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By Anthony WardleyWhat are the rules? New rules take effect for taxable Australian real real property contracts signed from 1 July 2016 with a sale value of $2 million and over. The aim of these rules is to collect tax from foreign resident vendors at the time the property sale takes place, however these rules will still effect transactions that take place wholly between Australian residents. Under these new rules, property purchasers will be required to withhold 10% of the purchase price of... More...
By Anthony WardleyWhilst the budget introduced last night brought about many changes to superannuation, there were a number of beneficial changes for small business. The key changes are outlined below: The small business entity turnover threshold will increase from $2 million to $10 million on 1 July 2016 for certain tax measures. It is expected this will allow a wider range of businesses to access the benefits of being a small business including accelerated depreciation rates on assets cost... More...
By Adele WardleyThe budget announced last night has proposed many changes to the way superannuation funds are currently taxed. These changes will impact the strategies on how to accumulate superannuation as well as those who are currently paying pensions. It will be critical to review your circumstances before making further contributions and plan to ensure your superannuation is structured to best deal with the changes occurring on 1 July 2017.  The below is a summary of the key proposed me... More...