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New rules mean that insurance coverage will be cancelled on “inactive” superannuation accounts from 1 …
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Some elderly Australians are trapped asset rich, income poor. Whilst downsizing might be the smartest …
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Workers and employers are benefiting from the burgeoning gig economy in which people …
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Black economy tip-off calls to the ATO have breached the 15,000 mark in the three …
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Amid challenges facing central banks in keeping the economy open for business, zero …
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Directors need to be more aware of the increased ATO scrutiny of company reporting and …
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The International Monetary Fund (IMF) grabbed headlines this month on releasing its latest …
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The ATO’s “softly softly” approach to Single Touch Payroll will not last long, warns a …
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Videos are a good way to learn more about a topic or show …
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This animated chart is simply amazing. It's fascinating to see how the world …
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The perennial question has reared its head and it was just a matter …
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The Australian Taxation Office it is currently emailing STP enabled employers who have either ceased …
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The Press Club. Tokyo Sushi. Ezard. These three restaurants are just a few of …
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One great source of data about Australia. Become better acquainted with the country …
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The Government has announced that it will lower the social security deeming rate …
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The Tax Office says it will be scrutinising every tax return lodged this year as …
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The Australian Taxation Office will acquire overseas movement data from the Department of …
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Up to 400 businesses in inner north Brisbane are set for a visit …
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We provide 24/7 access to all these extra tools and resources to help …
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Some taxpayers assume that lodging an annual tax return is easy.
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A new ASIC report has highlighted demand for further advice on the specifics of SMSFs among the …
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The excitement over the tax sweetener is quickly turning to confusion, as many …
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Authorisation failures and software set-up issues are among some of the top mistakes accountants …
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The proposed extension of the director penalty regime to GST liabilities could spell …
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ATO Commissioner Chris Jordan believes the agency’s local business visits are helping to change …
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Most taxpayers know that if they do not have adequate private health insurance, …
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Close to 90 per cent of claims in ‘other’ deductions were adjusted last …
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Australians who are 65 years old or older may make a downsizer contribution into their …
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Great news!! The Tax Office will now start processing beefed-up tax refunds after …
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A very interesting, graphical, summary of the monsters of our global economy. Fascinating …
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July 2019 sees the introduction of the new catch-up contribution rules, which allow …
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Important: A major change to life insurance in many super funds.
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Around 700 small businesses in Western Australia are set to receive door knocks …
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The following link takes you to a site that sets it all out …
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Printing and completing these checklists makes it more efficient for your tax agent …
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The original deadline of 1-7-2019 has been extended. Read more about what every …
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With the new financial year starting, one of the big four accounting firms …
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Home-owners should consider the wider taxation implications of renting the family home before …
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Over $7.2 billion in work-related car expenses claimed last year have placed the …
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The Tax Office has confirmed that the majority of “tip-offs” it receives about …
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Again, the answer to a tax question is “it all depends”.
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Tax agents have been urged to apply “an extra bit of thought and …
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Ahead of the 1 July deadline for small business to be compliant with …
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Some businesses are making …
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With property markets taking a tumble in recent times, some SMSF clients may need to …
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Valuations of Victorian properties are now undertaken annually instead of every two years.
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Prime Minister Scott Morrison has signalled that getting his tax changes through parliament will be …
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The government has turned down suggestions that it is considering broadening the GST …
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Over $1 million in losses and more than 40,000 impersonation scams has raised …
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Up to 1 million taxpayers who have engaged in buying, selling or transferring cryptocurrency will …
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ATO audits of rental deduction claims will double this tax time as the agency …
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The Australian Taxation …
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STP is mandatory for all small Australian businesses with 19 or less employees and …
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Hundreds of thousands of businesses have been prompted by the ATO to get …
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GST collection for low value imported goods is tracking at 300 per cent …
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Here's some food for thought and another reason why getting professional help from …
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How does an executor trace a missing beneficiary?
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The ATO has shed light on how employers will be able to report …
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The Government’s economic plan and this Budget are building a stronger economy and …
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Employers are increasingly being subjected to a rolling series of audits by the …
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The following links take you to that section of the 2019 Budget that …
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One great source of data about Australia. Become better acquainted with the country …
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The Administrative Appeals Tribunal (AAT) has affirmed the ATO’s decision, based on the …
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The ATO has identified certain red flags and problem areas with SMSFs that will attract …
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A Full Federal Court decision has confirmed a mismatch between capital expenditure and …
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If an employer allows an employee private use of a vehicle, FBT generally …
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The following are available via our website and are not often available in …
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New laws introducing penalties, including imprisonment up to 12 months, for non-compliance of …
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STP is a significant change for business tax compliance, though for now those …
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An up-to-date snapshot of …
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Property transfers between …
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The Tax Office will begin contacting clients in the building and construction industry …
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The ATO have raised the fuel tax credit rates following an update of …
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Warning: Very recent cases where GST fraud have landed business people in jail.
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The government has increased the threshold for the instant asset write-off to $25,000 …
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If you feel a bit aggrieved by having to move away from a …
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APRA will remove its cap on interest-only loans from next year, a move …
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Small and medium businesses are set for a busy year of tax promises …
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The Australian Taxation …
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With the taxable payments reporting system now set to cover five different industries, …
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Down but not out As the global economy enters its tenth year of …
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The Australian Taxation Office (ATO) has issued a long-awaited ruling on trust vesting, …
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Comprehensive statistics on how Australia is performing.
…
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Behavioural coaching is a major component in how a financial planner adds value to …
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ATO Commissioner Chris Jordan has urged small businesses not to panic over the transition …
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On behalf of all our staff we wish our clients a Merry Christmas, …
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Both the Tax Office and the corporate regulator see property investment in superannuation …
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Equity crowdfunding has been a popular method to raise capital in many countries …
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An article based on a 16 year study by Vanguard Investments Pty Ltd.
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The Government has announced a package of reforms to combat phoenix activities, including …
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Over the past decade, there has been improvement in the number of women …
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Interest in property investment from younger SMSF trustees continue to hold steady despite tighter policy …
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Compliance activities undertaken by the ATO in the 2017-18 financial year saw the ATO raise around $850 …
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The Tax Office will be sending SMS text messages to clients who provided …
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The Australian Taxation Office has issued guidance for employers on determining an employee’s …
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The ATO has warned that it will be increasing efforts to identify taxpayers who leave …
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If a company fails to comply with their obligations under the PAYG withholding …
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Residential property tax of 1% of the property’s capital improved value is imposed …
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Despite months of delays, the Senate has today passed legislation to extend the …
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ATO deputy commissioner James O’Halloran
…
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The ATO has updated its guidelines on the tax treatment of cryptocurrencies, including issues on exchanging …
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This year, the Australian …
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Accountants with SME clients looking for export opportunities have been given a leg up with …
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The tax office’s new approach to determining whether entities are resident under the …
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The ATO has outlined key risk factors, behavioural triggers and paper trails that will draw its attention …
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Amidst all the drama in Canberra recently, you could be forgiven for missing an …
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With large multinational and public companies put on notice by the ATO over their GST …
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The tax office has reiterated it will be paying close attention to taxpayers …
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Bankruptcy is a legal process whereby a person is declared unable to pay …
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Please click on the following …
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While it’s unlikely that traditional accounting will be replaced by a blockchain method in the …
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Warning: Identify theft scams
The …
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The Australian Taxation Office …
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Ahead of one of its biggest deductions crackdowns, the tax office has released …
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Businesses look set to be granted a 12-month window to address historic under-payment …
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While the gender gap in superannuation is improving, an economic index indicates women …
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Accountants and their clients have been advised to pay close attention to the …
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The ATO will be contacting over one million taxpayers either directly or through their tax …
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The ATO has released several case studies of adventurous and misguided expenses claims from taxpayers, …
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What are the hardest aspects of running your self-managed super fund (SMSF)?
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It's that time of the year again! Use the following Checklists to speed …
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The GST Act is being amended to ensure that digital currency, such as …
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Almost $2.4 million worth of scams was reported to the Tax Office in …
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Audit activities around cryptocurrency are set to spike this tax time as part of the ATO’s …
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The government has started its consultation process on plans to introduce an economy-wide …
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Kelly O'Dwyer
BUT foreshadowing tougher penalties once the Single Touch Payroll regime kicks in …
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Extensive STP resources can be found in a related article in last month's edition below.
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The Australian economy in …
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If your business employs working holidaymakers – or you’ve been one yourself this …
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Comprehensive tax reform continues to dominate wish lists for the upcoming federal budget, …
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SMSF trustees are often unaware that if they move overseas for an extended …
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Armed with this information you'll be a conversation magnet at any party.
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The tax office has issued a reminder to tax professionals about some simple, …
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Three ingredients to attaining your retirement goals: give yourself enough time, utilise professional …
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New rules ensure that companies with more than 80% passive income will not qualify for …
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Sizeable cryptocurrency transactions will “come to the attention of the ATO” under new …
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STR is a significant change for business tax compliance, though for now those …
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Labor's plans for excess dividend imputation credits will favour the rich despite claims it is …
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The ATO has released a new piece of guidance which outlines its concerns and compliance …
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Housing affordability is tempting some adult children into elder abuse territory, as they …
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The ATO has provided further details on some of the regulatory considerations with …
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As usual some ridiculous claims ruin it for genuine investors.
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Single touch payroll will be a compulsory reporting requirement for employers.
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An up-to-date snapshot of Australia's vital statistics.
…
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While many accountants have reported their clients’ confidence in super is down, it …
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The increasing cost of underreporting and failing to lodge.
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The year 2017 was defined by a near-perfect goldilocks backdrop of steady global growth, modest …
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To claim for transport or other employee travel expenses (like accommodation and meals) …
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Thousands of anonymous reports to the workplace regulator have shown problematic payroll practices …
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Where a taxpayer has amounts remaining in superannuation when they die, their death …
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The tax office has further detailed what type of work-related expenses will be …
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A benefit from downsizing to a smaller home.
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As part of the government’s broader crackdown on the cash economy, the tax …
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In other words, an embarrassing deficiency in legislation has been corrected.
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While dry and not that exciting, stats on how Australia is going in …
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With the surge in the bitcoin price (and many other cryptocurrencies) attracting greater numbers of SMSF investors, what …
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Asset write-offs reminder for small business.
…
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While cryptocurrencies may not be considered financial products, authorised representatives and licensees are reminded related advice is …
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NAB’s business confidence index jumped four points in December as business confidence and …
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On-time lodgement slipped slightly for small businesses last financial year while debts owing spiked, prompting …
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Statutory wills are being neglected in situations where a family member has lost …
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A survey from the Institute of Public Accountants has found that more than …
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An unfavourable opinion from the Australian Taxation Office sets out the tax deductibility of expenditure …
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A surprising number of older SMSF deeds pre-dating the 2008 financial year still remain, some …
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A truly fascinating set of numbers about our great country. Almost 150 different …
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Treasury has released a research paper detailing the implications of the US corporate …
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On behalf of all our staff we wish our clients a Merry Christmas, …
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Your Financial Planner supplies you with more tools and resources than most others …
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Another case confirms that taxpayers making large superannuation contributions need to be diligent.
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The bills for the First Home Super Saver Scheme and the downsizing measures …
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A reminder that directors can very easily become responsible for unpaid taxation liabilities.
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An example of the need to keep good records for everything you do. …
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In a small win, the taxation of renounceable rights offers (in some cases) …
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The status of tens of thousands of SMSFs currently hangs in the balance, with the …
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The average amount claimed through the instant asset write-off more than doubled in …
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Not the sort of topic one might normally come across but keeping an …
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The ATO has revealed its latest figures on lost and unclaimed superannuation accounts, …
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Whilst there has been little publicity in the weeks after the May Federal …
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The Australian Dietary Guidelines give advice on eating for health and wellbeing. They’re …
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One big four accounting firm says the ATO has started to zoom in …
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One firm believes the ATO is distributing more letters than ever to taxpayers …
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It was George Bernard Shaw who coined the phrase 'youth is wasted on …
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We are seeing an evolution of income earning opportunities and waiting for regulators …
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Legislation for a number of housing affordability tax measures announced in the federal …
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How realistic are your goals? Tools on this site will help you monitor …
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Data sharing between tax regulators in different countries is rapidly increasing with the …
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What are the hardest aspects of running your self-managed super fund (SMSF)? There …
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In a recent decision, the Federal Court has held that the UberX service supplied by Uber’s …
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A large proportion of Australians have unrealistic retirement goals. (NB: There are financial …
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In a recent case, the Full Federal Court has found that several taxpayer …
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The government has confirmed that the Single Touch Payroll will now roll over …
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The ATO will be upping its superannuation guarantee (SG) casework by one-third, and …
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The ATO second commissioner made a statement yesterday clarifying the ATO’s digital forensic …
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Crowdfunding: Alternative funding option for small business.
…
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The government has announced it will remove a loophole from legislation that allows …
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This month's focus is on Australia's Labour Force and Demography.
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A taxpayer has failed in claiming deductions for overtime meal expenses.
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The Administrative Appeals Tribunal (AAT) has confirmed that a mechanical engineer with a …
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Newly-released draft legislation, which firms up the 2017 budget move to limit investors’ …
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With the winter season upon us, a number of property investors may be …
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BE CAREFUL – As the ATO continues to ramp up its focus on scrutinising work-related …
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WATCH OUT FOR THESE – The ATO has identified the most commonly reported …
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WARNING: Identity theft is an increasingly popular method of cyber crime as opposed …
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THINK ABOUT IT – Accountants and SMEs should be wary of entering “dodgy” end-of-year deals …
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Finalising a tax return for a superannuation fund requires a range of information and …
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Organising all the information needed to complete a tax return as efficiently as possible …
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It's that time of the year again and a great way to make the …
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The Australian Taxation Office has issued an opinion regarding “parts” of an asset …
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The ATO is scrutinising organisations’ taxable fringe benefits, with a specific focus on customer loyalty …
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New statistics from the Australian Financial Security Authority (AFSA) have revealed that business-related …
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Recent figures by the Association of Superannuation Funds of Australia reveal that the …
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The following information covers Australia's recent population trends and movements.
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The Government will extend the current instant asset write-off ($20,000 threshold) for small …
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With 30 June 2017 now looming, the SMSF Association has urged trustees looking to make …
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For those who like to 'get under the bonnet'
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Comprehensive Budget overview : 27 sections covering every aspect of this …
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The following links give you access to the specific issues and topics addressed …
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On 5 May 2016, the Tax Laws Amendment (Tax Incentives for Innovation) Act …
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On 1 July 2017, the biggest changes to the super rules in a …
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Following calls for the ATO to overhaul its approach to the issue of …
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While recent figures show a year on year increase in average floor size …
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The following link is a handy ABS tool if you want to see …
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With many SMSF trustees requiring changes to their trust deed following the reforms to super, …
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The ATO has released a finalised version of LCG 2017/D1 which outlines how the defined …
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Small businesses eligible currently fort the $20,000 immediate write off need to remember …
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Draft Taxation Ruling TR 2017/D1 sets out the Commissioner of Taxation’s views on …
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Declining outright home ownership will effectively wipe out superannuation savings of some Australians, …
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Yesterday, the government passed the Diverted Profits Tax through the Senate, however one …
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An individual has been unsuccessful before the Administrative Appeals Tribunal claiming work-related travel …
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As part of its raft of slated changes, the government has foreshadowed a …
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The Inspector-General of Taxation has revealed the scope of his review into the …
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The Administrative Appeals Tribunal (AAT) has recently refused the applications of two individuals …
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One national accounting network has accepted the need for additional downtime in the …
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The ATO is showing no signs of easing up on its crackdown on …
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Anybody who has a FBT obligation should take an odometer reading of motor …
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Now and then the ATO issues warnings on how its general anti-avoidance legislation …
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The Australian Taxation Office (ATO) continues to increase their surveillance activity and utilize …
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It was about 1990 when the ATO was asked about the tax deductibility …
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The ATO is continuing to crack down on the incorrect use of the …
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The small business capital gains tax concessions are extremely valuable, and for small …
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Legislation has been introduced in Parliament that proposes to allow primary producers to …
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Will a borrowing arrangement by a SMSF pass the smell test?
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Two mid-tier partners have said that the changes to GST introduced to Parliament …
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Obligations and responsibilities of an executor are significant. Their decisions can be monumental.
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Including a car in a salary package is a popular remuneration arrangement, and …
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The Turnbull government has launched an invitation for public comment to the Black Economy Taskforce ahead of …
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All is not lost if you have a judgement against a debtor, but you know …
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Accountants with SME clients should be urging them to recall the new deadlines …
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The ATO is urging accountants to inform clients that it is ramping up …
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Home office expense claims are subject to the same general substantiation requirements as …
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Several tax specialists and national mid-tiers have found clients are struggling to understand …
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Late client payments are having an increasingly significant impact on the personal finances …
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New research from Macquarie, surveying hundreds of small to mid-tier accounting firms, has …
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To all our clients and friends, we wish you a Merry Christmas, a …
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The ATO is poised to home in on fringe benefits tax (FBT) on …
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The Christmas break-up party and/or gifts to employees can be exempt from Fringe …
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Some employers, who are commendably anxious to protect their employees and clients from …
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The government has announced it will make moves to ensure that multinationals pay …
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We all know that the ATO is the guardian of the tax laws, …
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You might be sick of the daily commute, or want more flexibility of …
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The ATO has warned businesses in the cash economy are a major focus …
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One national accountancy network has reminded professionals the ATO is obtaining more than …
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A warning from the ACNC about not doing the paper work.
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Failing to maintain a valid car log book can cost taxpayers dearly in …
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Almost every Australian will be aware of the problems trying to complete the …
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Confusion this financial year regarding imminent compliance dates, including for SuperStream, is putting SME …
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Assets that belong to your business but that are being used for your …
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As a generalisation and without wanting to venture into legal areas, a domestic partnership is …
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It's important to be across the new “non-final withholding tax regime” came into …
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Changes to salary sacrificed “meal entertainment” benefits
…
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There has been a lot of media coverage regarding the superannuation law changes …
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It seems that banks are being drawn in into financial disputes with couples. …
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NALI – Non-arm's length income
Non-arm’s length income has received a lot of attention …
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Don’t be alarmed and don’t respond – just hang up!
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With over eight million Australians claiming work-related expenses each year, …..
….. Assistant Commissioner …
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In our role as a domain hosting company we see much of the …
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The federal government has announced it does not agree with the Financial System …
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One national accounting network has tipped that SMSF property investment will be a big-ticket item …
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Prime Minister Malcolm Turnbull has attempted to dispel talks that the government is looking to …
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As pressure grows for the Federal Government to scrap the superannuation tax concessions, …
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Many will be surprised (possibly unpleasantly) by the formula prescribed in various states …
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Ideally, we would enter retirement with our home mortgages paid off and completely …
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The Association of Superannuation Funds of Australia (ASFA) retirement standard for the December …
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Home videos of animals or babies often seem to go viral on the …
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The ATO has stressed the importance of clearly distinguishing SMSF assets, with some funds losing …
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The ATO interpretative decisions and tax determinations on this issue refer to contributions …
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A snapshot of the key points for January 2016
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SMSF investors and their professional advisers could be missing out on significant tax …
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A few extra matters to consider when preparing employee payment summaries
Have any allowances …
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A checklist of a few items to examine further, before year-end.
The usual year-end …
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A checklist of a few items to examine further, before year-end.
Are there some …
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A very brief and simplistic checklist for trustees to undertake well before 30 …
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Even the young these days should to be increasingly aware of their financial …
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Acquiring assets from related parties can be a minefield, but some SMSF practitioners …
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The Fair Work Commission (FWC) has ruled than an employee’s overtime payments can be …
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The Australian Competition and Consumer Commission (ACCC) has issued a warning to accountants to …
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Keeping small businesses out of messy, costly and protracted disputes is the aim …
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Land tax is an annual tax based on the total value of land …
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Mid-size businesses stand to lose research and development (R&D) incentives and miss out …
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One industry lawyer has revealed the ATO will be homing in on one …
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-
Superannuation is an extremely effective investment vehicle for most people, but is not …
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Recent ATO rulings and interpretations emphasise the need to understand the rules about …
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Although hopefully a very uncommon occurrence, there will be questions for the pay …
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The Institute of Public Accountants (IPA) has recommended a zero per cent tax …
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The following hyperlinks represent only a small selection of professional opinion about the …
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Last night the Australian Federal Treasurer, Joe Hockey, delivered the Budget for 2015-2016. …
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Limited recourse borrowing arrangements (LRBA) used to acquire assets within superannuation will be …
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The tax office has warned members of self-managed super funds against claiming franking …
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However, working on a Budget may not be your cup of tea but …
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What should employers report on an employee’s statement of earnings (which most people …
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The Institute of Public Accountants (IPA) says it broadly supports the proposed small …
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Subsection 262A (4AJA) of the 1936 Income Tax Assessment Act requires the previous …
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