Recovery of HELP debts from non-residents living overseas

10 Nov

From 1 July 2017 the Australian Government has introduced new repayment obligations for Australians living overseas who have an outstanding Higher Education Loan Program (HELP) debt.  This will bring the repayment obligations in line with those with HELP debts living in Australia.   Until now, people with a HELP debt that moved overseas and became a […]

Changes to Personal Super Contributions

20 Oct

From 1 July 2017 all individuals under the age of 75 are able to claim an income tax deduction for personal superannuation contributions made to a complying superannuation fund.  Previously only individuals who derived less than 10 percent of their income from employment sources could claim this deduction.  Employees that were excluded because of the […]

Foreign resident capital gains withholding payments

12 Oct

Are you selling or purchasing a property with a value of $750,000 or higher?  If so, we suggest you contact your Stratogen Accountant to discuss the implications. Currently the foreign resident capital gains withholding rules apply to real property disposals where the contract price is $750,000 or above.  The withholding rate is 12.5% of the […]

Sell your home and use some proceeds to contribute to super… but BEWARE of potential negative implications!

05 Oct

From 1 July 2018 a person aged 65 or over can make a non-concessional contribution into their superannuation fund of up to $300,000 from the proceeds of selling their principal place of residence. To be eligible for the proposal, you must have owned the property for at least 10 years and occupied that property as […]

‘Simpler BAS’ from 1 July 2017

04 Jul

From 1 July 2017, the ATO are reducing the amount of information required to report on Business Activity Statements for small businesses. Aptly named ‘Simpler BAS’ will be the default GST reporting method for small businesses with a GST turnover of less than $10 million. If you are a small business with less than $10m […]

SMSF Deed Update

30 May

There have been significant changes to the legislation relating to superannuation in recent years with many of these changes effective from 1 July 2017. It is prudent to have an up to date trust deed to ensure your SMSF can take advantage and/or be compliant with all of the changes. We recommend updating your SMSF […]

Transition to Retirement Pensions

26 May

From 1 July the tax treatment of Transition to Retirement Pensions (TRIS) will change significantly. Should you continue drawing your TRIS after this date? The income generated in your superannuation fund that supports your TRIS has been exempt from tax up to now, however this concessional treatment will end on 30 June 2017. From 1 […]

$20,000 Asset Immediate Write-Off Extended

25 May

The $20,000 instant asset write-off concession allows “small” businesses to immediately deduct the full value of every depreciating asset purchased up to the value of $20,000, instead of claiming the depreciation deductions over a number of years. A sole trader, partnership, trust or company that is carrying on a business activity with aggregated annual turnover […]

NO DEDUCTION FOR RESIDENTIAL RENTAL PROPERTY TRAVEL EXPENSES

25 May

Travel expenses related to inspecting, maintaining or collecting rent for a residential rental property will be disallowed from 1 July 2017. The Government said that this change is designed to address concerns that many taxpayers have been claiming travel deductions without correctly apportioning costs, or have claimed travel costs that were for private travel purposes. […]