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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.

7
Apr

Important Changes To Residency Rules For Foreign Incorporated Companies

Following a recent high court decision, the Australian Tax Office (ATO) has made changes to the rules around the residency test for foreign incorporated companies.

7
Apr

FBT And Customer Loyalty Programs For Food And Hospitality Businesses

There is a growing trend for food and hospitality businesses to utilise an employee’s personal credit card in the payment of everyday business expenses, in order to accumulate customer loyalty points through a customer loyalty program (e.g., Qantas frequent flyer points). 

7
Apr

Payroll Tax Grouping Across Different States

Payroll tax is levied on an employer by the relevant state revenue authority, in cases where an employer pays “taxable wages” over a certain threshold.  As payroll tax is levied on a state by state basis, the rates and thresholds vary, however given recent harmonisation projects undertaken by the state...