Articles

On 21 June 2016 the State Government delivered the New South Wales (NSW) budget results for the 2015-16 year.

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With less than a week until the 30 June SuperStream compliance deadline, the Australian Taxation Office (ATO) has announced it will extend the deadline to small businesses until 28 October 2016.

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Abolition of duty

From 1 July 2016 stamp duty has been abolished on the transfer of business assets in New South Wales.

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The 2015/16 year is almost at an end, presenting a perfect time to consider any tax planning opportunities that may be relevant to your business, including the following.

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From 1 July 2016, the following transactions will no longer be subject to stamp duty:
1. Transfer of marketable securities; and
2. Transfer of business assets.

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There has been a different flavour to the speculation around this year’s Budget. While election year budgets are often chock full of juicy promises, a certain new spice has been added to this one due to its very close proximity to a double dissolution poll being officially called.

An interesting balancing act was foreseen between the promises of the Prime Minister Malcolm Turnbull and Treasurer Scott Morrison that this Government will "live within its means", and the need to provide their Party with a launch pad for a marathon election campaign.

Expectations were high – or low depending on your viewpoint – for a distinct lack of expensive promises from a Government keen to prove it can responsibly manage the economy, and for the terms "jobs and growth" to feature prominently.

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Integrity measures in the form of contribution caps are limits on how much a member can contribute to an SMSF. They are intended to limit the amount of tax benefits anyone can get out of using a SMSF.

Prior to 2007 the Reasonable Benefit Limits (“RBLs”) enabled a member to put as much into a SMSF as they wanted although not all of it would be tax-deductible. If the member took out more than was considered reasonable, they paid extra tax. From 2007, the tax system reverted to placing limits on the amount that could be contributed to a SMSF.

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Please refer to the following message from the ATO regarding phone scams in respect of unpaid tax debts. Please note the ATO would never threaten jail or arrest and does not email, call or SMS asking for credit card or bank details to issue a refund.

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