Newsletter

WARNING AGAINST DIVERTING PERSONAL SERVICES INCOME TO SMSFS

The Australian Taxation Office (ATO) are currently reviewing retirement planning schemes. In some instances, they have found individuals diverting personal services income to a self-managed super fund (SMSF) to minimise or avoid income tax obligations. 

21 APRIL 2016

• March 2016 monthly activity statement except for small business clients who report GST monthly and lodge electronically using a registered agent.

From 1 July 2016, if your aggregated annual turnover is less than $2 million per year and you change the legal structure of your small business, you’ll be able to rollover your CGT liability. This means you won’t have an immediate CGT liability at the point when you change entity structure. 

In its Innovation Statement, the Government has sought to remove the fear of failure by changes to insolvency laws to provide greater flexibility for entrepreneurs and investors in innovative start-ups. The existing insolvency laws will be relaxed for risky projects.