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Legislation has been introduced into Federal Parliament that will amend the tax law to ensure that a company will not qualify for the lower company tax rate of 27.5% if more than 80% of its assessable income is passive income.
On 11 September 2017 the Government released exposure draft legislation that contains six tax consolidation integrity measures designed to remove perceived anomalous tax outcomes that arise under the tax cost setting rules when an entity joins or leaves a tax consolidated group.
In the May 2017 Federal Budget, the Government announced a raft of proposals it hoped would relieve the current pressure on residential property prices.
The ATO’s tax treatment of travel expenses is now clearer since it revised and explained its view of the treatment of many common travel expenses.
The Australian Taxation Office (ATO) has recently released Practical Compliance Guideline PCG 2017/13.
The concessional contribution cap has been reduced to $25,000 and applies to all taxpayers, regardless of age.
If companies on the 27.5% tax rate pay dividends out of 30% taxed profits, the combined tax paid by the company and shareholders will be greater than if the company remained at the 30% tax rate.
The Tax Office has issued Practical Compliance Guidelines PCG 2017/D7, which considers how companies should deal with changes in the tax rate for companies carrying on a small business.
The Automatic Exchange of Information (AEOI) legislation will be fully effective from 1 July 2017.