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‘Substantiation will be a key focus’: ATO drums in tax time 2018 hit list
Super changes: $1.6 million transfer balance cap and death benefit pensions
Payroll, compliance issues top dodgy practices in Aussie business
Employee travel expense deductions
The Goldilocks effect - Economic and market update 4Q 17
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Australia. All you need to know to be the expert.
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Caution advised on best interests duty with cryptocurrencies
$20,000 asset write-off renewed for another financial year.
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Where Australia is at. Our leading indicators.
Foreign resident CGT withholding: early recognition of tax credit
ATO set to doorknock as 60% of cash-heavy businesses caught
New downsizing cap available
Capital Gains and Renounceable Rights
Treasury finds Australia 'increasingly uncompetitive' as US moves on tax plans
Australia's vital statistics
Our Advent calendar for 2017
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Quarter 4 of 2017
SMSFs warned on ‘ticking time bomb’ with outdated deeds
Taxation ruling on commercial website deductibility
68% of SMEs ‘significantly stressed,’ 85% rely on accountants
Statutory wills are underutilised in estate planning
Small business slips on lodgement deadlines
300,000 SMEs utilising $20K write-off, says ATO
‘A bad thing times 10’: ATO set for new SMSF blitz
Capital Gains and Renounceable Rights
Paperwork bungles lead to $38k in payments
Australian Dietary Guidelines and healthy eating chart (PDF)
Former director liable for company’s unpaid tax liabilities
Super for housing measures enter Senate
No Special Circumstances to allow Excess Super Contributions
Housing tax measures progress to Parliament
AirBnb – wrong tax outcome?
Are young investors wasting their youth?
ATO sending 'more letters than ever' on income tax errors
Powerful Budgeting, cash flow and Super Tools available on our site.
Property, unit trusts in ATO's sights
Australian Dietary Guidelines and healthy eating chart (PDF)
Major Bank Levy Passed
NSW tops list as ATO reveals billions in lost super
Major Bank Levy Passed

Whilst there has been little publicity in the weeks after the May Federal Budget, the Bank Levy has passed through Parliament and receive Royal Assent, without amendment.



This was a major new initiative to make significant contributions to future Federal Budget shortfalls.  South Australia has a similar levy.

The major banks will pay a levy payable at the rate 0.015% on the total liabilities of the authorised deposit taking institutions liabilities, greater than $100 billion, subject to many subtle adjustments.

The levy is payable quarterly, commencing September 2017.  Taxpayers are yet to see any obvious impact.

As most Australians have superannuation benefits and most superannuation funds include the big banks in their portfolio, will this levy impact on reduced dividends and superannuation fund earnings?





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