May - 2018

Trusts and Stamp Duty - Land Tax Surcharges for foreign persons

You may be aware that there have been recent tax changes in relation to ‘foreign persons’ and ownership of residential property. Specifically, these changes can impact discretionary or family trusts with a single foreign beneficiary that hold or acquire residential property. The surcharges operate for stamp duty and land tax purposes in most states in Australia and can increase the cost of the transaction by between 3- 8% (stamp duty surcharges) or up to 2% per annum (land ta

1 April ‘headcount’ for Single Touch Payroll

From 1 July 2018, employers with 20 or more employees will be required to report their employees’ tax and super information to the ATO through payroll software that is Single Touch Payroll (STP) ready. Employers with 20 or more employees really need to take steps now to prepare for the requirement to use the STP system as the start date is approaching rapidly. 1 April 2018 is a key date because the number of employees at this date determines whether the employer will need to

Client Alert! (tax news/views/tips)

ATO embarking on e-Audits The ATO has recently published information about the “e-Audit” technology it uses as part of its tax compliance activities. These audits involve the ATO performing computer tests on a taxpayer’s own electronic records to verify that the data is accurate and complete and that the taxpayer has complied with relevant tax laws. If a taxpayer is selected by the ATO for an audit or review, the ATO will take a copy of the relevant records (eg data held in t

Investing in property for your retirement - can you live off your dream with it?

If you are investing or planning to invest in property for your retirement, there are a few things you need to consider. What’s your goal? No matter what your reason for investing in property it’s important you know exactly what your goal is. It could be to eventually live off the rent from your property portfolio, to subsidise your income, to have a nest egg for security purposes, eventually pass the property on to your kids or hold it for capital gains purposes. Be clear wi

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Trusts and Stamp Duty - Land Tax Surcharges for foreign persons

1 April ‘headcount’ for Single Touch Payroll

Client Alert! (tax news/views/tips)

Investing in property for your retirement - can you live off your dream with it?