May 2018 Newsletter
- Government moves on new SG compliance powers, penalties
- One third of SME’s are suffering from slow payer syndrome!
- The myth of the Anzac Day break
- Taxing digital products and low value goods
- Making super contributions from 1 July 2017 – the rules have changed
- Retiring? 10 tips for succession planning
- Recent Facebook Posts
After several months of discussion, the federal government has introduced legislation that will allow the Tax Office to increase penalties on employers who fail to comply with their superannuation guarantee (SG) obligations.
Imagine you didn’t get paid for a month or two for your work…
Big businesses have used this tactic to keep cash in the bank – but how long do our corporates take to pay?
This is what Rebecca Stevenson had to say in a recent article from the spinoff website.
IT IS AN annual thing – the calendar rolls around to Anzac Day and if it hasn’t rained, farmers’ eyes start looking to the heavens.
This year has been no different and in many areas, such as central NSW, there is a palpable feeling of pessimism, due to the lack of subsoil moisture and what is perceived as a late break.
When the GST Act and Regulations were drafted in 1999, e-commerce was in its infancy – it was not fully envisaged that people would prefer to shop from the comfort of their computer, and now even their mobile devices, rather than visiting a bricks and mortar shop. Over the years however, Australian internet sales have grown rapidly and are now in excess of $20 billion a year.
Did you know the super changes that started on 1 July last year were not just about capping the amount of capital that can be transferred to the retirement phase. They also included big changes to tax deductible and non-deductible contributions to super. Let’s have a look at those changes that apply now and others that will start from next financial year.
With more than 350,000 businesses set to change hands over the next decade as their owners retire or sell up, it’s critical to plan the transition, an advisory firm has said.
According to PwC modelling, this period of transition will present a “once in a lifetime” opportunity for retiring business owners to capitalise on their years of work.
Commonly Asked Question
SMSF Clients: Why do you need to know my Total Superannuation Balance (TSB)?
The ‘total superannuation balance’ is relevant in determining a super fund member’s eligibility for:
- making non-concessional contributions according to the non-concessional contributions cap
- receiving the government co-contribution
- the tax offset for spouse contributions
- using the segregated assets method to determine exempt current pension income (ECPI), and
- the unused concessional contributions cap carry forward (this measure comes into effect from July 1, 2018).
Hence we need to know all our SMSF clients total superannuation balance as at 1 July 2017 for the above reasons and also because those in pension mode maybe affected by new reporting requirements (TBAR) where the frequency of reporting depends on your total superannuation balance.
If you have any queries please contact our office!
Did you know
Have you made your tax planning appointment yet?
You only have until 30 June to legitimately minimise or defer your taxation exposure for the current financial year. If you haven’t booked your tax planning appointment yet we recommend you do so now!
All the best from the Watts Price Team!