AFS NEWS | Your partners in success

Unknown future for Luxury Car Tax

Motor vehicle companies are predicting the Luxury Car Tax (LCT) will be abolished within the next two to three years, making a number of cars on the Australian market more affordable.

Client Update – December 2018

Summer is upon us and December arrived with bush fires in Queensland and flooding rains in NSW. Our best wishes go out to all those affected as well as our brave emergency services workers.

Proposal to double thresholds for large companies

The Government has released a proposal to increase the thresholds for determining what constitutes a large proprietary company under the Corporations Act 2001.

Salary packaging unwrapped

Salary packaging is where an employer offers their employees the opportunity to pay for certain goods and services out of their pre-tax income. These goods and services often include things such as computers, cars, health insurance, childcare and superannuation contributions (commonly known as salary sacrificing). By paying for these goods and services before tax is […]

What can trigger an ATO audit

Nobody wants to attract unnecessary scrutiny from the Australian Taxation Office (ATO). Tax audits can be stressful and often very costly, and are increasingly well targeted now that the ATO’s data matching capabilities are making it easier to identify any discrepancies. The most effective way to avoid an audit is to do the right thing […]

Changes to GST at settlement

Since 1 July 2018, buyers of new residential premises or potential residential land may now be required to withhold an amount from the purchase price and pay that amount to the Australia Taxation Office (ATO) on or before property settlement.