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The measure to allow individuals to carry forward their unused concessional contributions (‘CC’) cap from previous financial years to a later year (‘the carry forward rule’) was announced on 3 May 2016 as part of the Government’s Superannuation Reform Package in the 2016–17 Federal Budget.
Broadly, the carry forward rule allows individuals to make additional…
Concessional Contributions is the term applied to taxable superannuation payments that are contributed into someone’s superfund and which are taxed, at 15%, by that superfund. The use of the term “concessional” indicates that superannuation payments are tax deductible to the payer of those contributions. They cover superannuation payments in the following guises:
The standard 9.5%…
We recently ran a Court case against the ATO regarding the tax treatment of bitcoin in the AAT.
Sometimes Court cases look like they are about one topic, when they are actually exploring deeper and more significant issues that have far reaching consequences.
The Bitcoin case was one of those – and the results are in.
The heart…
We recently ran a Court case against the ATO regarding the tax treatment of bitcoin in the AAT.
Sometimes Court cases look like they are about one topic, when they are actually exploring deeper and more significant issues that have far reaching consequences.
The Bitcoin case was one of those – and the results are in.
The heart…
Division 7A is part of the Income Tax Assessment Act 1936 (ITAA ’36) that contains laws aimed at stopping small-medium enterprise (SME) company shareholders and their associates from avoiding taxation by accessing and benefiting from company assets and profits in a way that doesn’t result in these being included in their personal income-tax return.
Why Division7A…
Update to EMDG
On 1 April 2020, the Federal Government announced a $49.8 million increase in funding for the Export Market Development Grant (EMDG) scheme, allowing exporters and tourism businesses to get additional reimbursements for costs incurred in marketing their products and services around the world.
What is EMDG?
EMDG is designed to encourage small and medium sized…
What is the Export Market Development Grant (EMDG)?
EMDG is a financial assistance program for future and current exporters provided by the Australian Government. The scheme:
Encourages small and medium sized Australian businesses to increase their export promotional activities.
Reimburses up to 50% of eligible export expenses above $5,000 up to a maximum of $150,000…
The impact of the COVID-19 virus pandemic on Australian and the rest of the world have been profound. The social, economic and political impacts do not need repeating or embellishment in this article. This has been a tough situation for the world to adapt to.
In response to this staggering event, which is without comparison in…
Do you owe Goods and Services Tax (GST) in Australia for Low Value Import Goods (LVIG)?
There are a lot of letters being sent by the Australian Taxation Office (ATO) to companies outside Australia telling them they are being reviewed or audited for GST in Australia. GST is the Australian version of a sales…