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Vawdrey Axton Turner News

News and Events

ATO to be provided with more super guarantee information

ATO to be provided with more super guarantee information
The Government has announced a package of reforms to give the ATO near real-time visibility over superannuation guarantee (SG) compliance by employers.
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Limited opportunity to avoid 'Transfer Balance Cap' problems

Limited opportunity to avoid 'Transfer Balance Cap' problems
If the total value of a superannuation fund member's pensions exceeded $1.6 million on 1 July 2017, they may face adverse tax consequences.
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New Approved Occupational Clothing Guidelines 2017

New Approved Occupational Clothing Guidelines 2017
The government has issued new guidelines to set out criteria for tax deductible non-compulsory uniforms.
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Ability to lodge nil activity statements in advance

Ability to lodge nil activity statements in advance
The ATO now recognises that there may be a specific reason for a taxpayer to access their activity statements early.
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No small business tax rate for passive investment companies

No small business tax rate for passive investment companies
The Government has released draft tax legislation to clarify that passive investment companies cannot access the lower company tax rate for small businesses of 27.5%, but will still pay tax at 30%.
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Offset Accounts: A better way to manage your mortgage

Offset Accounts: A better way to manage your mortgage
If you want to repay your mortgage quickly and still have easy access to your additional repayments, an offset account may be worth using.
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Removal of the Temporary Budget Repair Levy

Removal of the Temporary Budget Repair Levy
The 2% Temporary Budget Repair Levy (or ‘TBRL’), which has applied to individuals with a taxable income exceeding $180,000 since 1 July 2014, is repealed with effect from 1 July 2017.
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Changes to deductions for personal super contributions

Changes to deductions for personal super contributions
Up until 30 June 2017, an individual (mainly those who are self-employed) could claim a deduction for personal super contributions when they met these certain conditions….
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Sale of Australian Real Estate

Sale of Australian Real Estate
Changes to the foreign resident withholding regime for sales of Australian real estate
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Changes to travel expenses for truck drivers

Changes to travel expenses for truck drivers
The ATO has released its latest taxation determination on reasonable travel expenses, and it includes a big change for employee truck drivers.
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