Extending Crowd-sourced Equity Funding (CSEF) to proprietary companies

The Government has released for public consultation draft legislation and associated explanatory materials to extend Crowd-sourced Equity Funding (CSEF) to proprietary companies. These changes are being progressed as part of the 2017-2018 Budget. CSEF is an innovative type of fundraising that allows a large number of individuals to make small financial investments in exchange for … Continue reading Extending Crowd-sourced Equity Funding (CSEF) to proprietary companies

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Purchasers of new residential properties to remit GST

Purchasers of new residential properties to remit GST Purchasers of newly constructed residential properties or new subdivisions will be required to remit the GST directly to the ATO as part of settlement from 1 July 2018. Under the current law, the developer remits the GST to the ATO where the GST is included in the … Continue reading Purchasers of new residential properties to remit GST

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Payments reporting extended to couriers and cleaners

Payments reporting extended to couriers and cleaners The government will extend the taxable payments reporting system (TPRS) to contractors in the courier and cleaning industries. The measure will have effect from 1 July 2018 and is estimated to have a gain to revenue of $318m in the forward estimates period. The TPRS is a transparency … Continue reading Payments reporting extended to couriers and cleaners

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Instant asset write-off extended for 12 months

Instant asset write-off extended for 12 months The $20,000 instant asset write-off for small business will be extended by 12 months to 30 June 2018, for businesses with an aggregated annual turnover of less than $10m. Small businesses will be able to immediately deduct purchases of eligible depreciating assets costing less than $20,000 provided they … Continue reading Instant asset write-off extended for 12 months

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