Fair Work Commission hands down Annual Wage Review Decision and Penalty Rates Transitional Arrangements Decision
Sladen Snippet - further changes to TRISs – qualifying for retirement phase and the cost base reset
The Treasury Laws Amendment (2017 Measures No. 2) Bill 2017 has been tabled in Parliament. The Bill proposes to make two important changes to transition to retirement income streams (TRISs). Firstly, to allow certain TRISs to qualify for “retirement phase” and, secondly, to ensure TRISs qualify for the cost base reset.
Sladen Snippet - many SMSFs to face “monthly” TBAR reporting regime from 1 July 2017
As part of administering the new transfer balance cap measure, the Australian Taxation Office (ATO) is currently developing a new self managed superannuation fund (SMSF) event based reporting regime. This regime is likely to be in the form of a report to be called the Transfer Balance Account Report or TBAR. At this stage, the reporting regime is expected to be as follows:
Sladen Snippet – death benefit pensions may be commuted into accumulation prior to 1 July 2017
There is some good news and some bad news with the ATO’s release of Practical Compliance Guide PCG 2017/6. The good news is that spouses in receipt of death benefit pensions may commute their death benefit pensions in excess of the transfer balance cap back into accumulation before 1 July 2017. The bad news is that this concession does not apply to non-spouses and won’t apply after 30 June 2017.
Sladen Snippet - New GST remission requirements for purchasers of newly constructed residential premises or land in new subdivisions
It was announced as part of the 2017 Federal Budget that from 1 July 2018, purchasers of “newly constructed residential premises” or “new land subdivisions” will be required to remit GST directly to the Australian Taxation Office as part of settlement. Details have not yet been provided on how this measure will be implemented or operate.
Sladen Snippet - Accounting firm liable for involvement in client’s underpayment of wages
In the landmark decision of Fair Work Ombudsman v Blue Impression Pty Ltd & Ors [2017] FCCA 810, the Federal Circuit Court has found that Melbourne accounting firm, Ezy Accounting 123 Pty Ltd (Ezy Accounting), was knowingly involved and accessorially liable for its client’s failure to pay its employees award rates of pay.
Sladen Snippet – ATO extends lodgement date for 2015/16 SMSF returns to 30 June 2017
Sladen Snippet – Last chance to transfer property between spouses duty free
Sladen Snippet – Super and the 2017 budget – no news is good news
Paper on the super reforms: What you need to do before 30 June 2017
Paper on the new super laws - An overview of the super reforms
Sladen Snippet – ATO gives guidance on how to commute pensions by 30 June 2017 for the transfer balance cap measure
Sladen Snippet – Documents for the new super laws
Sladen Legal video presentations on the new super laws
Units trusts and cost base resets under the transfer balance cap (TBC)
Deemed to be a “fixed trust” – draft guidelines
Are foreign trusts the new black?
Sladen Snippet - More flexible small business restructure rollover and new corporate tax cuts passed by Senate
The Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016 was recently passed by the Senate containing amendments to progressively reduce the corporate tax rate and increase the small business turnover thresholds for access to small business tax concessions.
