GST on imported services. Changes from July 1 2017

Category - GST, imports, Services, Contractors - By Ann

Changes from July 1 2017 mean that there is GST payable on imported services if the non-resident entity (ie any Contractor you deal with from overseas) is required to register for GST. Non-resident entities...

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Super changes from 1 July 2017 - Reduced non-concessional cap

Category - non-concessional, superannuation, super changes - By Ann

*What is the new non-concessional contributions cap and when does it take effect?* From 1 July 2017 the annual non-concessional contributions cap is $100,000 and will increase in line with the indexation of the...

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Super Changes from 1 July 2017 - Personal Superannuation deduction

Category - Super, personal super, tax deduction - By Ann

  *I currently salary sacrifice to my super fund. Can I stop my salary sacrifice and just claim my personal (after tax) super contributions as a deduction?* Yes. You can claim a personal super...

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Super changes from 1 July 2017 - Reduced concessional cap (deductible amount of super contributions)

Category - Deductible super, super changes, concessional cap - By Ann

*What is the new concessional contributions cap and when does it take effect?* From 1 July 2017 the new annual concessional contributions cap is $25,000 for all individuals regardless of age. From 1 July...

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Super changes from 1 July 2017 - Transfer Balance Cap

Category - Superannuation, SMSF, Changes to Super,FAQ Super 2017, Transfer Balance Cap - By Ann

*What is the transfer balance cap?* This is a new limit on the amount of your super you can transfer and hold in tax-free ‘retirement phase accounts’. The cap applies from 1 July 2017...

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GST on Low Value imports

Category - GST, imports, $1000 - By Ann

The government has announced that from 1 July 2017 GST will apply to imported low value goods. This includes all physical goods sold to consumers and imported into Australia that have a value equal...

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Protect yourself from illegal phoenix activity

- By Ann

Illegal phoenix activity is when a new company is created to continue the business of a company that has been deliberately liquidated to avoid paying its debts, including taxes, creditors and employee entitlements....

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Natural Disasters and Tax

Category - Cyclone, Floods, Fire, - By Ann

Tax is probably the last thing on your mind when a natural disaster strikes.  However, in the aftermath there may be queries that come up in regard to payments received and expenses incurred. Generally,...

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Help for budding Aussie entrepreneurs

Category - Business, business start up - By Ann

New products are now available to help young Australians who are starting a business for the first time, Small Business Minister Michael McCormack says. Coming on the back of a marked increase in...

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ATO’s “GST-light” offer for new small businesses

Category - GST, small Business - By Ann O'Brien

From January 19, 2017, newly registered small businesses will be provided with the option to report less GST information on a simpler BAS. To take advantage of this option,  small businesses that register for...

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