Super Stream is a government reform which aims to improve the efficiency of the superannuation system. If your SMSF receives super contributions from an employer then you will need to ensure that your self-managed super fund is Super Stream ready. Effective from 1 July 2015, employers with 19 or fewer employees must use the Super Stream standard. Since 1 July 2014, employers with 20 or more employees have been required to use the Super Stream standard, and all super funds, including SMSFs, must receive super contributions from these employers in accordance with the Super Stream standard however the ATO has allowed this segment of employers until 30 June 2015 to implement the process. Hence by the 1st of July 2015 all employers will need to using the Super Stream Standard to pay their employee super contributions. Note:...
May – 2015 Practice Update covers following points
- Employers and SMSFs must prepare for SuperStream
- Government ends benefits for parents who do not vaccinate
- 2014 online selling data matching program
- IGT to take on tax complaint handling function from 1 May
- FBT: Record keeping exemption threshold
- FBT: Benchmark interest rate
- FBT: Cents per kilometre basis
- Teacher denied deduction for business management course
As part of the 2015-16 Federal Budget, the Treasurer, Joe Hockey has announced that the government has expanded the accelerated depreciation for small businesses. This temporary new rule provides a benefit for small businesses with an annual turnover of less than $2 million. The immediate asset write off threshold which was previously only $1,000 will increase to $20,000 as of 7.30pm on the 12th of May 2015. Therefore, if you are a small business owner and were considering on purchasing an expensive new asset under $20,000, this temporary new rule will allow you to make a full tax claim of the whole amount in the 2015 or 2016 financial year rather than being depreciated over the assets effective life, which differs to the previous rules whereby only a portion of the cost of the asset can...