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Latest News

‘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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Treasury finds Australia ‘increasingly uncompetitive’ as US moves on tax plans

Us Tax Rates Effect Australian Competitiveness

Treasury has released a research paper detailing the implications of the US corporate tax reforms, highlighting its real potential to quash Australia’s competitiveness and stifle local wages.  

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SMSFs warned on ‘ticking time bomb’ with outdated deeds

Update Smsf Trust Deed

A surprising number of older SMSF deeds pre-dating the 2008 financial year still remain, some of which contain inappropriate clauses exposing members to unforeseen risks, an industry lawyer warns.

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Taxation ruling on commercial website deductibility

Website Deductions

An unfavourable opinion from the Australian Taxation Office sets out the tax deductibility of expenditure incurred in acquiring, developing, maintaining or modifying a commercial website for use in carrying on a business.

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68% of SMEs ‘significantly stressed,’ 85% rely on accountants

Sme Stress Levels

A survey from the Institute of Public Accountants has found that more than a quarter of SMEs wouldn’t have gone into business if they realised the associated stress, and that a third of those surveyed wish they had engaged an accountant earlier.

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Statutory wills are underutilised in estate planning

Statutory Will

Statutory wills are being neglected in situations where a family member has lost capacity with the absence of an established will, according to Australian Unity Trustees.

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Small business slips on lodgement deadlines

Missing Deadlines

On-time lodgement slipped slightly for small businesses last financial year while debts owing spiked, prompting the ATO to consider new strategies to encourage compliance.

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300,000 SMEs utilising $20K write-off, says ATO

300000 20k Deduction

The average amount claimed through the instant asset write-off more than doubled in the 2015-16 financial year, according to the ATO’s latest data.

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‘A bad thing times 10’: ATO set for new SMSF blitz

40000 Smsf Ato Delete

The status of tens of thousands of SMSFs currently hangs in the balance, with the post-reform environment prompting the ATO to threaten axing funds which are not meeting their reporting obligations.

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Paperwork bungles lead to $38k in payments

Poor Paperwork Employee Costs

An example of the need to keep good records for everything you do.  Good bookkeeping = good records.

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Australian Dietary Guidelines and healthy eating chart (PDF)

Healthy Eating

The Australian Dietary Guidelines give advice on eating for health and wellbeing. They’re called dietary guidelines because it’s your usual diet that influences your health. Based on the latest scientific evidence, they describe the best approach to eating for a long and healthy life.

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Former director liable for company’s unpaid tax liabilities

Former Director Liable Unpaid Tax

A reminder that directors can very easily become responsible for unpaid taxation liabilities.

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Resources on our site to help you, your family and your friends.

Tax20man20SMSF

Your Financial Planner supplies you with more tools and resources than most others and at no extra cost.  Use them to improve your planning for the future.

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Super for housing measures enter Senate

Super In House Legislation

The bills for the First Home Super Saver Scheme and the downsizing measures for Australians over the age of 65 have now passed the House of Representatives.

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No Special Circumstances to allow Excess Super Contributions

No Special Circumstances

Another case confirms that taxpayers making large superannuation contributions need to be diligent.

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Four housing tax measures progress to Parliament

Housing Tax Measures

Legislation for a number of housing affordability tax measures announced in the federal budget 2017 are being introduced to Parliament today.

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AirBnb – wrong tax outcome?

Air Bnb Uber Bitcoin

We are seeing an evolution of income earning opportunities and waiting for regulators to keep up.

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Are young investors wasting their youth?

Youth Saving Retire

It was George Bernard Shaw who coined the phrase 'youth is wasted on the young'. In Australia today, it seems the young may be wasting their investing youth.

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ATO sending ‘more letters than ever’ on income tax errors

Ato Data Matching

One firm believes the ATO is distributing more letters than ever to taxpayers whose tax returns’ have been flagged as failing their data matching processes.

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Property, unit trusts in ATO’s sights

Ato Scrutinise Property Unit Trust

One big four accounting firm says the ATO has started to zoom in on property development in unit trusts being held in SMSFs and the calculation of valuations for these assets.

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Major Bank Levy Passed

Bank Levy Who Pays

Whilst there has been little publicity in the weeks after the May Federal Budget, the Bank Levy has passed through Parliament and receive Royal Assent, without amendment.

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NSW tops list as ATO reveals billions in lost super

Lost Super

The ATO has revealed its latest figures on lost and unclaimed superannuation accounts, with NSW topping the state list.

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How is your super going, ready for retirement?

How Is Super Going

How realistic are your goals?  Tools on this site will help you monitor how you're going.  Click on the Financial Tools / Calculator button to login, or register, to use this powerful resource.

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Australia’s leading causes of death – ABS

Life Dealth Causes Abs

Not the sort of topic one might normally come across but keeping an eye on the 'big' picture is always good for keeping things in perspective.  Census data from 2006, 2010 and 2015.

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ATO increasing data exchange with international regulators

Data Sharing Around World Ato

Data sharing between tax regulators in different countries is rapidly increasing with the ATO turning in around 30,000 US expats to the IRS just last year according to a US tax lawyer.

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Our ‘hardest’ SMSF tasks

Hardest Smsf Questions

What are the hardest aspects of running your self-managed super fund (SMSF)? There are certainly more and more tasks and professional help my be needed to manage them properly.

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Uber drivers hit for 10% tax

Uber 10percent Tax
 
In a recent decision, the Federal Court has held that the UberX service supplied by Uber’s drivers constitutes the supply of “taxi travel” for the purposes of GST. 

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Lack of literacy promotes unrealistic goals

Lack Of Financial Literacy

A large proportion of Australians have unrealistic retirement goals.  (NB: There are financial tools on this site that can help as too can a financial planner)

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Taxpayer failed to prove that payments were “loans”

Taxpayer Failed Payment Not Loan

In a recent case, the Full Federal Court has found that several taxpayer companies had not discharged the onus of proving that assessments the Commissioner of Taxation issued to them were excessive. 

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New STP dates confirmed as ATO goes on compliance blitz

Compliance Blitz Ato

The government has confirmed that the Single Touch Payroll will now roll over to small businesses with less than 20 employees, as it seeks to up its efforts to monitor employer payment obligations.

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ATO flags compliance project for FY17/18

Ato Compliance Project 1718

The ATO will be upping its superannuation guarantee (SG) casework by one-third, and is poised for increased audits and penalty notices of up to 200 per cent for non-compliers.

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Items that heat up your depreciation deductions

Rental Depreciation Options

With the winter season upon us, a number of property investors may be thinking of doing nothing more than curling up under a rug in front of a wood fire with a good cup of coffee.

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Government ‘undermines’ tax system in new moves on property expenses

Tax Deduction Legislation Undermining

Newly-released draft legislation, which firms up the 2017 budget move to limit investors’ ability to claim travel expenses and depreciation deductions, will “upset the fundamental basis behind our tax system” according to an accounting body.

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Tax with Integrity

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