News Articles

May 2018

7
May

AASB16 Leases: The New Standard

On 1 March 2018 we conducted a workshop with Carmen Ridley (Board member of AASB) on AASB16 Leases, the new Standard introduces a new model requiring lessees to recognise all leases on balance sheet, except for short-term leases and leases of low value assets.

7
May

Capital Gains Tax Changes for Foreign Residents

The House of Representatives has now passed the legislation detailing the changes proposed in the 2017-18 Federal Budget surrounding the CGT main residence exemption.

7
May

Meal Entertainment Fringe Benefits

Meal entertainment fringe benefits tends to be the most frequently provided benefit for businesses, as well as the most misunderstood fringe benefit. Expenditure that is incurred by an employer that is in respect of food, drink, or leisure/entertainment type activities often creates a challenge at FBT time as to correctly...

9
May

Budget Special: Personal Tax

The centre piece to the 2018-19 Budget was a reduction in personal income tax rates and thresholds albeit that some of these are phased in over a long period.  The proposal is a 7-year 3-step plan to reform personal income tax as follows:

9
May

Budget Special: Business Tax

Overarching the changes to taxation in the budget was the Treasurer confirming the Government's commitment to its 10-year Enterprise Tax Plan to eventually reduce the company tax rate to 25% for all companies.  Whilst not a change in law it demonstrates a continuation of the existing strategy.

9
May

Budget Special: Superannuation

It is a relief to note that no new major superannuation measures given the recent history of changes, however there were a few tweaks to the superannuation rules which are designed at reducing costs and removing fees.