Hall Chadwick Association Newsletter: Summer 2017

We are pleased to welcome everyone to the Summer issue of the Hall Chadwick Association Newsletter.

Brendan Vaughan, outgoing Chairman of the Hall Chadwick Association, writes in his foreword about finding the balance between work goals and life goals when directing an accounting practice, managing staff and the expectations of clients.

Tax Time Monthly: November Edition 2017

In this edition of Tax Time Monthly, Hall Chadwick looks at last month’s tax issues:

  • Qualifying criteria for the reduced corporate tax rate
  • Satisfying the ‘given’ to trustee requirement of a Binding Death Benefit Nomination
  • AFL player and coach payments for image rights are taxable wages
  • Cleaning service contracts are not employment agency contracts

  • Tax Time Monthly: October Edition 2017

    In this month’s edition of Tax Time Monthly, Hall Chadwick looks at last month’s Bills to:

  • Limit deduction claims for travel and depreciation on residential properties
  • Impose a vacancy fee for foreign owners of residential real estate
  • Implement the First Home Super Saver Scheme
  • Allow contributions for eligible homeowners over 65

  • In Focus: Preferences and PPSR/Retention of Title Claims

    This issue explores a decision of the Federal Court in 2016 Hussain v CSR Building Products Ltd in the matter of FPJ Group Pty Ltd (in Liquidation) [2016] FCA 392 (“the Reasons”) amongst other things considered the relationship between the PPSR Act and Part 5.7B Corporations Act 2001 which prescribes that certain transactions entered into between a company and third parties in the period before liquidation of that company may be voidable as against the Liquidator of that company.

    Tax Time Monthly: September Edition 2017

    This issue discusses recent guidelines and updates issued by the ATO including:
  • Guidance on the new “Similar Business Test” to claim tax losses
  • Accounting for uncertain positions: AASB Interpretation 23
  • Bills introduced to increase Medicare Levy to 2.5%
  • Super death benefit paid to bankrupt via deceased estate not protected from creditors
  • NSW payroll tax: retrospective trust disclaimers ineffective for grouping purposes

  • Tax Time Monthly: August Edition 2017

    In the August edition of Tax Time Monthly, Hall Chadwick looks at recent guidelines and updates issued by the ATO including:

  • Personal Liability of a legal personal representative if deceased estate assets are distributed with a notice of claim or potential claim by the ATO
  • Safe harbour for the use of sportsperson’s name, image or likeness

  • Employee remuneration trust arrangements outside an employee share scheme
  • An early stage innovation company is required to report new share issues to investors who may be entitled to access tax incentive schemes by 31 August 2017
  • Reduction of company tax rate was not meant for passive investment companies says Revenue Minister Kelly O’Dwyer
  • Draft legislation to limit depreciation deductions for plant and equipment used in residential investment properties
  • Draft legislation for amendments to main residence exemption for foreign residents
  • Changes to superannuation reporting requirements with the introduction of the new transfer balance cap
  • ‘Netflix Tax’ now operative for non-resident suppliers to Australian consumers