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Latest News

ATO set to pounce on undisclosed income streams

Set To Pounce

The ATO has warned that it will be increasing efforts to identify taxpayers who leave out certain payments and foreign income streams, as new international reporting standards kick in this month.

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In case you missed it – The company tax Bill that did pass Parliament.

Company Tax Bill

Amidst all the drama in Canberra recently, you could be forgiven for missing an important company tax rate change.

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GST spotlight headed to smaller end of town

Gst Small Business

With large multinational and public companies put on notice by the ATO over their GST compliance obligations, smaller taxpayers have been warned of “greater frequency and rigour” of reviews heading their way.

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Superannuation Amnesty – Maybe! Maybe Not!

Super Amnisty

          An amnesty to allow unpaid superannuation to be reported and paid without penalties has hit a big snag. The amnesty announced in May 2018 lasting for 12 months was concessional in allowing employers to catch-up unpaid compulsory superannuation with reduced penalties. However, the legislation has not passed and will not be considered until Federal Parliament …

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ATO drills in car-sharing focus this tax time

Ato Car Sharing

The tax office has reiterated it will be paying close attention to taxpayers earning income through car-sharing platforms, in line with its focus on the share economy this tax time.

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What is Bankruptcy?

What Is Bankrupcy

Bankruptcy is a legal process whereby a person is declared unable to pay their debts.

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Update of Australia’s vital statistics

Auatralian 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.

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ATO speaks on risk factors, surveillance triggers for FY19

Risk Factors Survailance

The ATO has outlined key risk factors, behavioural triggers and paper trails that will draw its attention to your client’s SMSF this financial year.

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ATO’s corporate residency guidance cops backlash

Corporate Residency

The tax office’s new approach to determining whether entities are resident under the central management and control test has drawn flak from industry bodies, noting technical issues with the guidance and disagreeing with the interpretation of the law.

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ATO dispels top tax time myths to clients as clampdown rolls out

Top Tax Time Myths

Ahead of one of its biggest deductions crackdowns, the tax office has released a series of common mistakes and misunderstandings taxpayers make at tax time.

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Guidance for SMSFs on transfer balance reporting

Guidance Smsf

          The Australian Taxation Office has released further guidance on when SMSFs need to report events affecting their members’ transfer balance accounts (by making a transfer balance account report, or TBAR) for the purposes of the $1.6 million pension cap. From 1 July 2018, SMSFs that have any members with a total superannuation balance of $1 …

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ATO issues alert on super, tax scams

Ato Scam Warning

Warning:  Identify theft scams 

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Salary sacrifice integrity

Salary Sacrifice

            Legislation has also been introduced to prevent employers from using an employee’s salary sacrifice contributions to reduce the employer’s own minimum SG contributions. Some employers who offer salary sacrifice into superannuation, calculate the minimum SG contribution on the “reduced” salary rather than the “package”. This change would apply to working out employers’ SG shortfalls …

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Understanding the evolution of blockchain and cryptocurrencies

Understanding Blockchain

While it’s unlikely that traditional accounting will be replaced by a blockchain method in the near future, accountants should keep a keen eye for any developments and be prepared to deal with new standards in accounting for cryptocurrencies.

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Update to Australia’s vital statistics

Australia 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.

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Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds

Checklists 2018

It's that time of the year again!  Use the following Checklists to speed up your tax return and to help ensure all deductions are made.

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SMSFs – Our ‘hardest’ jobs

Smsf Toughest Jobs

What are the hardest aspects of running your self-managed super fund (SMSF)?

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Tax Office reveals adventurous, dubious claims ahead of tax time

Dubious Tax Deductions

The ATO has released several case studies of adventurous and misguided expenses claims from taxpayers, but some fear they’re being made an example of because the Tax Office cannot “audit their way out” of a large-scale expenses crackdown.

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ATO reveals top tax time mistakes, set to contact 1 million taxpayers

Top Five Tax Mistakes

The ATO will be contacting over one million taxpayers either directly or through their tax agent in the coming months as part of its compliance activity, and have revealed the most common trouble spots for taxpayers at tax time. 

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Watch out for charges with incoming GST laws.

Beware Gst Overseas Supplies

Accountants and their clients have been advised to pay close attention to the commencement of GST on low value imported goods that could see Australian retailers incorrectly charged by overseas suppliers.

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Super savings gap for women stuck at 30%

Women 30 Percent Down

While the gender gap in superannuation is improving, an economic index indicates women are still retiring with superannuation balances 30 per cent lower than men.

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‘Wipe the slate clean’: Clients, accountants urged to use new amnesty period

Clean Slate For Super Guarantee Under Payments

Businesses look set to be granted a 12-month window to address historic under-payment of superannuation, against a backdrop of ongoing warning shots being fired by the government and regulators.

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Statistics for all Australians

Australia 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.

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Touch Payroll (STP)

Single Touch Payroll Stp

Extensive STP resources can be found in a related article in last month's edition below.

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‘Calm before the storm’: Government proposes 12-month SG amnesty

Super Guarantee Amnisty But

Kelly O'Dwyer

BUT foreshadowing tougher penalties once the Single Touch Payroll regime kicks in fully next year.

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Government intensifies cash payments crackdown – Kelly O’Dwyer

Crackdown Cash Economy

The government has started its consultation process on plans to introduce an economy-wide cash payment limit of $10,000 as part of a wider effort to eliminate the black economy.

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Passive investment companies tax rate still 30%

Thirty 30 Percent Discount

          The reduce company tax rate of 27.5% in 2018 will be denied for companies with predominantly passive income. Under the changes, companies will qualify for the lower tax rate only if: their passive income is less than 80% of their assessable income for the year   they “carry on a business” in that year; and …

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Cryptocurrency audits tipped to increase this EOFY

Crypto Scrutiny

Audit activities around cryptocurrency are set to spike this tax time as part of the ATO’s broader risk analysis in its black economy crackdown, says one mid-tier.

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Australia by numbers – Update

Australia Kangaroo Statistics
Armed with this information you'll be a conversation magnet at any party.

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$2.4m lost to tax scams, ACCC reports

Scams Losses

Almost $2.4 million worth of scams was reported to the Tax Office in 2017, according to new statistics from the Australian Competition and Consumer Commission.

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No GST on digital currency

No Gst On Cryptocurrency

The GST Act is being amended to ensure that digital currency, such as Bitcoin, is disregarded for GST purposes unless the supply is made in exchange for a payment of money or digital currency.

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Federal Budget 2018 – Overview

Budget 2018 Overview

          The Australian economy in its 27th year of consecutive growth. Business conditions are at the highest level since the global financial crisis. 1,000 jobs a day on average over the past year. Global growth at fastest pace in six years. The budget focuses on 5 main areas: Tax relief to encourage and reward working Australians …

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Your Budget

Your Budget 2018

          How the 2018 budget applies to you can be found via the following links.   Individuals   Families   Business   Australian Federal Government

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4 components of our 2018 Federal Budget

Budget Four Parts Sections

            Click on the following links for more detail on the main components of the 2018 Federal budget. Stronger growth to create more jobs   Guaranteeing the essential services Australians rely on   Ensuring the Government lives within its means   Budget documents     Australian Federal Government

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

Single Touch Payroll 2

STR 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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New rules capture SMSFs trading big with cryptocurrency

New Cryptocurrency Rules

Sizeable cryptocurrency transactions will “come to the attention of the ATO” under new rules that came into effect this week, so a mid-tier firm has put together a checklist of key considerations to keep SMSF investors compliant.

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New passive income test for lower corporate tax rate

Corporate Tax Cut

New rules ensure that companies with more than 80% passive income will not qualify for the reduced company tax rate.

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Tools to help you manage your financial position are available on our site.

Digital Tools Resources

Three ingredients to attaining your retirement goals: give yourself enough time, utilise professional assistance and increased financial literacy.  

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‘A simple mistake can attract our attention’: ATO reminder about FBT slips-ups

Simple Mistakes Ato

The tax office has issued a reminder to tax professionals about some simple, but common, errors which often attract its attention with fringe benefits tax (FBT).

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Beware residency rules if moving overseas

Residency Rule Changes

SMSF trustees are often unaware that if they move overseas for an extended period of time, their SMSF may fall foul of the ATO’s residency rules and they may face a heavy tax bill.

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Meaningful tax reform in high demand

Tax Reform

Comprehensive tax reform continues to dominate wish lists for the upcoming federal budget, with support for change to state-based taxes particularly high, according to a new survey.

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Working holidaymakers and tax returns

Reportable Contribution 2

If your business employs working holidaymakers – or you’ve been one yourself this year! – you need to satisfy the “backpacker tax” s that came into effect from 1 January 2017.

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Single Touch Payroll – 1 April 2018 Action

Single Touch Payroll

Single touch payroll will be a compulsory reporting requirement for employers.

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Property investors on notice after ATO spots false claims

Investor Property Scrutiny Ato

As usual some ridiculous claims ruin it for genuine investors.

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ATO issues update on cryptocurrency compliance traps

Crypto Cryptocurrency Cryptocurrencies

The ATO has provided further details on some of the regulatory considerations with cryptocurrency for SMSFs, including valuations, in specie contributions and ownership of assets.

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Australia’s vital statistics

Australian Economic Indicators

A quick read of this will make you the BBQ or dinner party expert.

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Accountants spy elder abuse spike as mortgage stress sets in

Elderly Abuse Children Mortgage Stress

Housing affordability is tempting some adult children into elder abuse territory, as they look to their parents' retirement savings to alleviate their mortgage stress.

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Tax office releases fresh guidance on SMSFs

Ato Guidance Smsf

The ATO has released a new piece of guidance which outlines its concerns and compliance activity with reserves in SMSFs. 

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Labor’s tax plans could favour the rich, analysis shows

Labour Super Changes

Labor's plans for excess dividend imputation credits will favour the rich despite claims it is targeting wealthy Australians, according to specialist analysis.

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FBT Reminder – Odometer Reading


Anybody who has a Fringe Benefits Tax obligation should take an odometer reading of motor vehicles.

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Tax with Integrity

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