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ATO dispels top tax time myths to clients as clampdown rolls out
Tools for budgeting, cash flow, Super and more ….
Guidance for SMSFs on transfer balance reporting
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Salary sacrifice integrity
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Update to Australia's vital statistics
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Watch out for charges with incoming GST laws.
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Statistics for all Australians
Touch Payroll (STP)
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Government intensifies cash payments crackdown - Kelly O'Dwyer
Passive investment companies tax rate still 30%
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$2.4m lost to tax scams, ACCC reports
No GST on digital currency
Federal Budget 2018 - Overview
Your Budget
4 components of our 2018 Federal Budget
Resources to help understand and implement Single Touch Payroll (STP)
New rules capture SMSFs trading big with cryptocurrency
New passive income test for lower corporate tax rate
Tools to help you manage your financial position are available on our site.
Articles archive
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Quarter 4 of 2017
Articles
SMSFs warned on ‘ticking time bomb’ with outdated deeds
Taxation ruling on commercial website deductibility
68% of SMEs ‘significantly stressed,’ 85% rely on accountants
Statutory wills are underutilised in estate planning
Small business slips on lodgement deadlines
300,000 SMEs utilising $20K write-off, says ATO
‘A bad thing times 10’: ATO set for new SMSF blitz
Capital Gains and Renounceable Rights
Paperwork bungles lead to $38k in payments
Australian Dietary Guidelines and healthy eating chart (PDF)
Former director liable for company’s unpaid tax liabilities
Super for housing measures enter Senate
No Special Circumstances to allow Excess Super Contributions
Housing tax measures progress to Parliament
AirBnb – wrong tax outcome?
Are young investors wasting their youth?
ATO sending 'more letters than ever' on income tax errors
Powerful Budgeting, cash flow and Super Tools available on our site.
Property, unit trusts in ATO's sights
Australian Dietary Guidelines and healthy eating chart (PDF)
Major Bank Levy Passed
NSW tops list as ATO reveals billions in lost super
Major Bank Levy Passed

Whilst there has been little publicity in the weeks after the May Federal Budget, the Bank Levy has passed through Parliament and receive Royal Assent, without amendment.



       


 


This was a major new initiative to make significant contributions to future Federal Budget shortfalls.  South Australia has a similar levy.


The major banks will pay a levy payable at the rate 0.015% on the total liabilities of the authorised deposit taking institutions liabilities, greater than $100 billion, subject to many subtle adjustments.


The levy is payable quarterly, commencing September 2017.  Taxpayers are yet to see any obvious impact.


As most Australians have superannuation benefits and most superannuation funds include the big banks in their portfolio, will this levy impact on reduced dividends and superannuation fund earnings?


 


 


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4th-October-2017