The Division 7A provisions within the Tax Act play a critical role in governing how individuals borrow money from their businesses or tax effectively finance investment activities. In a move that may surprise many who already struggle to follow this technical area, the Australian Government appears set to change these rules from as soon as Read more…

Companies have until 13 December to review operations Foreign incorporated companies could be classed as Australian tax residents under a new ATO ruling, unless they change their governance arrangements by 13 December 2018. The ATO’s ruling overturns the established position on how to determine where a company’s central management and control is located. Australian-based groups Read more…

The Federal Treasurer Scott Morrison delivered his third Budget on 8 May 2018.  In the shadows of the Royal Commission into the Australian Banking system and Opposition rhetoric about removing refundable franking credits, Mr Morrison promised tax relief, and to further strengthen Australia’s economy.  That would be achieved via five areas: Providing tax relief; Backing Read more…

  A quarterly tax update Cooper Partners summary of the top 5 hot-button issues during the last quarter  —  a super quick way to stay current on the “need to know” tax developments that are relevant to you. In this quarter’s “In the Xpress Lane” we have something of interest for everyone: Single Touch Payroll Read more…

As we approach the end of another FBT year on 31 March 2018, employers should be gearing up for this season’s reporting obligations. To help keep you up to date and not left out on the fringe, we present to you our top five issues to keep you in the know in 2018. 1.     New Read more…

The ATO has recently released a new draft practical compliance guideline (PCG 2017/D14) in relation to exempt vehicle fringe benefits which we believe is relevant to you and your employees. The PCG aims to relax the current FBT record keeping requirements for certain vehicles (for example panel vans, single cab utes and certain dual cab utes Read more…

ATO shakes up claiming of employee travel expenses The 2018 FBT year is coming to a close on 31 March 2018 and an area which will require closer consideration this year is the treatment of travel-related benefits. Last year, the ATO issued Draft Tax Ruling TR 2017/D6 Income tax and fringe benefits tax: when are deductions allowed for Read more…

A quarterly tax update Cooper Partners summary of the top 5 hot-button issues during the last quarter — a super quick way to stay current on the “need to know” tax developments that are relevant to you. In this quarter’s “In the Xpress lane”, the following is covered: Clarity on company tax rates ATO’s view Read more…

  In what has been a highly enjoyable and successful week for our practice, we took great pride in being able to share with our team in celebrating the honour of Cooper Partners Financial Services being awarded the “SMSF Firm of the Year” at the 2017 SMSF Adviser Awards for WA at Crown last night. Read more…

A quarterly tax update Cooper Partners is now providing a summary of the top 5 hot-button issues from the tax world garnered during the last quarter that you might not otherwise have noticed.  A super quick way to stay current on the “need to know” tax developments that are relevant to you. In this quarterly “In Read more…

Congratulations to Jemma Sanderson for recognition as Australia’s Self Managed Super Fund Adviser of Year for 2017. Jemma’s award was part of the annual Women in Finance Awards which seeks to uncover the leading women professionals in the finance sector. Jemma received her award on Thursday night at a sold-out gala ceremony at The Star Read more…

Cooper Partners is proud to announce Jemma Sanderson and Cooper Partners Financial Services as having been nominated for the 2017 SMSF Advisor and SMSF Firm of the Year including a Women in Finance award. Jemma is a Director and heads up Cooper Partners SMSF specialist superannuation services. These awards acknowledge Jemma and Cooper Partners Financial Read more…

As 30 June 2017 approaches, it is important to attend to the usual requirements before 30 June, plus ensuring the relevant documentation is in place with regard to the new superannuation rules. The areas for consideration include: Change in contribution caps from 1 July 2017; Ensuring minimum pension payments are made; Restructure of pension accounts; Read more…

Understanding what the potential tax liability will be for your business and allowing time for tax planning can result in considerable tax savings and with the end of the financial year fast approaching, now is a critical time to assess your year-end tax planning and tax compliance considerations. The purpose of this guide is to Read more…

  The centrepiece in the Government’s 2017 Budget is around housing affordability. This includes the introduction of various measures to attract sophisticated investors and managed investment trusts to invest in affordable housing for the benefit of low income earners by providing new tax incentives. Unfortunately, the Government did not take the opportunity to reduce red Read more…

TAX UPDATE Company tax rates reduction and increase to Small Business Entity threshold In brief: Following the release of the 2016/17 Federal Budget, a number of measures were announced that offered tax concessions to small business and corporate taxpayers. However, the ensuing Federal Election opened up a debate as to whether or not such measures Read more…

The 2016/17 FBT year is coming to a close on 31 March and in order to get you ready for FBT reporting, we present our top 10 tips, changes and reminders to keep you up to date this season. 1. Key 2017 rates, dates and thresholds For the second year in a row, the FBT Read more…

When the Employee Share Scheme (ESS) rules were amended from 1 July 2015, one of the reasons behind the amendments was to provide more concessional tax treatment for options. Previously, many taxpayers were either taxed at the time of acquisition of the options (‘taxed upfront’) or at the time of vesting of the options, despite Read more…

On 23 November 2016 the bulk of the legislation with respect to the substantial superannuation changes announced in the 2016/2017 federal Budget passed through both Houses of Parliament. Since the federal Budget, the Government updated their policy regarding several of the proposed changes, most of which were positive. Now that the legislation has been passed, Read more…

Christmas is traditionally a time for giving including showing your team and clients a token of your appreciation. It is also a time of festivities and lots of dining. With the right approach it is possible to provide these with no FBT. However, this area of law if complex. So we provide our gift to Read more…

With the Turnbull Government now settled in, many tax changes previously raised in the Budget are now coming through Parliament. Here is a rundown of the key changes impacting employers. 1. Personal Tax Cuts Employers be aware as of 1 October 2016, the PAYG Withholding rates for employees have changed. The 32.5% tax threshold from $37,001 Read more…

Following on from our Super Update last week, the Treasurer has provided further clarification regarding how the transitional rules will work for individuals who trigger the $540k cap before 1 July 2017. Individuals have one last opportunity this year to use the higher personal after tax contribution limits of $180,000 per year. Where the taxpayer Read more…

Within a rapidly changing digital world and with an increasing number of businesses moving towards paperless offices, we are often asked whether tax records can be stored electronically and how long they should be stored for. Electronic storage has obvious benefits, including ease of accessibility and storage efficiency. However, you should be aware of specific Read more…

Since the initial announcement on 3 May 2016, the Government’s proposal to introduce a lifetime cap of $500k for non-concessional contributions, has caused much uncertainty and lack of confidence towards the superannuation system. In response to the backlash surrounding this controversial measure, the government has now announced their decision to scrap the $500,000 lifetime after-tax Read more…

As you may be aware, the Budget savings (Omnibus) Bill 2016 (“the Bill”) has been introduced to Parliament. The bill contains the ‘Single touch payroll reporting’ (“STPR”) measures, which introduce significant changes to current employer reporting requirements. The STPR rules are designed to reduce compliance cost for employers by providing relief from certain year end reporting Read more…

While the deadline to comply with SuperStream for larger employers was 1 July 2015, the ATO has announced they have extended the deadline for employers with 19 or fewer employees to be fully SuperStream compliant until 28 October 2016. SuperStream is a government initiative with the purpose of improving the efficiency of administering the Australian Read more…

As 30 June is rapidly approaching, it’s a great time to stock take and identify any last minute planning opportunities and prepare for the year ahead. Small Business Entity (“SBE”) If you qualify as a SBE the following tax concessions are available; Immediate Asset Write-off (assets less than $20,000 GST exclusive) until 30 June 2017 Read more…

As 30 June 2016 rapidly approaches, it is important to consider your options to maximise your superannuation and attend to any outstanding matters before year end.  This is particularly relevant given the proposed changes announced in the 2016/2017 Federal Budget on 3 May 2016, whereby optimising your superannuation is incredibly important. The areas for consideration Read more…

The Government as of 1 July 2016 will require Australians, purchasing property over $2M to withhold 10 per cent of the sale price and pass that money to the Australian Tax Office. Purchasers of property will now become Australia’s tax collector to support the operation of the foreign resident capital gains tax regime by catching Read more…

eDelivering his first Budget, Scott Morrison could be accused of implementing a Nip and Tuck leading up to the election, with tax breaks for small businesses and middle income earners to be fully funded by a crackdown on multi-national tax avoidance and the tax concessions for wealthy superannuants. Personal Tax The middle income tax bracket Read more…