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Latest News

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.   tradingeconomics.com

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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

Odometer

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

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‘Substantiation will be a key focus’: ATO drums in tax time 2018 hit list

Tax Substantiation

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.

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Super changes: $1.6 million transfer balance cap and death benefit pensions

Super Reforms

Where a taxpayer has amounts remaining in superannuation when they die, their death creates a compulsory cashing requirement for the superannuation provider.

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Payroll, compliance issues top dodgy practices in Aussie business

Payroll Compliance

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. 

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Employee travel expense deductions

Employee Travel Expenses

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.  

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The Goldilocks effect – Economic and market update 4Q 17

Goldilocks Effect

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.

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Tax assessments confirmed for undisclosed business income

Tax Assessments

The increasing cost of underreporting and failing to lodge.

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Super returns on the up despite clients’ hesitation

Super Returns Increasing

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.

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Australia. All you need to know to be the expert.

Australian Stats Maze

An up-to-date snapshot of Australia's vital statistics.

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Business confidence hits 5-month high: NAB

Increasing Business Confidence

NAB’s business confidence index jumped four points in December as business confidence and business conditions begin to converge.

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Caution advised on best interests duty with cryptocurrencies

Crypto Best Interest

While cryptocurrencies may not be considered financial products, authorised representatives and licensees are reminded related advice is not exempt from best interests duty.

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$20,000 asset write-off renewed for another financial year.

Tax Deduction 20000

Asset write-offs reminder for small business.

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SMSF compliance traps with bitcoin

Smsf Traps Crypto

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?

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Where Australia is at. Our leading indicators.

Australian Stats Statistics

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.

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Foreign resident CGT withholding: early recognition of tax credit

Foreign Resident Cgt

In other words, an embarrassing deficiency in legislation has been corrected.

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ATO set to doorknock as 60% of cash-heavy businesses caught

Ato Cash Economy

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.

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New downsizing cap available

Downsizing Retirement

A benefit from downsizing to a smaller home.

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Our Advent calendar for 2017

Xmas2017 Advent

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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Capital Gains and Renounceable Rights

Renounceable Rights Cgt

In a small win, the taxation of renounceable rights offers (in some cases) will be concessionally treated following a recent Australian Taxation Office ruling.

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