October 2019   |  Newsletter


Small business CGT Concessions:

when do I qualify?

Are you aware that the small business CGT concessions allow you to reduce, or maybe even eliminate, the capital gain from the sale of a business asset and to make extra super contributions – sometimes up to $1,515,000 – from the sale? But you do need to meet two basic conditions before you can access any of the measures: your business must be “small” enough to qualify (applying either a turnover test or a net assets test); and the capital gain must arise from the sale of an “active” asset. Contact our office to begin exploring the concessions for your business.

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ATO sets its sights on 

undisclosed foreign income

Do you have any offshore income you haven’t declared to the ATO? International data-sharing arrangements are making your overseas financial affairs increasingly transparent, so don’t get caught out. If you’re an Australian resident for tax purposes, you’re taxed on your worldwide income, so you must declare all foreign income sources in your return. Failure to do so can attract penalties and ATO scrutiny of your broader tax affairs. We can help you navigate the rules and advise you on your tax residency, foreign income and making a voluntary disclosure.

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Unpaid super:

Important amnesty updated for employers 

Unpaid super is high on the hit list and if you’re an employer, now is the time to act and protect yourself against penalties. The launch of Single Touch Payroll will greatly improve the ATO’s ability to check if employers are meeting their compulsory super guarantee obligations moving forward. But for those businesses with past unpaid super, the government has recently announced an “amnesty”, allowing them to disclose and pay any outstanding contributions without penalties, subject to conditions. We can advise you on disclosure and how to minimise any penalties.

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