TAX UPDATES

NEWS

 SELF-MANAGED SUPER FUND

We provide a comprehensive self managed super fund accounting and administration service.

We take care of the SMSF setup if you’re looking to establish a self managed super fund. If you have an existing SMSF we can assist you to transfer your self managed super fund to our service

VIEW
Fuel tax to rise WITH indexation adjustmen

Finance Minister Mathias Cormann declared the government would adjust the indexation in the belief the change would be legislated in due course, ensuring the revenue could be raised while the Senate argues over the bill.

VIEW

TAX UPDATES

2014 SPECIAL FEATURES

TOPIC 1:

Crossing the border – international tax implications

 

Tax consequences on:

 

BECOMING AN AUSTRALIAN RESIDENT OR TEMPORARY AUSTRALIAN RESIDENT

CEASING TO BE AN AUSTRALIAN RESIDENT OR TEMPORARY AUSTRALIAN RESIDENT

 

Transfer pricing rules:

 

UNDERSTAND THE RECENT CHANGES

TOPIC 2:

Insurance and Tax

 

Common types of personal and business insurance.

The taxation treatment of premiums and proceeds including:

 

INCOME TAX

CGT

GST

FBT

TOPIC 3:

Fringe Benefit Tax — an update

 

Overview of the most commonly provided fringe benefits and recent developments including the changes to the treatment of:

 

LIVING-AWAY-FROM-HOME ALLOWANCES

PROPERTY BENEFITS

CAR BENEFITS

ENTERTAINMENT

TOPIC 4:

Personal Services Income — so you pass the tests, what now

 

Personal services income and implications for the purposes of:

 

PAY-AS-YOU-GO WITHHOLDING

SUPERANNUATION GUARANTEE

 

Accounting for the tax consequences.

Personal services business and implications for the purpose of:

 

INCOME TAX

PART IVA

TOPIC 5:

Accounting for tax issues

 

Unpaid present entitlements.

Attributing personal services income.

Deemed dividends under Div 7A.

Transactions in the course of liquidation of the company.

The small business CGT concessions.

Other tax events.

 

TOPIC 6:

At the crossroads — 2014 and 2015

 

The Federal Budget announcements.

Tying up loose ends to the 2013-14 income year.

Getting ready for the 2014-15 income year.

 

TOPIC 7:

Dividend imputation — so simple or just forgotten?

 

Features of the imputation system that may have faded from memory, including:

 

PAYING DIVIDENDS AND THE DISTRIBUTION STATEMENT

THE BENCHMARK RULE

THE SIGNIFICANT DISCLOSURE RULE

ANTI-AVOIDANCE MEASURES – DIVIDENDS STREAMING AND STRIPPING

FRANKING DEFICIT TAX

THE HOLDING PERIOD RULES

TOPIC 8:

Getting money out of companies

 

Taxation implications of:

 

ACCESSING COMPANY PROFITS BY WAY OF:

DIVIDENDS, LOANS AND PAYMENTS

NON-SHARE DISTRIBUTIONS

CAPITAL DISTRIBUTIONS

PAYROLL TAX

WORK COVER

CAPITAL REDUCTIONS

SHARE BUYBACKS

LIQUIDATION

TOPIC 9:

Superannuation — how to get your money out

 

Taxation of superannuation benefits, including:

 

PENSION AND LUMP SUM BENEFITS

DEATH BENEFITS

REVERSIONARY PENSIONS

RECENT ATO GUIDANCE

TOPIC 10:

The $6 Million MNAV test — are you under or over

 

The $6 million maximum net asset value test and related issues including:

 

IDENTIFYING A CONNECTED ENTITY

WHO IS AN AFFILIATE

LIABILITIES THAT ARE RELATED TO AN ASSET

PERSONAL USE ASSETS

WHAT IS MARKET VALUE

RECENT DEVELOPMENTS ARISING FROM CASE LAW

TOPIC 11:

Employment taxes

 

Employers’ responsibility for and obligations in respect of:

 

PAYG WITHHOLDING

SUPERANNUATION GUARANTEE CONTRIBUTIONS

FBT

PAYROLL TAX

WORKCOVER

 

Working out whether the service provider is a contractor or an employee and the implications of getting it wrong.