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- Superannuation & SMSF
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.
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.
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.
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.
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
Extensive STP resources can be found in a related article in last month's edition below.
BUT foreshadowing tougher penalties once the Single Touch Payroll regime kicks in fully next year.
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.
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 …
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.
Armed with this information you'll be a conversation magnet at any party.
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.
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.
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 …
How the 2018 budget applies to you can be found via the following links. Individuals Families Business Australian Federal Government
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
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.
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.
New rules ensure that companies with more than 80% passive income will not qualify for the reduced company tax rate.
Three ingredients to attaining your retirement goals: give yourself enough time, utilise professional assistance and increased financial literacy.
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).
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.
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.
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.
Single touch payroll will be a compulsory reporting requirement for employers.
As usual some ridiculous claims ruin it for genuine investors.
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.
A quick read of this will make you the BBQ or dinner party expert.
Housing affordability is tempting some adult children into elder abuse territory, as they look to their parents' retirement savings to alleviate their mortgage stress.
The ATO has released a new piece of guidance which outlines its concerns and compliance activity with reserves in SMSFs.
Labor's plans for excess dividend imputation credits will favour the rich despite claims it is targeting wealthy Australians, according to specialist analysis.
Anybody who has a Fringe Benefits Tax obligation should take an odometer reading of motor vehicles.
The tax office has further detailed what type of work-related expenses will be in focus this tax time and signalled a particular focus on documentation where “red flags” are automatically triggered in its system.
Where a taxpayer has amounts remaining in superannuation when they die, their death creates a compulsory cashing requirement for the superannuation provider.
Thousands of anonymous reports to the workplace regulator have shown problematic payroll practices and shoddy internal compliance procedures are the leading causes of employee exploitation, particularly of foreign nationals.
To claim for transport or other employee travel expenses (like accommodation and meals) you must have incurred the expenses as part of gaining or producing your taxable income.
The year 2017 was defined by a near-perfect goldilocks backdrop of steady global growth, modest inflation, and still-accommodative monetary policy, the combination of which helped fuel a broad-based rally in asset prices.
The increasing cost of underreporting and failing to lodge.
While many accountants have reported their clients’ confidence in super is down, it appears there’s some good news on the returns front to kick off 2018.
An up-to-date snapshot of Australia's vital statistics.
NAB’s business confidence index jumped four points in December as business confidence and business conditions begin to converge.
While cryptocurrencies may not be considered financial products, authorised representatives and licensees are reminded related advice is not exempt from best interests duty.
Asset write-offs reminder for small business.
With the surge in the bitcoin price (and many other cryptocurrencies) attracting greater numbers of SMSF investors, what compliance traps do SMSF accountants and auditors need to be aware of?
While dry and not that exciting, stats on how Australia is going in regard to a vast range of important issues can be very illuminating.
In other words, an embarrassing deficiency in legislation has been corrected.
As part of the government’s broader crackdown on the cash economy, the tax office has told tax agents it will soon be visiting more clients to check they are reporting their cash payments.
On behalf of all our staff we wish our clients a Merry Christmas, Happy New Year and a great holiday period.