International Newsflash Item – Removal of CGT discount for non-residents
2012 May 18 by Allworths
Non-residents with Australian assets need to consider the impact of the Governments announcement in last weeks Federal Budget of the removal of the 50% CGT discount for non-residents on capital gains accrued after 7.30pm (AEST) on 8 May 2012. Previously, certain assets were exempt from capital gains tax and all non-exempt assets owned by the [...]
Viewpoint – Autumn 2012
2012 April 27 by Allworths
The quarter just ended This has been another busy quarter for the partners and staff of Allworths. In February, Stephen, Mark and Pasandi visited colleagues in Singapore. Interestingly they advised they had not received many referrals from people wishing to establish business in Australia and the majority their of work was from Australians leaving [...]
Newsflash Item – Directorships of Australian Companies
2012 April 27 by Allworths
Amendments to director penalty regime – draft legislation released Draft legislation has been release by David Bradbury, the Assistant Treasurer that will amend the law ostensibly to protect employees entitlements. However the new provisions penalise directors personally, and will apply in many cases where the director could be unaware that payments haven’t been made. The [...]
Newsflash – International Dealings Schedule 2012
2012 February 16 by Allworths
The Australian Taxation Office is introducing the International Dealings Schedule (IDS) 2012 which replaces the previous Schedule 25A and Thin capitalisation schedule. Whilst some of the reasons for the new schedule are given as benefits to the taxpayer, including aligning the information sought to taxpayers record-keeping, business systems and standard business reporting, it also “gives you the [...]
Newsflash – Changes to Living Away from Home Allowances
2012 January 25 by Allworths
Changes to Living Away From Home Allowances Recently the Federal Government announced significant changes to the taxation treatment of Living Away From Home Allowances which will eliminate or reduce many benefits currently available to foreign employees residing in Australia. The changes include effectively abolishing all food and accommodation concessions for temporary residents working in [...]
Viewpoint – Summer 2011
2012 January 25 by Allworths
Allworths Office Closure Our office will be closing during the Christmas period, from 3.00 pm Friday 23December 2011 and re-opening Tuesday 3 January 2012. We take this opportunity to wish you and your family all the very best for the festive season and good health and prosperity in 2012 ! The quarter just ended [...]
Viewpoint – Winter 2011
2011 August 16 by Allworths
Budget summary The Government announced a number of measures in the 2011-2012 budget that will impact SMEs and their employees. An outline of these is provided below. It is, however, important to note they have not yet been passed into law and are subject to change. Minimum pensions During the global financial crisis the government [...]
Newsflash – Determination of residency
2011 August 16 by Allworths
Determination of Residency A number of people have commented to us recently, specifically in respect ofUKand Australian residency, that the number of days spent outside of a country can be the determining factor as to whether a person is a resident for tax purposes. Many countries operate systems where if you spent a certain [...]
Newsflash – Tax Law for Trusts
2011 August 16 by Allworths
Assistant Treasurer Bill Shorten announced at the Taxation Institute of Australia’s National Convention the Government will adopt two recommendations to clarify the tax law for trusts. The changes will apply for the 2010-11 and later income years. The Government has released a discussion paper for public consultation about two recommendations from the Board of Taxation that addresses two key [...]
Viewpoint – Autumn 2011
2011 August 16 by Allworths
SMSF – stronger Super The Federal Government has released its response to the Cooper Review into Superannuation. In its final report the Government advised “The Self Managed Super Fund (SMSF) Sector is largely successful and well functioning. While significant changes are not required, there are still a number of noticeable issues, which, for the most [...]
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