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Division 293 Assessments

The ATO has been using “Additional tax on concessional contributions (Division 293) assessments; with respect to liabilities relating to the 2018 income year. Division 293 imposes an additional 1% tax on certain concessional (ie. taxable) superannuation contributions. This means that impacted individuals may ultimately pay 30% tax (when the Division 293 tax is combined with […]

Christmas Parties & Gifts 2018

Year-end (and other) staff parties Editor: With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ )including Christmas parties_ to staff and clients. […]

Fast-tracking tax cuts for small and medium businesses

The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward 5 years. Companies with an aggregated turnover of less than 50million will have a tax rate of 25% in the 2022 income year ( instead of the 2027 income year based on the previously legislated timeline. Similarly, […]

SG Amnesty Still Pending

The proposed superannuation guarantee (‘SG’) amnesty is a one-off, 12-month opportunity to self-correct past non-compliance (ie., from 24 May 2018 to 23 May 2019). It will apply to previously undeclared SG shortfalls for any period from 1 July 1992 up to 31 March 2018. The ‘carrot’ currently on the table is that employers who voluntarily […]

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