partners for life
Taxation
Surprising Cap Change On After-Tax Super Contributions
May 14th, 2016While many expected certain amendments in the current after-tax (non-concessional) contribution to super with the new Federal Budget, many were taken by surprise when Treasurer Scott Morrison introduced a lifetime cap of $500,000 on after-tax contributions in the 2016-2017 Budget. “We have long advocated for a lifetime rather than annual limit for non-concessional contributions. Whatread more
Deductions on Training Courses for Employees
May 4th, 2016One of the keys to a successful business is having a team of individuals who are proficient with the roles they are given. However, in order for the team members and the business to grow as whole, companies should provide their employees the opportunity to participate in training courses or seminars where they can expandread more
McKinley Plowman Tax Guide 2016/2017
May 4th, 2016After Federal Treasurer, Mr Scott Morrison, handed down the Budget on 3 May 2016, the government is now setting out plans to ensure that Australia continues to successfully transition from the mining investment boom to a stronger, more diversified new economy. As expected, the Budget covers an introduction of a 10-year enterprise tax plan, fixing problemsread more
Handbags for Work May Be Tax Deductable
April 29th, 2016Women will have more reason to shop for a new handbag now that the Australian Tax Office (ATO) confirms that handbags may be claimed on tax, with the provision that the bag is used for work. Following news reports that it is easier for men than women to claim tax deductions for briefcases than handbags,read more
Foreign Resident Capital Gains Tax Withholding
April 21st, 2016The new withholding system that will apply when non-residents dispose of certain taxable Australian property starts from 1 July 2016. In very broad terms, when a non-resident disposes of certain taxable Australian property (e.g., land and building in Australia) the purchaser will generally be required to withhold 10% of the purchase price and pay thisread more
2016 Tax Planning Starts Now!
April 18th, 2016There are 3 key things that all business owners MUST consider. The team at MP+ will work with you to deliver significant results. Please read on! 30 June is not far away! Let’s try and use all of this time to effectively minimise your tax, review the performance of your business and create greater financial securityread more
7 Benefits “Outside” FBT Law’s Scope
April 13th, 2016Knowing what types of benefits “outside” the fringe benefit tax (FBT) law is an advantage, especially now that another FBT year has started on 1 April 2016. Listed below are seven specific examples under family arrangements that the ATO deems to be outside FBT Law’s scope, these include: A birthday gift given to a child who isread more
Time Running Out to Start a Log Book
April 5th, 2016From 1 July 2016 individuals are only able to use the cents per kilometre method or log book method for claiming car expense deductions. The ATO has issued a reminder that taxpayers wanting to use the log book method need to ensure that their car usage is recorded for a minimum continuous period of 12 weeks.read more
Thinking about becoming a client?
Book your free, no obligation consultation right now via our online booking system or get in touch to find out more
Already a client and want to get in touch?
Send us an email via our enquiry form or give us a call today