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29
May

The New Revenue Standard – Revenue From Contracts With Customers

The constant evolution of business models has led to complex revenue generation structures whereby companies provide multiple services and products under a common sales contract (i.e. various services are bundled into a single contract).  Historically the guidance in relation to such bundled contracts has been spread across different accounting standards...

10
May

Budget Brief: Personal Tax and Capital Gains Tax

 The 2017-18 Budget contained no changes to personal income tax rates and thresholds.

10
May

Budget Brief: Business

Whilst no changes were announced in the Budget in addition to the existing changes for businesses with a turnover of less than $10m, the Treasurer confirmed the Government's commitment to its 10-year Enterprise Tax Plan to eventually reduce the company tax rate to 25% for all companies.

10
May

Budget 2017-18: Affordable Housing

As part of the Turnbull Government’s drive on affordable housing it will be changing the rules in respect of MIT’s ability to invest in residential property with effect from 1 July 2017.

10
May

Budget Brief: Superannuation

It is a relief to note that no new major superannuation measures were contained within the Budget.  Given the announced changes set to start on 1 July 2017 (refer below), this is not a surprise, however, given the tinkering with Superannuation in recent years nothing should be unexpected.

10
May

Budget Brief: Other

Digital currencies such as bitcoin have until now been considered to be akin to a barter arrangement, with similar GST consequences. As a result, trading with bitcoin could give rise to a form of double taxation for GST purpose.

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