Snapshot of what’s happening within the accounting industry and our firm

NSW PROPERTY SURCHARGE ON DISCRETIONARY TRUSTS

The NSW Government has recently made changes to the definition of “foreign persons” for the purposes of assessing duty and land tax liabilities.

If you have a Discretionary Trust and you have residential properties located in NSW within your Trust, then we suggest that you read this article in full.

SUPERANNUATION CHANGES FROM 1 JULY 2017 – THE LAW HAS PASSED!

The 2016 Federal Budget’s superannuation reforms were legislated last week, so the haze of uncertainty surrounding these new changes has lifted.

Among these new laws is the provision of Capital Gains Tax (‘CGT’) Relief. This allows the cost base of assets to be re-allocated from the pension phase, back to the accumulation phase, in order to comply with the $1.6m transfer balance cap rulings.

Click here to read more.

HOW TO PLAN THE SALE OF YOUR BUSINESS TO ENSURE YOU ACCESS THE CGT SMALL BUSINESS CONCESSIONS

You have probably heard of the CGT Small Business Concessions, but do you know what you have to do to be able to access them?

Our article provides some of the details.

CLIENT PORTAL

At S&W we have recently implemented a new Client Portal to help improve and streamline access to your financial records. Through this secure portal you will be able to:

– Review and sign your Income Tax Return
– Review and download your Financial Statements
– Review and download information that you require for your records or to provide to third parties (i.e. banks)
– Upload information to S&W to help us manage your tax affairs

In the New Year we will be adding access to other features such as engagement letters and ASIC forms.

The feedback we’ve had from clients so far has been really positive – so contact us today if you’d like to be set up as a user.

SEASON’S GREETINGS FROM EVERYONE AT STANLEY & WILLIAMSON

We would like to wish you a Merry Christmas and a profitable New Year! Enjoy the break and come back refreshed and ready for the 2017 business year.

As in past years, we have not sent out Christmas cards. Instead, we have chosen to donate these funds to the Salvation Army to help those in need of support at this time of year.

We look forward to seeing you in the New Year. Our office will re-open on Tuesday 3 January 2017.

QUOTE

Christmas isn’t a season. It’s a feeling.
Edna Ferber

Kreston Stanley Williamson Team

*Correct as of December 2016

*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.