October 28, 2016

Budget Superannuation Changes on the Way

The Federal Government has been consulting on draft legislation to give effect to most of its 2016–2017 budget superannuation proposals. Here are some of the key changes. Deducting personal contributions All individuals up to age 75 will be able to deduct personal superannuation contributions, regardless of their employment circumstances. Of course, such deductible contributions would…

October 10, 2016

Small business tax breaks in the pipeline

A Bill has been introduced in Parliament which proposes to: increase the small business entity turnover to $10 million from 1 July 2016; increase the unincorporated small business tax discount from 5% to 16% over a 10-year period; increase the turnover threshold to qualify for the lower company tax rate; and lower the company tax rate…

October 10, 2016

Deductibility for gifts to clients and airport lounge membership fees

The ATO has recently issued the following two Taxation Determinations. They apply for income years commencing both before and after their date of issue. Deductibility of gifts to clients Taxation Determination TD 2016/14 states that a taxpayer that carries on a business is entitled to a deduction under s 8-1 of ITAA 1997 for an…

September 12, 2016

Property developer entitled to capital gain tax concession

A taxpayer has been successful before the AAT in arguing that a commercial property it acquired and developed and later sold for a profit of some $40 million had been acquired as a capital asset to generate rental income, and not for the purpose of resale at a profit – despite the fact that the AAT…

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