Posted in Compliance

Capital Gains Tax is a harsh reality for any investor. It pays to stay on top of record keeping for your capital assets, especially long-term ones. It may seem difficult to keep track of everything now but in twenty years time it will be even more difficult. Two of the most common capital assets in Australia are shares and property. Outlined below are examples of the information you may require for capital gains tax purposes. Shares: Original purchase details, incl...

  Self managed superannuation funds must meet the sole purpose test under the Superannuation Industry (Supervision) Act 1993 (SISA). The test is based on the principle that superannuation benefits provide for the members retirement, and any investment decision must be made for the future rather than present benefit. Common breaches include: Purchasing an investment that gives benefit to a member or associate before they retire
  Providing financial ...

Directors and secretaries of a company are responsible for ensuring ASIC is advised of changes to business, registered or residential addresses, changes to officeholders, name changes and shareholding changes. If ASIC is not advised of these changes within 28 days the company could incur a fine of $72 for up to one month late or $299 for over a month late per company that the changes effect. As an ASIC registered agent for the majority of our clients, we are able to update our...

  Some small business accelerated depreciation rules will be removed from 1 January 2014.
Since 1 July 2012 eligible small business taxpayers have been able to claim an immediate deduction for assets costing less than $6,500. This will revert to a threshold of $1,000 for assets that are first installed and ready for use on or after 1 January 2014.
If the value of a small business entity’s low-value pool is less than $6,500 at the end of the income tax year...

Proposed Taxation Changes 2013-14 The new Coalition Government has proposed various taxation changes for their first term. A large number of these are repeals of legislation that the Labor government only recently introduced. Some of the important proposed changes are as follows: Small Business Entities (SBE): Remove the increased immediate deduction for assets costing less than $6,500 Remove the accelerated depreciation deduction for the first $5,000 of the ...