ALP announces massive (potential) changes to trust taxation The Leader of the Opposition, Bill Shorten, announced that a Labor Government (should they be elected) will introduce a standard minimum 30% tax rate for discretionary trust distributions to "mature beneficiaries" (i.e., people aged 18 and over). Although the ALP acknowledges that individuals and businesses use trusts for a range of legitimate reasons, such as asset protection and business succession, "in some cases,
ATO warning regarding work-related expense claims for 2017 The ATO is increasing attention, scrutiny and education on work-related expenses (WREs) this tax time. Assistant Commissioner Kath Anderson said: “We have seen claims for clothing and laundry expenses increase around 20% over the last five years. While this increase isn’t a sign that all of these taxpayers are doing the wrong thing, it is giving us a reason to pay extra attention.” Ms Anderson said common mistakes the
Refresh - 3 tax changes for small business The government has introduced legislation for the following three small business measures that, if passed, will apply from 1 July 2015: A tax offset to individuals who run small businesses (with an aggregate annual turnover of less than $2 million), or who have a share of a small business’ income included in their assessable income. The tax offset is available to individuals, partners, or beneficiaries of a trust that is a small busi
It is not always easy running a business and many clients mention one of their biggest gripes can be staffing. In this months tax update their are some recent rulings where directors have unsuccessfully argued against personal penalties for staff entitlements.
Staff are an integral part of all businesses so embrace it! If you can't afford to pay staff give us a call so we can determine where the problem is in your financial position.
Clear Accounting Solutions will work wi