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TPRS Extended To 3 More Industries
Posted in TaxationThose in the building and construction industry have been reporting contractor payment information to the ATO since 2012, with those in the cleaning and courier industries from 1 July 2018. However, in the May 2018 budget the government announced its plan to extend this reporting to three more industries from 1 July 2019, namely the road freight, IT and security, investigation or surveillance services industries. The Bill has now been enacted so from 1...
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QBCC Licensing Changes Coming Soon
Posted in TaxationThe Qld Government has announced new laws that strengthen and add compliance burden on those businesses in the building and construction industry that operate in Qld and require a QBCC license. The most notable change will begin on 1 January 2019 where mandatory annual reporting for all licenses will be re-introduced after being shown the door a few years back. Whilst there appears to be other new requirements coming into effect, along with granting the...
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Welcome to our new website
Posted in TaxationAll of us here at Ignite are excited about the launch of our new website. This new website really lays down the platform of what we are all about – great customer satisfaction, great attention to detail and prompt and accurate tax advice. If you have any queries you are welcome to call or email.
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Targeted Amendments to Division 7A
Posted in TaxationLate last month Treasury released a consultation paper on targeted amendments to Division 7A loans. This included a proposed 10-year loan model that would replace all existing 7 and 25-year loans.It is proposed all new loans would be transitioned to this new 10-year loan, which could cause major issues to tax payable and cashflow for all those entities with large 25-year loans currently sitting on their balance sheets. Furthermore, all those previous pre-4 December...
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Downsizer Contributions into Super
Posted in SuperannuationA favorable allowance announced in the 2018 Budget was the much talked about Downsizer Contribution. From 1 July 2018 if you are 65 years or older and meet all the eligibility requirements you can choose to contribute up to $300,000 into super. That’s potentially up to $600,000 for a couple. What’s better is this downsizer contribution falls outside the scope of certain caps and restrictions currently in place – it is not a non-concessional...
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