Companies will now face new eligibility requirements to apply the lower corporate tax rate of 27.5% due to legislation changes introduced on 31 August 2018. These new rules have been brought in to provide clarity and certainty for companies with income from non-business activities. For example, companies that hold investments or receive only distributions from trusts (“bucket companies”) may no longer be able to access the lower tax rate. The full company tax rate is 30% whe

Late last year new reporting obligations for Self-Managed Super Funds (SMSF) were released taking effect from 1 July 2018. These new rules now require SMSF’s to report certain events to the ATO that affect a member’s transfer balance account on the Transfer Balance Account Report (TBAR). What is a transfer balance account? A transfer balance account is the method used to track transactions and amounts in retirement phase for a member of a superannuation fund. The balance of