2020-2021 Federal Budget: Taxation and Accounting Overview
The Federal Treasurer, Mr Josh Frydenberg, handed down the 2020-21 Federal Budget at 7:30 pm (AEDT) on 6 October 2020. Below we have provided a taxation and accounting overview of the changes outlined in the Budget. “Australia’s economic response to the COVID-19 pandemic in the form of the original and extended JobKeeper scheme, the cashflow […]
Read moreAllan Hall’s 2019 Federal Budget Tax Summary
The Federal Treasurer, Mr Josh Frydenberg, handed down the 2019/20 Federal Budget at 7:30 pm (AEDT) on 2 April 2019. Mr Frydenberg said the Budget is ‘back in the black’, announcing a budget surplus of $7.1b, and forecasting continued surpluses into the future, building towards 1% of GDP with the aim to pay off Government […]
Read moreAllan Hall attends Accounting & Law Firm Alliance’s Conference
From 24-26 May, Allan Hall Partner, Scott Jago, represented our firm at the Asia Pacific Regional Conference of Alliott Group, which was this year held in Osaka, Japan. Alliott Group is an international alliance of professional services firms of which Allan Hall is a longstanding member. The conference provided learning, personal development and networking opportunities […]
Read moreThe 2018-2019 Federal Budget has been announced – so what does it mean for you?
On Tuesday 8 May 2018, the Federal Treasurer Mr Scott Morrison handed down the 2018-2019 budget. Whilst there was emphasis on bringing the budget back to surplus earlier than originally planned, as well as individual tax cuts, we have prepared a tax and superannuation brief to help break down all of the announcements and what […]
Read moreGST on Low Value Imported Goods
What is it? From 1 July 2018, all goods imported to Australian consumers will now be subject to 10% GST. Previously goods that were considered low value ($1,000 AUD and under) were exempt from GST, however the government has now legislated this ‘loop hole’ to include all imported goods. Those responsible for the collection of […]
Read moreAnnual charge on empty, foreign-owned, holiday homes
In the 2017 budget, the Government brought in a measure to discourage foreign owners holding Australian residential property as holiday homes that remain unoccupied for most of the year. Where the property is unoccupied or not genuinely available on the rental market for more than 6 months of the year, the owner will be charged […]
Read moreNew ATO Tax Avoidance Taskforce
The last month has seen the release of the Paradise Papers. These papers detail what most people already know – that large multinationals and the rich of the world have structures in tax havens. We are seeing unprecedented co-operation between taxation authorities internationally. In Australia, you may have seen in the media that the Australian […]
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