Heaney Business Group

Tax alert: Distributions to non-resident beneficiaries

The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some. Two […]

Super Guarantee Amnesty Resurrected

The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time, however, the incentive of the […]

Uber Is Not A Taxi Service for Fringe Benefit Tax Purposes

Good News, the outdated FBT rules for Uber Drivers are set for a legislative change. Treasury has released an exposure draft under the Treasury Laws Amendment Bill 2019. It seeks […]

Diversity in Self Managed Superannuation Funds (SMSFs)

Making a deliberate decision to have little diversity in Self Managed Superannuation Funds (SMSFs) is a choice many trustees make. Choosing to do this is acceptable however you must be […]

ATO Cracks Down on Foreign Income

The Australian Taxation Office (ATO) has identified under-reporting of foreign income is an issue. 5 years ago, the ATO gave a reprieve for those who should have been penalised for […]

Director Penalty Notices (DPNs)

Director Penalty Notices (DPNs) are a way of the ATO collecting companies outstanding tax liabilities. These penalties make directors legally responsible if their company has any unpaid Superannuation Guarantee (SGC) […]

Personal Income Tax Changes Cause Uncertainty for Taxpayers

Taxpayers expecting to receive the recent income tax cut subsidy of $1,080 have been left disappointed and confused when lodging their tax returns. This new tax cut does not entitle […]

The ATO airs ‘Dirty Laundry’ on Laundry Expenses

The ATO (Australian Taxation Office) has issued a warning that it is scrutinising claims for work-related clothing and laundry expenses. The ATO Assistant Commissioner Kath Anderson stating “Last year around […]

New Pay Rates effective as of 1st July 2019

New rates of $740.80 per week are applicable to employees not covered by an award or agreement.

Important Changes to Super Insurance and Exit Fees

As a result of new laws, (1 July 2019) you will longer see superannuation providers diminishing member balances with untoward or unnecessary insurance and exit fees. Plus, accounts that are […]

ATO Changes That Will Affect Your Business

If you are a business with 20 employees or more, you will no longer need to issue Payment Summaries and you have until 14th July to have your declarations finalised.