recently advised that it will be increasing attention, scrutiny and education on these claims this tax time. In particular, the ATO has flagged their concerns relating to taxpayers who are claiming: expenses they never paid for; expenses

November 2018 Newsletter

Practice Update November 2018 Fast-tracking tax cuts for small and medium businesses The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years. Companies with an aggregated turnover of less than $50 million will have a tax rate of 25% in the 2022 income year (instead of the 2027 income year based on the previously legislated timeline). Similarly, the increase in the tax discount to 16% for unincorporated entities will apply from the 2022 income year,

December 2018 Newsletter

Practice Update December 2018 Newsletter Company loans to shareholders under review The Government has released a consultation paper outlining proposed reforms to ‘simplify’ the loan agreements that are generally required when a shareholder (or their associate) borrows funds (or receives a payment) from a related company. Editor: Broadly, where a private company makes a payment or loans funds to a shareholder and/or their associate, the amount will be treated as a taxable unfranked dividend paid to the recipient. To avoid this, many shareholders enter into

February 2019 Newsletter

Practice Update February 2019 Division 293 assessments The ATO has been issuing ‘Additional tax on concessional contributions (Division 293) assessments’ with respect to liabilities relating to the 2018 income year. Division 293 imposes an additional 15% tax on certain concessional (i.e., taxable) superannuation contributions. It applies to individuals with income and concessional superannuation contributions exceeding the relevant annual threshold. This means that impacted individuals may ultimately pay 30% tax (when the Division 293 tax is combined with the existing 15% contributions tax) with respect to: superannuation contributions