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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.

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...

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.

20
Apr

Proposed Changes to the Small Business Concessions

The Government has released an exposure draft focusing on improvements to the small business capital gains tax concessions. The proposed changes were initially announced in the 2017/18 Federal Budget to apply from 1 July 2017, however, as is so common now, the proposed rules have only just been released.

18
Apr

GST on New Residential Properties

The legislation detailing the changes proposed in the 2017-2018 Federal Budget surrounding how developers are required to account for GST on the sale of new residential premises (including sub-divisions) has now received royal assent.