Author: David Prichard

The long-awaited Division 7A amendments have been released as a consultation paper with submissions closing on 21 November 2018. The proposals in the consultation paper do not exclusively follow the Board of Taxation review proposals and there still appears to be inconsistency around Unpaid Present Entitlements which appears to go against the concept of making the law simpler to apply.

The proposals include a new benchmark interest rate being the Small Business; Variable; Other; Overdraft – Indicator Lending rate published by the RBA which is approximately 3% higher than the existing rate.

The amendments are proposed to apply from 1 July 2019.

Read more: Proposed Division 7A Amendments in Australia

British Columbia Budget 2018 included the announcement of a new payroll tax called the Employer Health Tax (the “EHT”). While legislation and full details on the EHT are expected to be released in the fall of 2018, the BC Government has released preliminary details about the EHT. The EHT is expected to come into effect on January 1, 2019; employers should be aware that the EHT may result in a significant new tax liability for 2019 and future years.

Read more: The New B.C. Employer Heath Tax

Author: Scott T. Ditman

If you dream of spending your golden years in a tropical paradise, a culture-rich European city or another foreign locale, it’s important to understand the potential tax and estate planning implications. If you don’t, you could be hit with some unpleasant surprises.

Read more: Retiring Abroad? Review your Estate Plan in Advance

Author: Eric James

A primer on how to navigate the changes

In the past few months, phrases like “tariffs on Chinese imports” and “trade war with China” have been floating around in the news. The government levied a 25 percent tariff on over $50 billion of products imported from China.

A tariff is a tax or duty paid on a particular class of imports or exports.

Read more: Will the tariffs on Chinese imports hurt my business?