ATO Hit List for 2017

Uber drivers and AirBNB income earners and taxpayers claiming “dodgy” deductions be careful! People earning extra income through sharing economy platforms like Uber and Airbnb can expect extra scrutiny this year. Also under scrutiny will be inflated work-related personal tax deductions, deductions relating to investment properties, and working holiday-makers claiming to be residents. If you’re in the sharing economy, driving an Uber or renting an Airbnb, the main thing to be aware of is that you do have tax obligations. The income earned needs to be declared and valid tax deductions can also be claimed to reduce that income. The ATO can obtain taxpayers’ financial information from third part

Federal Budget 2017

Mr Scott Morrison, the Federal Treasurer, has handed down his second Budget (the government’s first of its three-year term). Mr Morrison said the Budget is focused on boosting the economy and households, so that “we live within our means and are able to return the Budget to balance in 2020/21”. The government is proposing to address the housing affordability crisis with a package of tax, superannuation and other measures. Additionally, the Budget contains measures intended to ensure the integrity of the Tax and Superannuation system. The tax and superannuation highlights are set out below. 1. Personal income tax measures 1.1 Limiting plant and equipment depreciation deductions to outlays act

Changes to Superannuation

Changes to Superannuation from 1st July 2017 are the most significant in a decade. The changes aren’t limited to those with large superannuation balances or people on a higher income. If you would like to discuss these changes or any strategies that need to be implemented before 30th June 2017, make an appointment for a consultation. The annual concessional contribution cap will reduce to $25,000 p.a. for everyone. For the year ending 30th June 2016 the caps are $35,000 for members aged 49 or over otherwise it is $30,000. The annual non concessional contributions cap will be lowered from $180,000 to $100,000 p.a. The final opportunity to contribute $540,000 under the current non concessiona

Tax Planning Tips 2017

It’s that time of year when businesses can benefit by considering strategies to minimize their tax burden. Here, we look at some actions small businesses can consider in order to reduce their tax for 2017. When evaluating these strategies you should always keep in mind that spending money for the pure purpose of gaining a tax deduction can be counter-productive if the expenditure is not necessary for the business or expected to create a net improvement in profitability. With all transactions, the business decision should be made first with taxation considerations a secondary influencing factor. The specific circumstances of each business can also impact on tax planning. For example, if a bus

Financial Market Update: How did April Fare?

The winning streak continued in April, despite a war footing in Syria and North Korea, and the first round of the French elections which soundly booted the two mainstream contestants and set up a run-off between Marine Le Pen and Emmanuel Macron. The ASX200 accumulation index gained 1.03% during April. The bigger gains were in the banks, while miners were off about 2.2%. The positive result masked a few shockers during the month, like Telstra down 8.7% and upstart competitor Vocus which lost 22.4%. Over in the A-REITs (listed property trusts), the gain was 2.61%. This was helped by falling interest rates, with the Australian ten-year government bond starting the month at 2.70%, sliding to 2.

WD Nicholls  ABN 46 168 062 833 ​

FIND US: 109 Dalley Street

PO Box 111 Mullumbimby NSW 2482

CALL US: 02 6684 2502   FAX US: 02 6684 1311

EMAIL US:

©2017 WD Nicholls | Privacy Policy | Disclaimer