Recent Posts by halifax

Superannuation Contributions

Superstream What is SuperStream? Employers must make contributions in specified electronic format. SMSFs must be able to receive the contributions in specified electronic format. If SMSF cannot comply, they will not be able to receive contributions (and employers cannot pay Super). Who does it apply to? Effective from 1 July 2014 for all employers with…
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Business and Corporate Changes FY 2015

Company Tax Rate Government confirmed its commitment to cut the company tax rate by 1.50% to 28.50% from 1 July 2015. For large companies (taxable income > $5m) the reduction will be offset by the Govts 1.50% paid parental levy which will effectively bring the company tax rate back to 30%. SME Instant Asset Write…
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Tax Compliance

Data Matching Deferral to 1 July 2016 of previously announced third party reporting and data matching. These regimes included: Taxable Government Grants and other government payments, Sale of real property, shares and units in managed funds and Sales through merchant debit and credit services. ATO Staff Reductions Reduction in 1,600 staff that was due to…
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Superannuation Updates FY 2015

Excess Contributions Tax Any excess contributions made after 1 July 2013 breaching the non concessional cap can be withdrawn by individuals including the associated earnings. If an individual chooses this option no excess contributions tax will be payable. The earnings will be assessed as part of the individuals assessable income and taxed at their marginal…
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