News

In the most recent Federal Budget, it was announced that the Australian Taxation Office will receive $89.6 million to extend its personal income tax compliance program and expand its scope to target emerging areas of risk and tax avoidance.   A tax gap of approximately $9 billion has been identified as a result of omitted rental …

Rental Properties – ATO Area of Focus Read More »

With end of financial year fast approaching we thought it timely to remind people of the key changes and concessions available in relation to superannuation. 1.Superannuation Guarantee – Increases to 11% With effect from 1 July 2023 the superannuation guarantee rate increases from 10.5% to 11%, please check to ensure your payroll system will adjust …

Superannuation Strategies Read More »

Coeus Advisers – Budget Briefing 11th May 2023 Thank you to those of you who attended our Inaugural Budget Briefing last Thursday at the Hamilton Hotel.  We trust you enjoyed the afternoon and gained some insights from our guest speakers Justin Smirk (Westpac) and Brad Ryan (Coeus Advisers).  We look forward to building on the success of …

Coeus Advisers – Budget Briefing 11th May 2023 Read More »

Two recent cases in Victoria and New South Wales may have far reaching payroll tax implications for medical practitioners and medical centre operators.  Both cases concerned the arrangements between the owner of the medical centre and the medical practitioner and whether the contractor provisions applied to make the payments received by the practitioner subject to …

Payroll Tax Implications for Medical Practices Read More »

The Federal Government has introduced legislation providing a Fringe Benefits Tax Exemption for electric cars. The exemption applies to zero or low emissions vehicles specifically: Battery electric vehicles; Hydrogen fuel cell electric vehicles; and Plug-in hybrid electric vehicles. The exemption does not apply to vehicles designed to carry more than one tonne or nine passengers …

Fringe Benefits Tax Exemption for Electric Cars Read More »

The clock is ticking as the end of financial year fast approaches.  Detailed below are some timely reminders and tips for business owners to get their tax in order before 30 June. Superannuation Guarantee Rate Increasing to 10.5% The superannuation guarantee rate will increase to 10.5% with effect from 1 July 2022 please ensure you …

End of Year Tax Planning Tips – Business Read More »

With 30 June fast approaching these next few weeks will be your last opportunity to get your tax in order for 2022. Superannuation Rules – Catch Up Contribution Rules With effect from 1 July 2019 superannuation fund members with a balance of less than $500,000 (on 30 June of the previous financial year) can make …

End of Year Tax Planning Tips – Individuals Read More »

The Federal Government has now passed legislation giving effect to the following changes to the superannuation rules and temporary full expensing of business assets rules. Superannuation Guarantee removal of monthly threshold The $450 monthly wage threshold has been removed, meaning that all employees (workers) are entitled to be paid superannuation regardless of how much they …

Superannuation Changes & Full Expensing of Assets Read More »

The Australian Taxation Office has recently issued a draft taxation ruling (TR 2022/D1) and a practical compliance guide (PCG 2022/D1), outlining its view of the operation on the income tax laws with respect to trust distributions. The draft ruling explains how the Tax Office will seek to apply Section 100A of the Income Tax Assessment …

ATO Targets Trust Distributions Read More »