waterford

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So far waterford has created 51 blog entries.

New legislation restricts access to the reduced company tax rate

Legislation restricting access to the small business company tax rate reduction entered Parliament last month. The changes specifically preclude companies with passive investments such as rental property income from qualifying for the small business entity tax rate of 27.5%. For the 2017 income year a company could access the reduced company tax rate if it [...]

By | November 21st, 2017|General|0 Comments

Tax benefits for investing in affordable housing

In the 2017-18 Federal Budget the Government announced a series of measures intended to improve housing affordability in Australia.  To entice investors, the Government is providing an increase in the CGT discount for individuals who choose to invest in affordable housing. The draft legislation enabling this change has now been released so we can see [...]

By | November 7th, 2017|General|0 Comments

ASIC Targets Growing Companies In Audit Crackdown

ASIC is in the midst of a concerted campaign targeting private companies that have outgrown the reporting exemptions. ASIC requires companies to prepare and lodge a financial report and a directors’ report each financial year, and have the accounts audited unless the company is exempt. Most small companies are exempt from the compliance requirements as [...]

By | September 5th, 2017|General, news|0 Comments

What everyone selling a property valued at $750k or more needs to know…

Every vendor selling a property needs to prove that they are a resident of Australia for tax purposes unless they are happy for the purchaser to withhold a 12.5% withholding tax. From 1 July 2017, every individual selling a property with a sale value of $750,000 or more is affected. To prove you are a [...]

By | September 5th, 2017|General|0 Comments

Super concessions for first home savers and downsizers

Does superannuation offer an avenue to help downsizers and first home savers? The Government seems to think so. Late last month the detail of the housing initiatives announced in the Federal Budget were released for consultation. We explore what’s on offer and the implications. Super concessions for downsizers If you are over 65, have held [...]

By | August 30th, 2017|General|0 Comments

What is new in the 2018 Financial Year?

As we welcome the new financial year, we are left asking what changes to legislation may affect us or our businesses. The changes from the 1 July 2017 include: GST applies to digital products & services imported by consumers, such as Netflix. Small business $20k instant asset write-off extended until 30 June 2018. Company tax [...]

By | July 25th, 2017|General|0 Comments

Investment Property Updates

Investment Properties  - Key potential updates regarding Investment property deductions from budget night (9 May 2017), whether current or prospective owners. Travel Generally investment property owners could claim travel to their residential investment properties for inspections or maintenance reasons. However mentioned in the 2017/2018 budget the government is planning to disallow being able to write [...]

By | June 29th, 2017|General|0 Comments

Immediately write-off depreciable assets which cost less than $20,000 extension

Previously the immediate write off was limited to assets which cost less than $1,000. However for the 2016 Financial Year it was increased to $20,000 for businesses with a turnover of less than $2 million. This was set to go back to $1,000 on 1st July 2017, however in the Budget handed down on the [...]

By | June 7th, 2017|General|0 Comments

2017 Federal Budget Update

We are pleased to share the link with you for the 2017 Federal Budget announcement. To read more please click on this link.

By | May 10th, 2017|General|0 Comments

State Law changes and a warning issued for Family Trusts

Family Trusts may be subject to surprise tax bills due to recent changes to State laws. There have been recent changes to legislation in New South Wales (NSW), Victoria (VIC) and Queensland (QLD) that impose a surcharge on foreigners buying residential land. This can become an issue if a trust deed has been drafted allowing [...]

By | May 4th, 2017|General|0 Comments