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Why we must all exercise great care with super at year end Editor:  This case involves a taxpayer being penalised with excess contributions tax (ECT) because payments that his bookkeeper was supposed to make in the 2009 and 2011 years…

Super caps increased for 2014/15 The ATO has announced the following changes to the superannuation contributions caps. Concessional contributions cap These include: –   employer contributions (including those under a salary sacrifice arrangement); and –   personal contributions claimed as a tax…

SMSF trustees may soon be fined for breaches by their fund Editor:  In the ATO’s latest edition of its “SMSF News”, it cautions trustees of self-managed superannuation funds (SMSFs)about new penalty provisions that are coming into play on 1 July.…

FBT Rate – 2013/14 & 2014/15 The FBT rate of tax has been increased by half a percent from 1 April 2014.  The new rate of tax and the consequent increased gross-up rates follow: FBT Year Ended Rate of Tax…

Editor:  The ATO has issued a media release in relation to a new small business consultancy panel.  As positions on the panel are paid, some clients may wish to consider applying. The ATO is inviting Australia’s small business owners to…

The ATO has released the June 2014 quarter rates for the General Interest Charge (GIC) and the Shortfall Interest Charge (SIC) as follows: GIC annual rate 9.63% GIC daily rate 0.02638356% SIC annual rate 5.63% SIC daily rate 0.01542466% Also,…