Articles

The Australian Securities & Investments Commission (“ASIC”) has announced that, from November 2018, all trading names, including the trading name listed against an ABN will be removed from ABN Lookup. Registered business names will continue to be listed on ABN Lookup.
 
A grace period has been in effect to allow businesses time to transition over to the new business name register.

Read more ...

Single Touch Payroll comes into play from 1st July 2018 - Follow our checklist to make sure your business is prepared! 

Read more ...

The temporary Transitional CGT relief available to trustees of self-managed super funds commenced on 1 July 2017.

Industry commentators have noted that many professionals failed to appropriately analyse asset positions before the lodgment of their client’s 2017 SMSF tax return, and as a result have potentially introduced previously tax-free capital gains into a taxable environment; or, potentially removed the ability to apply capital losses resulting in unnecessary capital loss wastage.

Read more ...

Public consultation closed on 28 February 2018 on exposure draft legislation which is intended to implement the 2017 Budget announcement to improve the integrity of the small business capital gains tax (CGT) concessions.

The amendments include additional basic conditions that must be satisfied for a taxpayer to apply the small business CGT concessions to a capital gain arising in relation to a share in a company or an interest in a trust (the object entity).

Read more ...

There is no doubt that the “Sharing economy” is a trending topic around the world. The term refers to an economic model in which individuals acquire, provide or share access to assets or services through a community based online platform. Uber, Airbnb and Airtasker are just a few examples of successful online platforms using this model.

Read more ...

Following speculation that the federal opposition may have initially ‘overreached’ in its proposed reform of excess dividend imputation credits, Labor has today announced significant carve-outs for older Australians. In particular, a ‘Pensioner Guarantee’ scheme will operate to exempt pensioners from Labor’s proposals to end cash refunds for excess dividend imputation credits. The exemption will also apply to Self-Managed Superannuation funds (‘SMSFs’) with at least one pensioner or allowance recipient before 28 March 2018.

Read more ...

When a child is born, it can be very tempting to set them up on the road to financial wisdom and stability, after all we only desire the best for our offspring. Before doing so, it is worthwhile noting that there is a wealth of complications when issuing shares to a minor, whether in listed or unlisted companies.

While there are no legal reasons why shares cannot be registered in the name of a minor, there are more than enough tax reasons to make you think twice.

There are two categories of ownership to consider for an owner of a share: The legal owner, who is the registered owner and, in this scenario, has their name recorded in the share registry, and the beneficial owner, who benefits from holding the shares. Children cannot legally own the property; however, they are entitled to the benefits and thus they can be deemed the beneficial owner.

Read more ...

This year the ATO intends to make the reviewing of compliance of SMSF auditors a focus. As part of the this intiative the ATO is preparing to audit around 300 SMSF audit firms over the course of the year.

To date they have already referred 30 firms to ASIC, predominantly due to concerns regarding sufficient evidence, and independence. Independence in particular has been noted as a key concern of the ATO. As a result they have requested that auditors identify threats to their independence and build in safeguards against those threats where necessary.

Some of the threats noted include the following:

  • Reciprocal Audit arrangements - Where a firm audits their own SMSF auditor's fund. In both the ATO's and ASIC's view this may give rise to familiarity, self-interest and possible intimidation threats;
  • A family relationship between the SMSF auditor and their referral source;
  • Two partner accounting firms where one partner audits the financials prepared by the other Partner;
  • Single partner firms where the staff are preparing the accounts and the sole Auditor is signing off on the accounts directly

Read more ...

Page 1 of 9