A franking account records the amount of tax paid that a franking entity can pass on to its members/shareholders as a franking credit. Each entity that is, or has ever been, a corporate tax entity has a franking account.
Division 7A Loans – What they are, who they apply to & how to reduce them?
Division 7A is a section of the Tax Act that contains anti-avoidance provisions which are aimed at preventing private company owners and their associates from avoiding dividend taxation by trying to access company profits in another form besides…..
Xero…..the cloud beater
We have been asked by our clients, to share the preferred bookkeeping software recommended to our clients, especially with the fast-approaching mandatory Single Touch Payroll reporting.
Individual tax rates – changes are coming
If re-elected the Liberal party have promised to simplify the current tax levels imposed on individual tax payers. They have also proposed to increase the eligibility for the low-income tax offset. The changes to the low-income tax offset would see taxpayers…..
Self Funded Retirees and super – opposites collide
The Liberal party couldn’t be more opposite to the much-publicised Labor policy in regard to franking credits. Unless you’ve been living under a rock, many self-funded retirees should now be aware of the potential loss of franking…..
Company Tax – on the chopping block
Anyone who operates a small business in Australia will already know the company tax rate has reduced from 30% to 27.5% in the last 2 years. The Morrison lead Liberal party plans to lower the company tax rate to even lower levels…..
Ending Corporate Handouts from the Government
The Greens mantra is that Government spending should fund the services we all need to live a good life, not prop up industries which support the fortunate few over the rest of us. They believe the Liberal and Labor party…..
End Tax Avoidance
According to the Greens statement on tax avoidance, Australians have had enough of multi- national companies and the super rich treating tax as an optional extra. The Greens believe our tax system…..
Reverse Unfair Tax Cuts
According to the Greens published tax statement, everyone should pay their fair share of tax in order to contribute to a fairer, more equal society. This is based…..
Self managed super funds
There are 2 major changes on the horizon for SMSF’s should Labor win the next election, which are outlined below. These proposed policy changes will affect those clients in pension mode and those seeking to purchase property within super.
