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In case you missed it – The company tax Bill that did pass Parliament.
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Article archive
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Quarter 2 April - June 2018
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Quarter 4 October - December 2017
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Quarter 3 July - September 2017
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Quarter 2 April - June 2017
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Quarter 1 January - March 2017
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Quarter 4 October - December 2016
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Quarter 3 July - September 2016
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Quarter 2 April - June 2016
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Quarter 1 January - March 2016
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Quarter 4 October - December 2015
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Quarter 3 July - September 2015
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Quarter 2 April - June 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
Quarter 3 of, 2017 archive
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Australia's leading causes of death - ABS
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How is your super going, ready for retirement?
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ATO increasing data exchange with international regulators
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Illegal SMSF early access scheme leads to $6,000 fine
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Our 'hardest' SMSF tasks
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Uber drivers hit for 10% tax
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Lack of literacy promotes unrealistic goals
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Taxpayer failed to prove that payments were “loans”
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New STP dates confirmed as ATO goes on compliance blitz
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ATO flags compliance project for FY17/18
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Items that heat up your depreciation deductions
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Doing a budget is a good idea but ....
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Government ‘undermines’ tax system in new moves on property expenses
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Taxpayer denied deduction for work expenses of $60,000
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Overtime meal expenses disallowed because no allowance received
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Key Economic Indicators, 2017
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Government to shut down salary sacrifice loophole
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ATO heavyweight responds to hacking fears
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Checklist - Individuals Tax Returns - 2017
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Checklist - Tax time 2017 - Company, Trust & Partnership
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Checklist - Superannuation Funds - 2017
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ATO to ramp up scrutiny of $20K tax break use
In case you missed it – The company tax Bill that did pass Parliament.

Amidst all the drama in Canberra recently, you could be forgiven for missing an important company tax rate change.

       

 

One bill – (Enterprise Tax Plan Base Rate Entities) Bill 2017 actually did get passed by the Senate.

This is an important company and dividend taxation amendment, having both retrospective and prospective impacts.

The lower company tax rate is now dependent on:

  • having an aggregated turnover less that the requisite threshold (i.e. $25 million in 2017-18 and $50 million in 2018-19 and future years), and
  • no more than 80% of a corporate’s assessable income for the relevant year is passive income as defined.

Further, maximum franking credits that can be attached to dividends are to be determined by:

  • assuming the aggregate turnover in the current year is the same as in the previous year; and
  • applying the corporate tax rate for the current year.

It should not be – but to answer the question what company tax rate will I pay – it depends!!

 

 

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