A new Australian Taxation Office Campaign As part of their latest campaign, the Australian Taxation Office (ATO) is contacting Self Managed Super Fund (SMSF) Trustees directly where 90% or more of their SMSF’s investments belong to the same asset class (Eg. property).
Net Medical Expenses tax offset If your personal taxable income is below $90,000 or family taxable income is below $180,000 and your net medical expenses are over $2,377 you may be eligible for a 20% tax offset. The medical expenses that are included in the offset are: Disability Aids Wheelchairs Hearing aids Freestanding over-bed frame
If you read the business pages of the newspaper, you may have seen the term ‘inter generational wealth transfer’ starting to appear more frequently. That’s because an estimated $3 trillion of wealth is predicted to change hands over the next two decades, from households of Australians age 55+ to younger generations.[i] This represents a massive shake-up
Receiving Compensation Payments With the fall out from the Royal Commission into the banking industry, are you due to receive any of the compensation payments being paid from the various financial institutions? If so, please be aware that you will possibly face tax consequences on this receipt of money.
Single Touch Payroll – Could it be the biggest adjustment to Australian Businesses since Good & Services Tax (GST)? The Australian Taxation Office recently introduced Single Touch Payroll (STP), this is a new legal requirement to report salaries and wages, PAYG withholding and superannuation via STP-enabled software to the ATO each time you are paid
SMSF Post-Election Update With the Federal Election called in favour of the Liberal Party, SMSF Trustees are likely to be spared from some of the more significant changes that were proposed by the Opposition Leader in the May Budget. The proposed change that perhaps gained the most media attention, and the one that we received
If you once ran a thriving taxi company that started to fade when Uber burst on the scene or a hotel that suffered from the impact of Airbnb, you know what the word “disruption” means. You probably don’t do either of those things but could the business you do run be equally at risk from
Can you believe 30th June 2019 is almost here? We suggest for businesses to be ready for the end of financial year, below are a few standard business items for you to look at -: For businesses for eligible plant purchased during 2018/19 you will be eligible to claim a 100% immediate write-off for businesses
A business is classified as a small business entity where the aggregated annual turnover is less than $10 million. The aggregated turnover is based on the ordinary income earned in the course of running the business (annual turnover) plus the annual turnover of any business connected or affiliated with you.
SINGLE TOUCH PAYROLL: Single Touch Payroll (STP) is a new legal requirement to report salaries and wages, PAYG withholding and superannuation via STP-enabled software to the ATO each time you pay your employees.
Is your business built to stand the test of time? In the wake of a number of high profile collapses and insolvencies in the local construction industry, the Queensland Building and Construction Commission (QBCC) is proposing changes to the Minimum Financial Requirements (MFR).
The pen may be mightier than the sword – but can it beat the smartphone? When it comes to keeping track of vehicle mileage, we think not. When do you need to use a logbook?
Single Touch Payroll – The Australian Taxation Office has extended the STP obligations to all employers. Parliament has approved legislation to extend Single Touch Payroll (STP) reporting to include all small employers (fewer than 20 employees) from 1 July 2019. Don’t know what STP is?
Hot Election Topic explained – Franking Credits Proposal What is the proposal? The House of Representatives Standing Committee on economics has announced an inquiry in the implications of removing refundable franking credits. The inquiry is going to report on the use of franking credits and who franking credits support and who would be impacted if
Merry Christmas – Staff Bonuses If you are considering paying your staff a bonus before Christmas keep in mind tax on the bonus will need to be calculated manually. If you allow your software to calculate the tax it won’t be able to differentiate between a bonus and weekly wage, hence the need to calculate
Australian Taxation Office Text Messages Over the last week we have been contacted by some concerned clients who have received ATO text messages. The ATO recently advised they will contact taxpayers via text message for overdue form lodgements or overdue payments of GST or Income Tax. However, the ATO will never ask you to respond via
With the banking review performed in March 2018 Lending rules have tightened. As part of this if any of you are considering applying for finance keep the below in mind: Finance applications are not being approved as quickly as they have been historically; Current financial information is required, this means current year tax returns and
Over the years we have witnessed first-hand what can happen when a client’s Estate Plan hasn’t been structured correctly. We think it’s important to preserve the Family Wealth and pass assets onto future generations, below are 5 key points to think about and act on.
When Benjamin Franklin said that the only things certain in life were “death and taxes” most people didn’t consider that they may be closely linked. But problems with taxes can lead to the death of your small business unless you take steps to keep the taxman off your back.
In order to claim superannuation contributions as a tax deduction your payment to super has to be made and cleared within the superannuation fund by 30th June 2018.
Over the years the Australian Taxation Office have continued to wise up and reduce or completely remove previously available deductions. Years ago when year end approached it was a crazy shuffle of money, cheques and paperwork. The Australian Taxation Office has sealed a lot of the old cracks, but there are still a few legitimate