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Tax benefits for investing in affordable housing
By WSC GROUP | Created on February 2, 2020
In the 2017-18 Federal Budget the Government announced a series of measures intended to improve housing affordability in Australia. To entice investors, the Government is providing an increase in the CGT discount for individuals who choose to invest in affordable housing.
No small business tax rate for passive investment companies
By WSC GROUP | Created on February 2, 2020
The Government has released draft tax legislation to clarify that passive investment companies cannot access the lower company tax rate for small businesses of 27.5%, but will still pay tax at 30%.
Taxing Bitcoin
By WSCAdmin | Created on February 2, 2020
Cryptocurrencies, like Bitcoin, are independent and not regulated by any central authority. Until recently, these digital currencies were not treated in the same way as cash for tax purposes in Australia. New legislation passed by Parliament last month seeks to change all of that by removing GST from currency exchanges.
Should Business Push A Social Agenda?
By WSC GROUP | Created on February 2, 2020
For years we’ve been told that consumers prefer businesses that take a stand on social issues – those that are environmentally and socially friendly. But is that always the case?
Super Guarantee – What Happens When You Get It Wrong
By WSC GROUP | Created on February 2, 2020
The ATO receives around 20,000 reports each year from people who believe their employer has either not paid or underpaid compulsory superannuation guarantee (SG). In 2015-16 the ATO investigated 21,000 cases raising $670 million in SG and penalties.
Super concessions for first home savers and downsizers
By WSCAdmin | Created on February 2, 2020
Does superannuation offer an avenue to help downsizers and first home savers? The Government seems to think so. Late last month the detail of the housing initiatives announced in the Federal Budget were released for consultation. We explore what’s on offer and the implications.
Removal of the Temporary Budget Repair Levy from the 2017/18 income year
By WSCAdmin | Created on February 2, 2020
The 2% Temporary Budget Repair Levy (or ‘TBRL’), which has applied to individuals with a taxable income exceeding $180,000 since 1 July 2014, is repealed with effect from 1 July 2017.
Simpler BAS is coming soon
By WSCAdmin | Created on February 2, 2020
The ATO is reducing the amount of information needed to be included in the business activity statement (or ‘BAS’) to simplify GST reporting.
Super Reform: What SMSFs Absolutely Need To Consider Before 30 June
By WSCAdmin | Created on February 2, 2020
The wide-ranging superannuation reforms come into effect on 1 July 2017. With the changes come a series of issues that Trustees need to be across, even if they don’t immediately affect you or your fund:
Reduction in the corporate tax rate
By WSCAdmin | Created on February 2, 2020
The most significant difference between the Government’s original proposals and what was finally passed by Parliament was in relation to the reduction in the corporate tax rate.
