An individual's tax liability depending on whether a person is considered to be an Australian tax resident or a foreign resident. Australian tax residents are assessed on income from worldwide sources, while foreign residents are only taxed on Australian-sourced income. Non-residents are subject to higher overall tax rates, without the benefit of Australia's lower marginal tax...Read More
|In February 2017, the ATO released Draft Law Companion Guideline LCG 2017/D3 (This draft ruling has now been finalised as LCR2017/3). This Draft Guideline deals with the treatment of superannuation death benefit income streams under the $1.6 million pension transfer balance cap from 1 July 2017.
From 1 July 2017 all pensions...
Business innovation includes the development or introduction of new or significantly improved goods, services, processes or methods. According to figures released by the Australian Bureau of Statistics (ABS), more than a quarter of innovative-active businesses (27%) have reported that a lack of access to additional funds is the main barrier to innovation....Read More
The budget announcement by Scott Morrison on 9 May 2017 was relatively subdued in relation to tax reform when compared to prior years. The budget saw a change in philosophy by the Coalition Government by announcing increase in taxes/levies and increases in spending, which is different from their usual commentary about...Read More