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Major bank levy from 1 July 2017 The Government will introduce a major bank levy for authorised deposit-taking institutions (ADIs) with licensed entity liabilities of at least $100 billion from 1 July 2017. The threshold will be indexed to grow in line with nominal gross domestic product. The levy will be calculated quarterly as 0.015% of an ADI’s licensed...
GST treatment of digital currency The Government will align the GST treatment of digital currency with money. The treatment of digital (or crypto) currency for GST purposes has been hugely challenging for the Government. Digital currency refers to things such as bitcoin, although there are apparently over 600 other currencies available. ATO rulings released in December 2014...
The Competition and Consumer Amendment (Payment Surcharges) Act 2016 commenced on 25 February 2016. The Act inserts a new part into the Competition and Consumer Act 2010 (CCA) which bans excessive payment surcharges. The Standard applied to ‘large merchants’ from 1 September 2016, However, from 1 September 2017, this applies to all other merchants. Surcharges will be deemed excessive...
We often get asked by clients if they are required each year to lodge a tax return. This is especially true of those with low incomes or have recently retired. Under normal circumstances, if you earned $18,200 or less in the past financial year AND you had no tax withheld from that income, you might not be...
Many of our clients operate their business from home rather than rented commercial premises. The types of expenses relating to their homes that are available as tax deductions is commonly misunderstood. The below is a summary of what can be claimed as home office expenses for a home-based business If you are a sole trader...
The ATO is increasing attention, scrutiny and education on work-related expenses (WREs) this tax time. Assistant Commissioner Kath Anderson said: “We have seen claims for clothing and laundry expenses increase around 20% over the last five years. While this increase isn’t a sign that all of these taxpayers are doing the wrong thing, it is...
From 1 July 2017, GST applies to imported services and digital products from overseas, including: digital products such as streaming or downloading of movies, music, apps, games and e-books; and services such as architectural, educational and legal. Australian GST registered businesses will not be charged GST on their purchases from a non- resident supplier if...
Parliament has passed legislation which applies GST to goods costing $1,000 or less supplied from offshore to Australian consumers from 1 July 2018. Using a ‘vendor collection model’, the law will require overseas suppliers and online marketplaces (such as Amazon and eBay) with an Australian GST turnover of $75,000 or more to account for GST...
From 1 July 2017, where a foreign resident disposes of Australian real property with a market value of $750,000 or above, the purchaser will be required to withhold 12.5% of the purchase price and pay it to the ATO unless the seller provides a variation (this is referred to as ‘foreign resident capital gains withholding’)....
The Government will seek to legislate to close a loophole that could be used by unscrupulous employers to short-change employees who choose to make salary sacrificed contributions into their superannuation accounts. The Government will introduce a Bill into Parliament this year that will ensure an individual’s salary sacrificed contributions do not reduce their employer’s superannuation...
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