Insights

I have put together a handy tax update so you can ensure none of the following taxation topics have slipped past your radar.

In your management rights business, do you use online travel agents (OTAs) to book travel products and services online?

Foreign Resident Capital Gains Withholding (FRCGW) first applied to vendors disposing of certain taxable Australian property under contracts entered into from 1 July 2016. A 10% non-final withholding was applied to these transactions at settlement. 

The 2017 Federal Budget has been handed down, responded to, cut up, reviewed, supported, dismissed as too Labor or too political. Whatever individual argument is thrown at the Budget, I see it as a nothing Budget – another 12 months for Australia to prod through until next May.

In the 2016-17 Budget, the Government announced that it will reduce the corporate tax rate progressively from 30% to 25%.

New superannuation legislation will take effect from 1 July 2017. It has received Royal Assent so will apply in its present form. 

Non-concessional Contribution Issues

Carrying on from our first blog Superannuation Reform 2017 Overview, we wish to inform how you will be affected when the new superannuation legislation takes effect from 1 July 2017.

Changes to the Australian superannuation system have received royal assent (formal approval of an act of Parliament) and will take effect from 1 July 2017.