Monthly Archives: July 2015

Time to review salary packaging

The recent 2% Federal Deficit Levy has paved the way for a further increase in the rate of Fringe Benefits Tax from 47% to 49% from 1st April 2015. As a result, the “gross up” rates will increase as follows: … Continue reading

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Claiming the $20,000 asset write off – How does it work?

  Following the 2015-16 Federal Budget, small business entities may now immediately deduct each depreciating asset costing less than $20,000 acquired between 7.30 p.m. (ACT legal time) on 12 May 2015 and 30 June 2017. Small business means a ‘small … Continue reading

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The Future of the ACNC

Up until late last year, the Federal Government continued to be quite vocal in its disagreement to many of the charitable reforms and had been proposing a far less regulated approach to the “civil sector.” To this end, a bill … Continue reading

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Charities missing in action?

When the ACNC commenced, the ATO transferred details of charities according to ATO records. As was expected, many of those details were incorrect so cleaning up the records has been a significant task for the ACNC staff. No doubt, a … Continue reading

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Divorce – what it means to you (and your business)

Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved. What happens when there is a family company? A ruling issued by the Australian Taxation … Continue reading

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Avoid the Land Tax sting

The Victorian State Revenue Office (SRO) continues to target owners of properties earning rental income but not paying land tax. Typically this occurs where a property that has been a residence becomes a rental property. The information exchange between government … Continue reading

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