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Latest News

The problem with getting to 53 years of age.

Turning Down At 53

Here's some food for thought and another reason why getting professional help from a financial planner is worth serious consideration.

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Lost Beneficiaries

Lost Beneficiaries

How does an executor trace a missing beneficiary?

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New quarterly STP reporting method for closely held payees revealed

Closely Held Employees Stp

The ATO has shed light on how employers will be able to report quarterly for closely held employees under the new single touch payroll regime, including the ability to make amendments before an extended finalisation due date.

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Some Australian figures to help on Budget night.

Australia Figures Kangaroo

          One great source of data about Australia. Become better acquainted with the country we love. An up-to-date snapshot of Australia's vital statistics.   Please click on the following link to see all this interesting information. The areas covered are: Overview Markets GDP Labour Prices Money Trade Government Business Consumer Housing Taxes Climate   Access all this …

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Employers hit with rolling SG audits as ATO toughens stance

Superannuation Guarantee Audits Increasing

Employers are increasingly being subjected to a rolling series of audits by the ATO where they slip behind on their SG obligations as the Tax Office now taking a harder line on non-compliance, warns a technical expert.

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Resources to help understand and implement Single Touch Payroll (STP)

Single Touch Payroll 2 1

STP is a significant change for business tax compliance, though for now those businesses that need to make this charge have 20 or more employees.  Changes take effect on 1-7-2018, 12 months later for businesses with less than 20 employees.

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Big fines, prison on the cards as new SG penalties introduced

Super Guarantee Sg Penalties

New laws introducing penalties, including imprisonment up to 12 months, for non-compliance of superannuation guarantee obligations have since passed, with accountants urged to bring clients up to speed.

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Extra website resources and tools is one way we offer you and your family more.

Resources Tools Website

The following are available via our website and are not often available in the one place. All can save you time and effort. *

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FBT Exemption for Various Work Vehicles

Fbt Excempt Work Vehicles

If an employer allows an employee private use of a vehicle, FBT generally applies.

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Tax payable on expenditure recoupments

Tax Payable On Expense Recoupment

A Full Federal Court decision has confirmed a mismatch between capital expenditure and government grants.

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ATO identifies SMSF contravention red flags

Smsf Contraventions

The ATO has identified certain red flags and problem areas with SMSFs that will attract its attention, ahead of tax time 2019.

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Who wins dispute about taxable income?

Aat Affirms Ato Assessment

The Administrative Appeals Tribunal (AAT) has affirmed the ATO’s decision, based on the taxpayers modest income when compared with a high volume of money passing through various accounts.

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Australia – facts & figures March 2019

Australia Gdp March 2019

One great source of data about Australia.  Become better acquainted with the country we love.

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Strategies to handle scam phone calls and problem e-mails.

Scammers 2019

            Many people have received telephone calls, recorded messages and e-mails from scammers claiming to be from organisations such as the ATO, Australia Post and Telstra saying money is owed, asking for personal information or access to their computer. One recorded message supposedly from the ATO informs you ‘you have committed tax fraud and a …

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Instant asset write-off threshold upped to $25k

25k Writeoff Small Business

The government has increased the threshold for the instant asset write-off to $25,000 as it looks to entice the small business sector ahead of a federal election.

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Jail time for GST fraud

Gst Fraud Jail Gaol Time

Warning:  Very recent cases where GST fraud have landed business people in jail.

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Correcting GST Errors

Correcting Gst Errors

            If a taxpayer finds a mistake made on a previous activity statement, they can:- Correct the error on a later activity statement if the mistake fits the definition of a “GST error” and certain conditions are met;   Lodge an amendment – the time limit for amending GST credits is four years, starting from …

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Fuel tax credit rates raised

Fuel Tax

The ATO have raised the fuel tax credit rates following an update of the December quarter consumer price index.

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ATO set to contact clients for overdue TPAR

Tpar Tax Ato Crackdown

The Tax Office will begin contacting clients in the building and construction industry about their overdue taxable payments annual reports.

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Reminder on Victoria Property Duties

Victorian Land Values

          Property transfers between spouses and de facto partners in Victoria involving commercial and/or investment properties will incur stamp duty costs at 5.5%.   This means that assets that do not constitute a principal place of residence are no longer exempt from transfer stamp duty.   A spouse to spouse transfer of the principal place of residence …

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How Australia is performing.

Australian Stats Feb 2019

            An up-to-date snapshot of Australia's vital statistics.   Please click on the following link to see all this interesting information. The areas covered are: Overview Markets GDP Labour Prices Money Trade Government Business Consumer Housing Taxes Climate   Access all this data here.   tradingeconomics.com

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Global outlook summary: Down but not out

Global Outlook 2019

Down but not out As the global economy enters its tenth year of expansion following the global financial crisis, concerns are growing that a recession may be imminent.

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Bookkeepers remind on incoming TPRS obligations

Bookkeepers Tprs

With the taxable payments reporting system now set to cover five different industries, in-house and external bookkeepers have been urged to start ensuring business clients start keeping records of contractor payments.

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Golden Rules for Deductions

Golden Rules Depreciation

            The Australian Taxation Office now uses sophisticated data analytics to assess a range of deductions and claims.  Taxpayers must follow three golden rules when making a deduction: the taxpayer must have spent the money (and not been reimbursed); the claim must be directly related to earning the taxpayer’s income; they must keep records to prove …

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How’s Australia going – vital statistics?

Australia Vital Statistics Jan 19

            Please click on the following link to see all this interesting information. The areas covered are: Overview Markets GDP Labour Prices Money Trade Government Business Consumer Housing Taxes Climate   Access all this data here.   tradingeconomics.com

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Tax, SMEs set to be ‘political football’ in 2019 as election nears

Smes Political Football

Small and medium businesses are set for a busy year of tax promises as political parties look to sway voters ahead of a Federal Election, says one mid-tier.

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Cap lifted on popular financing option for clients

Cap Lifted Interest Only Loans

APRA will remove its cap on interest-only loans from next year, a move which is set to open more financing options for clients in 2019.

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Expiry of 900,000 interest-only loans set for January

Interst Only Closing

If you feel a bit aggrieved by having to move away from a workable interest only loan then you won't be alone.  Apparently there are 900,000 loans in the same boat!

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Australian Taxation Office (ATO) Scam Alert: Fake Demands for Tax Payments

Beware Ato Scam

            The ATO has noticed an increasing trend of scammers demanding tax payments through Bitcoin and ATMs. The ATO’s advice is simple; it will never ask a person to make a payment into an ATM or via gift or pre-paid cards such as iTunes and Visa cards or ask for direct credit to be paid …

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Tax Office sounds alarm on popular property strategy

Smsf Property Alert

Both the Tax Office and the corporate regulator see property investment in superannuation as a “live issue”.

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Our Advent calendar for 2018

2018 Christmas Article

On behalf of all our staff we wish our clients a Merry Christmas, Happy New Year and a great holiday period.

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‘Please do not panic’: ATO boss addresses STP concerns

Ato Stp Issues Micro Businesses

ATO Commissioner Chris Jordan has urged small businesses not to panic over the transition to single touch payroll as he commits to ensuring businesses will not be forced to purchase payroll software.

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Behavioural Coaching and your financial plans

Behavioural Coaching

Behavioural coaching is a major component in how a financial planner adds value to your portfolio.

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Information needed to be the BBQ expert.

Australian Stats November 18

Comprehensive statistics on how Australia is performing.

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Tax consequences of trust vesting

Trust Vesting

The Australian Taxation Office (ATO) has issued a long-awaited ruling on trust vesting, including changing a trust’s vesting date and the CGT and income tax consequences of vesting

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Fringe Benefits Tax (FBT): employees’ private use of vehicles

Fbt Private Use Cars

The Australian Taxation Office has issued guidance for employers on determining an employee’s private use of a vehicle.

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ATO to contact clients over bank details

Ato Contact Accounting Clients

The Tax Office will be sending SMS text messages to clients who provided incorrect bank account details in their tax return over the next few weeks.

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ATO claws back $850m in unpaid SG in FY 17-18

Ato Claws Back Super Guarantee

Compliance activities undertaken by the ATO in the 2017-18 financial year saw the ATO raise around $850 million in unpaid super entitlements.

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Appetite for property in SMSFs shows signs of life despite tough market

Apetite For Property

Interest in property investment from younger SMSF trustees continue to hold steady despite tighter policy controls around SMSF lending and some banks exiting the space altogether, says one mid-tier firm.

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Superannuation gender gap narrowing, research shows

Super Gender Gap Closing

Over the past decade, there has been improvement in the number of women holding superannuation accounts and the size of their superannuation balances compared with that of men, according to a research house.

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Identification numbers for directors

The Government has announced a package of reforms to combat phoenix activities, including the introduction of a Director Identification Number (DIN).

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How financial advice helps create wealth.

Planning The Missing Piece

An article based on a 16 year study by Vanguard Investments Pty Ltd.

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Unlocking equity crowdfunding in Australia

Crowdfunding

Equity crowdfunding has been a popular method to raise capital in many countries for the last few years.

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$20m boost for SME clients looking to exporting

Exporting Boost

Accountants with SME clients looking for export opportunities have been given a leg up with the launch of a government-funded $20 million program.

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Work-Related Expenses

Work Related Expenses

          This year, the Australian Taxation Office is paying close attention to what people are claiming as ‘other’ work-related expense deductions. The expectations are:- they spent the money themselves and were not reimbursed the expense was directly related to earning their income they have a record to prove it If an item (e.g. phone) may be …

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ATO updates crypto guidance

Crypto Cryptocurrency

The ATO has updated its guidelines on the tax treatment of cryptocurrencies, including issues on exchanging one cryptocurrency for another and record-keeping requirements.

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ATO zones in on hundreds of newly created reserves

Ato Newly Created Reserves

ATO deputy commissioner James O’Halloran

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Senate passes $20,000 instant asset write-off extension

20000 Tax Incentive Extension

Despite months of delays, the Senate has today passed legislation to extend the $20,000 instant asset write-off to 30 June 2019.

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Victorian Vacant Property Tax

Unrent Property Tax

Residential property tax of 1% of the property’s capital improved value is imposed on vacant properties.           Properties will be deemed vacant if they are left unoccupied for six months or more in a calendar year.  Exceptions include deceased estates, renovations and holiday homes. It is understood to be enforced by investors self-reporting, but could be …

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Director Penalty Notices

Director Penalty Notices

If a company fails to comply with their obligations under the PAYG withholding system or the SGC provisions, company directors can be held personally liable for the amount the company should have paid.           The Australian Taxation Office can force directors of a company that is unwilling or unable to meet these obligations, to personally pay …

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