Thanks to all who joined us at the Pre & Post Budget Update event. It was great to hear that Partners Jamie Towers and Clive Todd delivered concise and relevant Tax and Superannuation Budget summaries.
Please view the keynote presentation and notes from the Australian PNG Business Forum 2016 Meeting on the topic of Planning and Registering your Business in PNG.
Hanrick Curran is delighted to share with you the highlights from their Pre Financial Year End and Post Federal Budget Update Event. Our straight talking presenters explain how the Government will use the 2015 Federal Budget to address Australia’s growing budget challenge. They highlight key points of interest for business owners and professionals, then recap on the Pre Financial Year End initiatives that can be considered during the tax planning season
2016 tax review hints and changes, including PEASE and PEP Limitation, Alternative Minimum Tax (AMT), donations of appreciated capital gain property, qualified charitable distributions, ELOI contracts, net investment income tax (NIIT), Kiddie Tax rates and qualifications, family limited partnerships, tax reform, and the "death tax" provided by a certified CPA.
Please view the keynote presentation and notes from the Australian PNG Business Forum 2016 Meeting on the topic of Planning and Registering your Business in PNG.
Hanrick Curran is delighted to share with you the highlights from their Pre Financial Year End and Post Federal Budget Update Event. Our straight talking presenters explain how the Government will use the 2015 Federal Budget to address Australia’s growing budget challenge. They highlight key points of interest for business owners and professionals, then recap on the Pre Financial Year End initiatives that can be considered during the tax planning season
2016 tax review hints and changes, including PEASE and PEP Limitation, Alternative Minimum Tax (AMT), donations of appreciated capital gain property, qualified charitable distributions, ELOI contracts, net investment income tax (NIIT), Kiddie Tax rates and qualifications, family limited partnerships, tax reform, and the "death tax" provided by a certified CPA.
An individual, company, trust or superannuation fund can use this guide to work out their CGT obligations.
Individuals may prefer to use the shorter, simpler Personal investors guide to capital gains tax 2016 (NAT 4152) if, during 2015–16, they only:
sold some shares
sold some units in a managed fund, or
received a distribution of a capital gain from a managed fund.
A company, trust or superannuation fund may be required to complete and lodge a Capital gains tax (CGT) schedule 2016 (NAT 3423) (CGT schedule) as explained in Part C.
If you have a small business, you should get the publication Capital gains tax concessions for small business 2016.
This guide does not deal fully with the CGT position of:
an individual or entity that is not an Australian resident for tax purposes
a company that is the head company of a consolidated group. The rules that apply to members of a consolidated group modify the application of the CGT rules. For more information about the consolidation rules, see Consolidation.
This guide does not cover individuals or entities whose gains or losses are not subject to CGT but are covered under other tax law; for example, gains or losses from:
carrying on a business of share trading; see Carrying on a business of share trading
property renovation activities.
Super contributions: New rules and key issues for June 30netwealthInvest
Learn the new superannuation contribution rules you should be aware of and understand how they could affect your super savings. Nigel Smith, Netwealth technical consultant, discusses ahead of June 30, 2018.
REIA News May 2015 - Budget Issue
The May issue of REIA News has just be released.
In this issue:
• Detailed Budget Analysis for the Real Estate Sector
• Are falling home ownership levels reversible?
• In the company of strangers
• What the new foreign investment rules mean for you
• Time for action on housing affordability
Best Regards
Linda & Carlos Debello
“Your Local Sales & Property Management Specialist”
LJ Gilland Real Estate Pty Ltd (http://www.ljgrealestate.com.au)
PO BOX 19
ZILLMERE 4034
(07) 3263 6085
0400 833 800 (Mob 1)
0413 560 808 (Mob 2)
0409 995 578 (Linda)
http://www.facebook.com/ljgrealestate & Find Us on Google+
http://www.ljgrealestate.com.au/index.php?lan=ch
Confidential email:- The information in this message is intended for the recipient name on this email. If you are not the recipient please do not read, copy distribute or act upon the message as the information it contains may be privileged. If you have received this message in error, please notify the writer by return email. Thank you very much for your assistance in this matter and your co-operation
Super Caps are coming soon, great investment alternatives are already here. Sarah McGavin
View our presentation on how an investment bond can help you grow your clients’ wealth and be a complement to superannuation, presented by National Strategy Manager, Greg Bird.
The changing environment for retirement incomenetwealthInvest
This presentation aims to give you a better understanding of the challenges, opportunities and strategies for your (financial advice) clients presented by the following legislated and proposed change.
2021 Tax Savings Ideas for Individuals and Businesses.
This presentation and these materials are designed to provide information in regard to the subject matter
covered. This presentation and these materials are provided solely as a teaching tool, with the
understanding that Stephen Moskowitz, Moskowitz LLP, and the instructor are not engaged in rendering
legal, accounting, or other professional service and that they are not offering such advice in this
presentation and these accompanying materials.
Nicola Wealth Presents Share the Pie: The Art of Building a Winning CultureNicola Wealth
John Nicola, Chairman and CEO of Nicola Wealth, joined Vanessa Flockton, Senior Vice President Advisory Services at Nicola Wealth to explain the art of building a winning company culture through the Share the Pie business model.
2016 Australian Federal Budget OverviewHill Rogers
Hill Rogers' Director's Andrew Lam and Garvin Jones present a summary of the major announcements and changes in the 2016 Australian Federal Budget from a Taxation and Financial Reporting perspective.
An individual, company, trust or superannuation fund can use this guide to work out their CGT obligations.
Individuals may prefer to use the shorter, simpler Personal investors guide to capital gains tax 2016 (NAT 4152) if, during 2015–16, they only:
sold some shares
sold some units in a managed fund, or
received a distribution of a capital gain from a managed fund.
A company, trust or superannuation fund may be required to complete and lodge a Capital gains tax (CGT) schedule 2016 (NAT 3423) (CGT schedule) as explained in Part C.
If you have a small business, you should get the publication Capital gains tax concessions for small business 2016.
This guide does not deal fully with the CGT position of:
an individual or entity that is not an Australian resident for tax purposes
a company that is the head company of a consolidated group. The rules that apply to members of a consolidated group modify the application of the CGT rules. For more information about the consolidation rules, see Consolidation.
This guide does not cover individuals or entities whose gains or losses are not subject to CGT but are covered under other tax law; for example, gains or losses from:
carrying on a business of share trading; see Carrying on a business of share trading
property renovation activities.
Super contributions: New rules and key issues for June 30netwealthInvest
Learn the new superannuation contribution rules you should be aware of and understand how they could affect your super savings. Nigel Smith, Netwealth technical consultant, discusses ahead of June 30, 2018.
REIA News May 2015 - Budget Issue
The May issue of REIA News has just be released.
In this issue:
• Detailed Budget Analysis for the Real Estate Sector
• Are falling home ownership levels reversible?
• In the company of strangers
• What the new foreign investment rules mean for you
• Time for action on housing affordability
Best Regards
Linda & Carlos Debello
“Your Local Sales & Property Management Specialist”
LJ Gilland Real Estate Pty Ltd (http://www.ljgrealestate.com.au)
PO BOX 19
ZILLMERE 4034
(07) 3263 6085
0400 833 800 (Mob 1)
0413 560 808 (Mob 2)
0409 995 578 (Linda)
http://www.facebook.com/ljgrealestate & Find Us on Google+
http://www.ljgrealestate.com.au/index.php?lan=ch
Confidential email:- The information in this message is intended for the recipient name on this email. If you are not the recipient please do not read, copy distribute or act upon the message as the information it contains may be privileged. If you have received this message in error, please notify the writer by return email. Thank you very much for your assistance in this matter and your co-operation
Super Caps are coming soon, great investment alternatives are already here. Sarah McGavin
View our presentation on how an investment bond can help you grow your clients’ wealth and be a complement to superannuation, presented by National Strategy Manager, Greg Bird.
The changing environment for retirement incomenetwealthInvest
This presentation aims to give you a better understanding of the challenges, opportunities and strategies for your (financial advice) clients presented by the following legislated and proposed change.
2021 Tax Savings Ideas for Individuals and Businesses.
This presentation and these materials are designed to provide information in regard to the subject matter
covered. This presentation and these materials are provided solely as a teaching tool, with the
understanding that Stephen Moskowitz, Moskowitz LLP, and the instructor are not engaged in rendering
legal, accounting, or other professional service and that they are not offering such advice in this
presentation and these accompanying materials.
Nicola Wealth Presents Share the Pie: The Art of Building a Winning CultureNicola Wealth
John Nicola, Chairman and CEO of Nicola Wealth, joined Vanessa Flockton, Senior Vice President Advisory Services at Nicola Wealth to explain the art of building a winning company culture through the Share the Pie business model.
2016 Australian Federal Budget OverviewHill Rogers
Hill Rogers' Director's Andrew Lam and Garvin Jones present a summary of the major announcements and changes in the 2016 Australian Federal Budget from a Taxation and Financial Reporting perspective.
Estate Planning: Preparing your Will and Nominating an ExecutorHill Rogers
An overview on Estate Planning - an important part of your financial plan:
- Passing your assets on
- Preparing your Will
- What happens when you don't have a Will
- Selecting an Executor
- Superannuation and life insurance
- Minimising potential claims to your Will
- Definition of Probate
Insights in Philanthropy Australia
Tax Efficient Giving and Bequeath Strategies
Digital Disruption – the impacts on NFPs
Common misunderstandings surrounding NFP
Reporting
Topical Legal Considerations for NFPs
Establishing Social Enterprise
State Tax Exemption for Charitable Institutions
Superannuation Changes Post 2016 Australian Federal BudgetHill Rogers
Garvin Jones, Director – Superannuation & Business Solutions, Hill Rogers presents the key changes to the superannuation environment including:
- Changes to contribution limits
- Superannuation pension caps
- What to watch out for during the bring forward transitional period
- Tips on how to maximise contributions in 2016/17
Demystifying Aged Care Planning:
The Aged Care system is complex.
You don’t need to be an expert but you should have a broad understanding of the issues.
Seek professional advice before you are forced into making decisions that you may regret.
Better lifestyle and financial decisions are made when planning starts early.
A summary look at the effects the 2014 Australian Federal Budget may have on you and your businesses as well as the economy. Post Budget presentation by Hanrick Curran, Chartered Accountants in Brisbane Australia
Not for Profit: Avoiding Fraud and Tax Concessions Hill Rogers
Hill Rogers Directors: Andrew Lam and Vishal Modi presentations from the CEO & Chair Symposium, Brisbane:
- How NFP organisations can Avoid Fraud
- Tax Concessions available for NFPs
Our presenters cut through the complexity to deliver relevant Tax and Superannuation insights contained in the 2017 Federal Budget. They also recap on the Pre Financial Year End initiatives that can be considered during the tax planning season.
Jamie Towers, Partner of our Tax Division analyses the taxation and business impacts of the budget to deliver you the most relevant tax insights for business owners and individuals. There will also be a strong tax planning flavour to help you prepare for June 30.
Clive Todd, Partner of our Superannuation Division recaps on key changes made within the Superannuation environment affecting superfund members and employers with Superannuation Guarantee Contribution (SGC) obligations, giving you clarity for the year ahead
Our straight talking presenters cut through the complexity to deliver relevant Tax and Superannuation insights contained in the 2018 Federal Budget. In addition, our presenters recap on the Pre Financial Year End initiatives that can be considered during the tax planning season.
Tax Reform and the Impact to your Franchise by Honkamp Krueger4 2018rhauber
The recent Tax Cuts and Jobs Act aka Tax Reform has made a significant impact on the tax situation of franchise business owners. Our slide deck provides the business tax and individual tax highlights of the Tax Cuts and Jobs Act for franchise organizations.
Tax Cuts and Jobs Act: Tax Reform UpdateSkoda Minotti
Understand the new tax rules resulting from the Tax Cuts and Jobs Act of 2017, and undertake a general review of the tax changes taking effect in 2018 that result from the Tax Cuts and Jobs Act of 2017.
A review of the 2017 Spring Budget and the impact it may have on individuals and businesses in the South West. Plus, an insight into HMRC's Making Tax Digital initiative.
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in Philadelphia to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies. Join us to get answers to questions in the following areas:
Corporate and Businesses
Pass-Through Entities
International Issues
Individuals
On 28 August 2018, Hanrick Curran Director, Angela Winton and Partner, Stephen Brake presented at the Hills and District Chamber of Commerce on SME Insights.
The presentation covered emerging trends, opinions and concerns faced by business owners as highlighted in the SME Research Report for 2017/18. Attendees gained insights around how fellow SME’s are surviving and thriving in the current business climate.
Trust account audits can seem daunting, but you can pass with flying colours. Ace your next trust account audit and identify business efficiencies by getting to know what is needed for a busy recording team.
Presenter Matthew Green delivered this presentation on 23 May 2018 to the REIQ.
Dealing with Chinese Investors can be challenging. In this presentation Vincent Shi, Partner at Hanrick Curran, shares his perspective on successfully working in the asian market space.
Congratulations to Hourn & Bishop Qld on commencing their transition to the next generation. Hanrick Curran were delighted to provide advice on this important business decision.
As with all things that become fashionable more people are taking the next step from having an idea to pursuing a business start-up. The positive side of this is that there is a flood of new ideas which could lead to successful innovative businesses that solve a consumer need. However, before investing precious time and capital into the next great idea
we should put some rigour around selecting the one that
has a best chance of being successful.
GMRF’s 10 year anniversary annual report showcases their incredible achievements and advancements in research to enhance the health of the Australian community. Hanrick Curran is proud to support of GMRF and the milestones reached in the last decade.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdfthesiliconleaders
In the recent edition, The 10 Most Influential Leaders Guiding Corporate Evolution, 2024, The Silicon Leaders magazine gladly features Dejan Štancer, President of the Global Chamber of Business Leaders (GCBL), along with other leaders.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.AnnySerafinaLove
This letter, written by Kellen Harkins, Course Director at Full Sail University, commends Anny Love's exemplary performance in the Video Sharing Platforms class. It highlights her dedication, willingness to challenge herself, and exceptional skills in production, editing, and marketing across various video platforms like YouTube, TikTok, and Instagram.
In the Adani-Hindenburg case, what is SEBI investigating.pptxAdani case
Adani SEBI investigation revealed that the latter had sought information from five foreign jurisdictions concerning the holdings of the firm’s foreign portfolio investors (FPIs) in relation to the alleged violations of the MPS Regulations. Nevertheless, the economic interest of the twelve FPIs based in tax haven jurisdictions still needs to be determined. The Adani Group firms classed these FPIs as public shareholders. According to Hindenburg, FPIs were used to get around regulatory standards.
2. 2016-17 FEDERAL BUDGET UPDATE
Individuals
Business
GST
What else is new?
What does this mean for tax planning?
experience. new thinking www.hanrickcurran.com.au
3. FEDERAL BUDGET
$37.1 Billion Deficit Forecast
Returning to surplus by 2021 (previously 2019)
BUT
Reserve Bank dropped interest rates to 1.75% on
budget day plus possible further rate cuts
Is the economy buoyant enough to reach these
targets?
experience. new thinking www.hanrickcurran.com.au
4. INDIVIDUALS
Fixing Bracket Creep – 32.5% bracket extended
from $80,000 to $87,000
BUT – Maximum Saving is only $315
Will again become a problem in 5 yrs assuming 2%
inflation (RBA target 2-3%)
Why no CPI increase?
experience. new thinking www.hanrickcurran.com.au
6. INDIVIDUALS
Medicare Increase
Individuals – starts at $21,335 ($20,896 2016)
Families – starts at $36,001 + $3,306 per child
experience. new thinking www.hanrickcurran.com.au
7. INDIVIDUALS – Other Measures
Tobacco Tax – 12.5% rise x 4 ($40 a packet?)
Wine Equalisation Tax – more expensive wine?
Jobs Creation Plan – Jobs PaTH
$5 Bn Dental Plan
experience. new thinking www.hanrickcurran.com.au
8. INDIVIDUALS – What Didn’t Change?
Negative Gearing Remains
Capital Gains Tax – 12 month general discount
remains at 50%
Budget Repair Levy (2%) will apply until 30 June
2017 (will not get extended)
experience. new thinking www.hanrickcurran.com.au
9. BUSINESS – COMPANY TAX RATE CUT
• Tax Rate Cut of 5% to 25% over 10 years
Company Tax Rate Cut to 27.5%
Year Turnover
2016/7 10,000,000
2017/8 25,000,000
2018/9 50,000,000
2019/20 100,000,000
2020/21 250,000,000
2021/22 1/2 Billion
2022/23 $1 Billion
2023/24 All turnovers
experience. new thinking www.hanrickcurran.com.au
10. BUSINESS – COMPANY TAX RATE CUT
Tax Rate Cut to 27% in 2024/25
Tax Rate Cut to 26% in 2025/26
Tax Rate Cut to 25% in 2026/27
experience. new thinking www.hanrickcurran.com.au
11. BUSINESS – COMPANY TAX RATE CUT
Tax Rate CUT to 25% by 2027
Lets Put this into Perspective
Ireland Tax Rate is 12.5% - trading income (25%
other)
UK – Reducing to 17% in 2020
experience. new thinking www.hanrickcurran.com.au
12. BUSINESS – COMPANY TAX RATE CUT
Singapore – 17% (+ exemptions)
Hong Kong – 16.5% (+ exemptions)
USA (above $18.33M – 35%)
Global Average – 23.87% 2015 (source KPMG)
experience. new thinking www.hanrickcurran.com.au
13. BUSINESS – COMPANY TAX RATE CUT
A good start, but this needs to happen sooner
In 2027 average company tax rate will likely be
lower than 23.87%
experience. new thinking www.hanrickcurran.com.au
14. BUSINESS – Small Business
What is a ‘SMALL’ Business?
Turnover:
• $2M?
• $5M?
• $10M?
• $20M?
experience. new thinking www.hanrickcurran.com.au
15. BUSINESS – Small Business
Definition of ‘Small’ Business Expanded to $10
Million turnover (from $2M) from 1 July 2016
Applies to Small Business Measures (Division 328)
Small Business CGT Measures Turnover still $2M
Small Unincorporated business discount turnover
now $5M
experience. new thinking www.hanrickcurran.com.au
16. BUSINESS – Small Business
Definition of ‘Small’ Business Expanded to $10
Million turnover (from $2M) from 1 July 2016
Applies to Small Business Measures (Division 328)
• $20K Instant Asset Write-Off
• Accelerated Depreciation
• Trading Stock Rules
• GST – Cash Basis
• PAYG
• FBT
experience. new thinking www.hanrickcurran.com.au
17. BUSINESS – Small Business
Small Business CGT Measures – Still $2M turnover
15 Year Exemption
50% Active Asset Reduction
Retirement Exemption ($500,000 cap)
Small Business Roll-over
experience. new thinking www.hanrickcurran.com.au
18. BUSINESS – Small Business
Unincorporated Small Business Discount – turnover
definition $5M
Discount % Increases from 5% (2016) to 16% over
10 years (8% 2016/7)
Individual cap of $1,000 remains
experience. new thinking www.hanrickcurran.com.au
19. BUSINESS – All Business
Division 7a
Self Correction Mechanism for ‘inadvertent
breaches’
Safe Harbours
Simplified Loan Arrangements
Apply from 1/7/2018
experience. new thinking www.hanrickcurran.com.au
20. BUSINESS – New Companies / Start-Ups
Incentives (Tax Offset and CGT Exemption) for
investing in ‘Innovative’ start up companies
announced in MYEFO
Law passed last week - Applies from 1 July 2016
Investment Capped at $50,000 for non-
sophisticated investors
experience. new thinking www.hanrickcurran.com.au
21. Non-Refundable 20% Tax Offset for investing in
‘Innovative’ start up companies (Capped at
$200,000 pa)
CGT exempt gains and losses on disposal of shares
held > 1 yr < 10 years
Does not apply to > 30% ownership, or Affiliates
(control)
experience. new thinking www.hanrickcurran.com.au
BUSINESS – New Companies / Start-Ups
22. Criteria
1. Company must be < 3 years old; or
2. Incorporated in last 6 years and <$1M expenses; or
3. Registered on ABR within last 3 years; and
experience. new thinking www.hanrickcurran.com.au
BUSINESS – New Companies / Start-Ups
23. Expenses < $1M in previous year; and
< $200,000 revenue in previous year; and
Unlisted; and
Meet 100 point innovation criteria
experience. new thinking www.hanrickcurran.com.au
BUSINESS – New Companies / Start-Ups
24. BUSINESS – Larger &
International Business
$679 Million to ATO for anti-avoidance task force
(expected to reap $3.7 Bn) (Also targets high
wealth individuals)
Transfer Pricing Rules Expanded in line with OECD
• IP and Intangibles
• Analysis must match substance
experience. new thinking www.hanrickcurran.com.au
25. BUSINESS – Larger &
International Business
Tax Consolidation – Removing Inequities –
subsidiaries with deductible liabilities; DTLs
removed from ACA
TOFA to be simplified
Penalties for ‘Globally Significant Entities expanded
from $4,500 to $450,000
experience. new thinking www.hanrickcurran.com.au
26. BUSINESS – Diverted Profits
Tax (Google Tax) – 40%
Aus Company / PE has ‘shifted’ profits to a foreign
related company through ‘management charges’ etc
Tax paid overseas is < 80% of tax than would
otherwise have been paid in Aus.
Reasonable to Conclude arrangement designed to
reduce tax
No Economic substance
UK has a DPT (yet to be tested – introduced this
year)
experience. new thinking www.hanrickcurran.com.au
27. GST
GST will apply to Low Value Good Imports from 1
July 2017
Current GST import exemption threshold is $1,000
– Proposed to reduce to $0
How to enforce small vendors to become
registered?
experience. new thinking www.hanrickcurran.com.au
28. GST
More Simplified GST Registration for non-residents
Same as registration proposed for the ‘Netflix’ tax
Netflix Tax law actually passed Parliament last week
and will apply from 1/7/2017
experience. new thinking www.hanrickcurran.com.au
29. GST
GST Cash Basis and GST Instalments Basis will be
extended with small business threshold to $10
Million (from 1 July 2016)
Simpler BAS reporting for small business ($10M
turnover) – trial from 1/7/16, application from
1/7/17
experience. new thinking www.hanrickcurran.com.au
30. What Else is New?
CGT – Look through treatment on Earn-out
Arrangements – New Law Finally Passed (applies
from 24/4/2015) (originally announced in 2009)
Managed Investment Trusts Legislation finally
passed (apply from opt in time after 1/7/2015)
This includes changes to Public Trading Trust rules.
No longer a PTT merely because super funds own >
20% of units
experience. new thinking www.hanrickcurran.com.au
31. Key Tax Planning Measures
from the Budget
Reduction in Company tax rate will encourage more
companies rather than trusts – will affect future
structuring decisions
For companies > $2 Million but < $10 Million
turnover –
• Delay Asset purchases >$1,000, <$20,000 until
2016/7 year
• Defer income where possible until 2016/7 year
experience. new thinking www.hanrickcurran.com.au
36. 36experience. new thinking
Concessional Contributions Cap
Reduced to $25,000 from 1 July 2017 for
everyone
2015/16 2016/17 2017/18
Under 50 $30,000 $30,000 $25,000
Over 50 $35,000 $35,000 $25,000
37. 37experience. new thinking
Removal of The Work Test
Currently people aged 65 to 74 are required to
work 40 hours within a 30 day period to be
eligible to contribute
Removed as of 1 July 2017
Applies to both personal concessional & non-
concessional contributions
38. 38experience. new thinking
Increased Access to Personal
Contributions
Removes “10% rule”
Effective from 1 July 2017
All individuals under age 75 are able to claim tax
deductions for personal contributions in addition
to having employer contributions up to total of
$25,000
39. 39experience. new thinking
Catch-Up Concessional Contributions
Unused concessional contribution cap amounts
can be carried forward
Calculated on a rolling basis over 5 consecutive
years
Effective 1 July 2017
Restricted to individuals with a super balance less
than $500,000
40. 40experience. new thinking
Lifetime Cap for Non-Concessional
Contributions
Capped at $500,000 over lifetime
Effective 7:30pm (AEST) on 3 May 2016
Includes all non-concessional contributions made
since 1 July 2007
41. 41experience. new thinking
If non-concessional contributions exceed
$500,000 between 1/7/07 & 3/5/16 - no need to
withdraw but no further allowed
If non-concessional contributions exceeds
$500,000 after 3/5/16 - it will be treated as
excess contributions
Replaces current $180,000 per year limit
Impact of Lifetime NCC Cap
43. 43experience. new thinking
Non-working over 65s look to contribute post
1 July 2017
If super balance less than $500,000 look to utilise
“catch-ups” prior to any potential non-
concessional contributions
Maximise concessional contributions in 2016 &
2017 financial year
Limited Recourse Borrowing Arrangements
(LRBAs) become more attractive
Utilise “concessional catch up” to minimise one-
off tax events i.e. large CGT event
Strategies for consideration
45. 45experience. new thinking
Superannuation Transfer Balance
Cap
Restricts the total amount of super that can be in
converted to pension phase to $1.6 million (ie
purchase price)
Effective 1 July 2017
Any amounts in excess of $1.6 million must be
left in accumulation
46. 46experience. new thinking
Subsequent earnings on pension balance will not
be required to be withdrawn
If cap breached -> subject to tax on both excess
amount & earnings
Existing pensions greater than $1.6 million will
have to transfer excess to accumulation or
withdraw from super
Will be indexed in $100,000 increments in line
with CPI
Impact of Transfer Balance Cap
47. 47experience. new thinking
Transition to Retirement Changes
Earnings on assets supporting Transition to
Retirement Income Streams will no longer be tax
free
Effective 1 July 2017
No longer able to treat income stream payments
as lump sums for tax purposes
49. 49experience. new thinking
Ideally equalise member balances – a couple can
have a combined $3.2 million in pension
Utilise any unused $500,000 non-concessional
cap
Contributions splitting – where concessional
contributions made in the previous financial
year are transferred to spouse
Strategies for consideration
50. 50experience. new thinking
Segregate high earning assets in pension phase
and leave lower earning assets in accumulation
Only withdraw minimum pension and supplement
with lump sums from accumulation
Crystalise capital gains & bring forward
income prior to 30 June 2017
More strategies for
consideration
51. 51experience. new thinking
Transition to Retirement still beneficial if over 60
as withdrawals are tax free and can be used to
maximise concessional contributions
If in Transition to Retirement phase look to satisfy
condition of release
More strategies for
consideration
53. 53experience. new thinking
Division 293 Tax
Additional 15% contributions tax for high earners
Income threshold reduced from $300,000 to
$250,000
Effective 1 July 2017
Income includes taxable income, reportable fringe
benefits, net investment losses & concessional
contributions
Only applies to contributions that exceed the
$250,000 threshold
54. 54experience. new thinking
Spouse Superannuation
Tax Offset
18% offset available up to $540 for contributions
made to eligible spouse’s super
Income threshold increasing from $10,800 to
$37,000
Effective 1 July 2017
Count towards spouse’s non-concessional cap
55. 55experience. new thinking
Low Income Superannuation Tax
Offset
Refund of the 15% contributions tax for low
income earners
Capped at $500
Apply to individuals with adjusted taxable of less
than $37,000
Replaces Low Income Superannuation Contribution
(LISC)
56. 56experience. new thinking
Miscellaneous
Anti-detriment payments abolished
Objectives of superannuation to be enshrined in
law
New retirement products innovation – tax
exemption extended
57. 57experience. new thinking
Important points to take home
Pre 30 June 2016 - still make concessional
contributions & pension withdrawals as normal
Don’t make any non-concessional contributions
without checking first!
Accumulation phase still only attracts 15% tax rate
Majority of changes effective 1 July 2017
Changes dependent on outcome of Election
Don’t panic! Planning opportunities will be available