Articles

If you have a discretionary or hybrid trust that owns residential land in NSW you may need to have your deed amended before 31 December 2018.

Duty and land tax surcharges were imposed from 21 June 2016 where residential land in New South Wales is to be acquired or is owned by foreign persons. Where the land is to be acquired or is owned by a discretionary trust, the trustee of the trust is a foreign person if any foreign persons are beneficiaries (whether or not named in the trust deed) under the trust.

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A one-off Amnesty opportunity was announced by the Minister for Revenue and Financial Service in May 2018. This 12-month Amnesty allows employers who voluntarily disclose previously undeclared SG shortfalls be able to claim a deduction for the catch-up payments made in the period.

This also allows employers not to be liable for the administration component and penalties that would otherwise apply to late SG payments.

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Westpac confirmed today (16 July 2018) it is scrapping all SMSF loans, after announcing last week its subsidiary St George would exit the market.

In an online update, Westpac has announced that effective 31 July 2018 its SMSF Investment Property Loan will be removed from sale.

Please refer to this aricle from SMSF Adviser Online for further details  Westpac scraps all SMSF Loans .

The government will amend the start date of their proposed small business CGT concessions measure. In amendments to the bill on 21 June 2018, the government has decided to push the start date back to 8 February 2018, the date the draft legislation was released for consultation. This will provide a transition period between announcement and the date of effect, a change that is also expected to bring welcome relief to tax advisers and their clients.

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The New South Wales Treasurer, Mr Dominic Perrottet, handed down the NSW Budget for 2018/19 on 19 June 2018. The only tax-related measure announced in the Budget was an increase in the tax-free threshold for payroll tax from its current level of $750,000 to $1 million.

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“SMSF Auditor Failure to Qualify Opinion, leading to losses for Trustee’’

On 23 May 2018, the NSW Court of Appeal handed down a decision that the auditor of a self-managed super fund (SMSF caused the losses incurred by the trustee of the SMSF.

In the case Cam & Bear Pty Ltd v McGoldrick, the decision was held in the NSW Court of Appeal (NSWCA), that the Auditor of the SMSF had breached his duty of care to the trustees of the SMSF, in that negligence was displayed in the Auditors performance when issuing an unqualified audit opinion, albeit significant issues were present in the SMSF financial statements for the financial years 2003 to 2007. This negligence ultimately resulted in the financial losses sustained by the plaintiff. 

The decision by the NSW Court of Appeals resulted in a liability apportionment of 90/10 against the auditor. (See more details about the case here)

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The journey of Bitcoin has been tumultuous, from highs of almost $25,000 AUD and lows of only a few cents. It has been a rollercoaster ride.
 
This leads to the inevitable question, how do we tax bitcoin or other cryptocurrencies? Well, lets start from the beginning at one of the most central issues of the taxation of cryptocurrency as an investment.

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“There is a lot to gain and much to lose, we can’t ease off”.

“…it’s not a spend…this is their money…this is Australians keeping more of what they have earned.”

So said Treasurer Scott Morrison as he handed down his third Federal budget on 8 May 2018. The government had five aims, he continued:

  1. Tax relief for individual Australians
  2. Keep backing business to invest and create more jobs
  3. Guarantee essential services
  4. Keep Australians safe with new investments to ‘secure our borders’
  5. Ensure the government continues to live within its means

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