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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.
In a small win, the taxation of renounceable rights offers (in some cases) will be concessionally treated following a recent Australian Taxation Office ruling.
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.
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.
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.
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.
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.
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.
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.
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.
An example of the need to keep good records for everything you do. Good bookkeeping = good records.
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.
A reminder that directors can very easily become responsible for unpaid taxation liabilities.
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.
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.
Another case confirms that taxpayers making large superannuation contributions need to be diligent.