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LRBAs, guarantees in need of review after property market falls

Lrbas Guarantees After Property Market Falls

With property markets taking a tumble in recent times, some SMSF clients may need to review the loan arrangements and guarantees they have, particularly where the loan-to-value ratio has significantly dropped, says an industry lawyer.

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Victorian Property Valuation Cycle

Annual Land Valuations Rip Off

Valuations of Victorian properties are now undertaken annually instead of every two years.

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Australia – toward EOFY 2019

Australia Accountants

          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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ATO expects 200,000 to miss out on refunds by failing to lodge

Ato 20000 Miss Out

            The ATO expects that 200,000 people could miss out on a tax refund this year because they haven’t lodged a tax return. Many salary and wage earners end up with a tax refund, but some are missing out because they fail to lodge on time. Taxpayers had until 31 October to either lodge their …

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Biggest personal tax cuts in a decade a priority for Government

Tax Cuts Coming

Prime Minister Scott Morrison has signalled that getting his tax changes through parliament will be a top priority for his re-elected government.

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Government rules out GST changes following ATO report

Gst Changes Off Table

The government has turned down suggestions that it is considering broadening the GST base, following reports that the ATO had called for GST to be revisited on certain exempt food items.

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ATO issues warning after ‘unprecedented’ spike in impersonation scams

More Scams Than Ever

Over $1 million in losses and more than 40,000 impersonation scams has raised alarm bells at the tax office, with clients warned on impersonated ATO phone numbers and pre-recorded messages.

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Crypto transactions in ATO sights with new data-matching program

Crypto Cryptocurrency Data Matching

Up to 1 million taxpayers who have engaged in buying, selling or transferring cryptocurrency will now be subject to ATO scrutiny as it begins a new data-matching program ahead of tax time.

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Government to establish $2 billion fund for small business lending

Government Small Buinsess Investment Fund

            The Government has announced that it will establish a $2 billion Australian Business Securitisation Fund and an Australian Business Growth Fund to provide longer-term equity funding for small businesses. Small businesses currently find it difficult to obtain finance on competitive terms unless it is secured against real estate. To overcome this, the proposed Australian …

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Small business corporate tax rates Bill is now law

Lower Tax Rates

              The company tax rate for base rate entities will now reduce from 27.5% to 26% in 2020–2021, and then to 25% for 2021–2022 and later income years. This means eligible corporate taxpayers will pay 25% in 2021–2022, rather than from 2026–2027. The new law also increases the small business income tax offset rate …

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ATO to double rental deduction audits to 4,500

Double Of Deduction Audits 2019

ATO audits of rental deduction claims will double this tax time as the agency reinforces its claims that nine out of 10 deductions contained an error.

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ATO set to issue excess super contribution determinations

Ato Getting Back Excess Super Contributions

            The Australian Taxation Office has started issuing excess concessional contributions (ECC) determinations for the 2017–2018 financial year. Superannuation fund members will receive these ECC determinations if they have made super contributions above the concessional cap amount for 2017–2018. “Concessional” contributions are taxed at the reduced rate of 15% in your super fund, but there’s …

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How’s Australia going as we approach the election?

Accounting May 19 Australia

            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 …

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Single Touch Payroll (STP) is compulsory for all small businesses.

Single Touch Payroll Stp July 2019

STP is mandatory for all small Australian businesses with 19 or less employees and it starts on the 1st July 2019.  Are you ready?  Your Accountant can help with any questions you have.

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Federal Budget 2019 – Overview

The Government’s economic plan and this Budget are building a stronger economy and securing a better future for all Australians. This Budget and our economic plan are:

  • Returning the budget to surplus
  • Delivering more jobs
  • Providing lower taxes
  • Guaranteeing essential services like Medicare, schools, hospitals and roads

 

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How the 2019 Federal Budget affects you

Australian Budget 2019

The following links take you to that section of the 2019 Budget that affects you most.

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‘Big awareness push’ underway as STP deadline approaches

Awareness Push Stp

Hundreds of thousands of businesses have been prompted by the ATO to get started with their Single Touch Payroll provisions, and its project lead at the tax office believes the business community is better prepared than it was for last year’s deadline.

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GST collection on overseas goods at 300% of forecasts

Over Budget Gst Collections

GST collection for low value imported goods is tracking at 300 per cent of forecasts, as overall GST collection continues to grow.

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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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