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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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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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