Government announces changes to super
15 September 2016
Yesterday, Treasurer Scott Morrison announced significant changes to the proposed superannuation reforms announced at the May budget.
The government have scrapped the proposed $500,000 limit on after-tax contributions which will be replaced by an annual non-concessional $100,000 limit.
New legislation to help farmers manage tough times
14 September 2016
The Coalition Government have passed a new legislation delivering on a key Ag White Paper initiative to strengthen the Farm Management Deposit (FMD) scheme, enabling farmers to better manage during periods of uncertainty.
The key changes are:
- Double the deposit limit from $400,000 to $800,000
- Allow financial institutions to offset FMDs against other farm debt
- Allow early access to the deposit in times of severe drought
Changes to the HECS-HELP discount and voluntary repayment bonus
13 September 2016
From 1 January 2017, the Government will remove the upfront HECS-HELP discount of 10 per cent and the voluntary HELP repayment bonus of five per cent.
The current HECS-HELP program allows eligible Commonwealth supported students to defer their student contribution and repay it later through the taxation system.
Flood and storm assistance
12 September 2016
Disaster assistance for regional NSW communities affected by the recent storms and flooding has been announced by the state and federal government.
Following 20 July’s wild weather, assistance is now available for Bathurst, Bogan, Cabonne, Carrathool, Coonamble, Cowra, Forbes, Hilltops, Narromine, Oberon, Orange, Parkes, Upper Lachlan, Warren, Narrandera and Narromine.
Malicious phone scam claiming to be the ATO
12 September 2016
Recently, we have had numerous occasions where our clients have received phone calls claiming to be from the Australian Tax Office (ATO). From time to time the ATO may contact you by phone, but you should be wary of unsolicited phone calls. We advise our clients to be vigilant when receiving phone calls of this nature.