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New tax incentives for early stage investors

Early Stages

On 5 May 2016, the Tax Laws Amendment (Tax Incentives for Innovation) Act 2016, which includes the tax incentives for early stage investors, received Royal Assent.

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ATO on ‘aggressive’ debt recovery hunt

Ato Aggressive Debt Recovery

The ATO is showing no signs of easing up on its crackdown on companies owing money and pushing them into insolvency if required, with one mid-tier firm citing a recent spike in insolvencies. 

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More ATO downtime looms ahead of tax time

More Ato Downtime

One national accounting network has accepted the need for additional downtime in the wake of the ATO's massive digital crash, but is demanding that the ATO ensures a “robust IT platform” for accountants as we move in to tax time.

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Tax debt release applications refused

Application Rejected

The Administrative Appeals Tribunal (AAT) has recently refused the applications of two individuals who sought to be released from their tax debts under the tax law.

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Troublesome tax system overhaul picks up speed

Troublesome Tax System Overhaul

The Inspector-General of Taxation has revealed the scope of his review into the way taxpayers pay tax on their business or investment income, following a spate of complaints about the inefficiencies with the current system.

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Government to ‘put to bed’ uncertainties with TRIS

Which Way

As part of its raft of slated changes, the government has foreshadowed a legislative change that will confirm …. 

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Travel expense and transport of bulky tools claim denied

Travel Expenses Refused

An individual has been unsuccessful before the Administrative Appeals Tribunal claiming work-related travel expenses. 

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New law sheds light on global tax issues

New Law Global Tax Issues

Yesterday, the government passed the Diverted Profits Tax through the Senate, however one of the major accounting bodies has highlighted that multinational tax avoidance is an issue that needs to be dealt with globally.

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Report tips housing price spikes to wipe out super savings

Super House Prices

Declining outright home ownership will effectively wipe out superannuation savings of some Australians, leading to a higher reliance on the government and taxpayers in retirement, according to a recent report.

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Impending GST changes good news for SMEs

Impending Gst Changes

 

Two mid-tier partners have said that the changes to GST introduced to Parliament last week is a good first step in helping Australian SMEs compete with overseas entities.

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SMSF related-party borrowing arrangements

Smsf Related Borrowing

Will a borrowing arrangement by a SMSF pass the smell test?

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Primary Producer Income Tax Averaging

Primary Producer Wheat

Legislation has been introduced in Parliament that proposes to allow primary producers to return to income tax averaging 10 income years after choosing to opt out, instead of the opt-out choice being permanent. 

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Active vs passive assets and the small business CGT concession

Active Passive

 

The small business capital gains tax concessions are extremely valuable, and for small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing any consequent tax liability, even to zero.

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ATO issues further taxpayer alerts on key focus areas

R And D Issues

 

The ATO is continuing to crack down on the incorrect use of the Research & Development Tax Incentive program, issuing an additional two taxpayer alerts.

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Borrowed money to pay a business tax debt? Is the interest deductible?

Borrow To Pay Tax Debt

 

It was about 1990 when the ATO was asked about the tax deductibility of interest on a loan a business may have taken out to repay a tax debt. 

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Online Selling

Online Selling

 

The Australian Taxation Office (ATO) continues to increase their surveillance activity and utilize the electronic data bases of on-line sellers.

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The dangers of income splitting

Danger Income Splitting

 

Now and then the ATO issues warnings on how its general anti-avoidance legislation can apply to professional firms that allocate profits to individual professional practitioners with proprietorship in the firm.

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Clients failing on depreciation front – property investment

Failing To Understand Depreciation

Several tax specialists and national mid-tiers have found clients are struggling to understand their rights and benefits associated with depreciation, …

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Home office deductions: What substantiation will the ATO accept?

Home Office Deductions

 

Home office expense claims are subject to the same general substantiation requirements as other deductions – that is, it is a requirement that records should be kept for at least five years.

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ATO advises accountants on client data swoop

Client Data Swwop

 

The ATO is urging accountants to inform clients that it is ramping up its data collection from financial institutions and online selling sites for use in its data-matching programs.

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ATO issues stern reminder on new backpacker tax

New Tax

 

Accountants with SME clients should be urging them to recall the new deadlines for employees on working visas to ensure compliance.

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Debt Recovery

Debt Recovery

 

All is not lost if you have a judgement against a debtor, but you know they have no assets.

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Government takes next step in tax cheats crackdown

Tax Cheat Crackdown

 

The Turnbull government has launched an invitation for public comment to the Black Economy Taskforce ahead of an interim report in March, in an effort to stamp out tax evasion and loopholes.

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Car salary packages and the deductibility of after-tax running costs

Car Salary Packaging

 

Including a car in a salary package is a popular remuneration arrangement, and doing so as part of a salary sacrifice package will often give rise the a “novated lease”.  

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Choosing an Executor

Choosing Executor

 

Obligations and responsibilities of an executor are significant.  Their decisions can be monumental.

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ATO fires warning shots at cash economy exploiters

Ato Warning Shot

 

The ATO has warned businesses in the cash economy are a major focus area for the regulator as it ramps up its scrutiny of third party data, in an effort to ensure  a fair marketplace for businesses doing the right thing.

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Getting a tax valuation from the ATO

Ato Tax Valuation

 

We all know that the ATO is the guardian of the tax laws, administers tax regulations and can provide advice and guidance on how they apply. But ….

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5 tips to get home office deductions right

Home Office

 

You might be sick of the daily commute, or want more flexibility of hours – or it could be that you have a talent or skill and feel sure that this can translate into a fulfilling career in your own business.

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Big-ticket tax set for government review

Big Ticket Scrutiny 1

 

The government has announced it will make moves to ensure that multinationals pay the appropriate amount of tax on their activities in Australia.

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FBT – Christmas Parties and Taxi Fares

Christmas Taxi

 

Some employers, who are commendably anxious to protect their employees and clients from the drink/driving laws, also pay for taxis to take employees to and from the place of entertainment.

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Employee Christmas Parties and Gifts – Any FBT?

Christmas Party

 

The Christmas break-up party and/or gifts to employees can be exempt from Fringe Benefits if a few rules are followed.

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‘Beware the tax man’ eyeing holiday period activity

Beware The Tax Man

 

The ATO is poised to home in on fringe benefits tax (FBT) on celebrations and gifts this festive season, according to one mid-tier firm.

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Merry Christmas for 2016, a Happy New Year and a prosperous 2017.

Xmas2016

 

To all our clients and friends, we wish you a Merry Christmas, a Happy New Year, a restful break and a prosperous 2017

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Research reveals key to ‘high-performing’ firms

Key High Perfomring

 

New research from Macquarie, surveying hundreds of small to mid-tier accounting firms, has identified the points of difference of firms effectively driving growth and profitability.

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Late payments hitting SMEs hard

Late Payments

 

Late client payments are having an increasingly significant impact on the personal finances of SME owners and often affecting their ability to cover basic business expenses, new research from MYOB has found.

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Estate planning issues flagged with $1.6m pension transfer cap

Estate Planning Issues

 

SMSF practitioners are being urged to consider fresh estate planning issues that have surfaced since the proposed introduction of the $1.6 million pension cap.

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New fleet “safe harbour” approach for car fringe benefits

Safe Harbour

 

The ATO has announced that, after consultation and collaboration with business taxpayers and industry representatives, it has developed what it calls a “safe harbour” mechanism for calculating car fringe benefits under the operating cost method.

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Travel to a workplace: What’s in, what’s out

Travel To Work

 

A recurrent topic of conversation and enquiry when it comes to possible tax deductions is when taxpayers travel to a work location, and the eligibility or otherwise of certain claims in regard to that travel. 

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Struggling Business Turnarounds

Struggling Busines Turnarrounds

 

Many small business owners rush to apply short-term fixes rather than diagnosing the real problem.

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SMSF practitioners told to urgently address TRIS issues

Practitioners Urgent

 

SMSF practitioners are being told to review their clients’ TRIS strategies and start discussing any work test issues now, as there will only be a short time frame left, once the legislation is passed, to implement changes.

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$20,000 write off is only available for small business, right? Well…

20000 Write Off

 

Everyone assumes that the $20,000 instant asset write-off is exclusive to eligible small businesses.

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Do you need an Employment Agreement?

Written Agreement

 

All employment relationships are subject to an agreement, whether they are written, verbal or a combination.

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What does the new withholding tax mean for your clients?

Withholding Tax Foreign Investment

 

It's important to be across the new “non-final withholding tax regime” came into effect on 1 July 2016, potentially impacting anyone buying or selling property.

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Is there a problem with using your company’s assets for yourself?

Using Company Assets

 

Assets that belong to your business but that are being used for your own benefit or enjoyment can potentially trigger a tax issue known as “Division 7A”. 

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Domestic (non-marital) Relationships

Non Marital Relationships

 

As a generalisation and without wanting to venture into legal areas, a domestic partnership is ….

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SMEs at risk of ‘falling foul’ of ATO

Smes Ato Scrutiny

 

Confusion this financial year regarding imminent compliance dates, including for SuperStream, is putting SME owners at risk of falling foul of the ATO, accounting software provider MYOB has warned.

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Scams, fraudsters and viruses

Scams Frauds Viruses

 

Almost every Australian will be aware of the problems trying to complete the online Census on the 9th August 2016.

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Got your car log book ready?

Car Travel Log

 

Failing to maintain a valid car log book can cost taxpayers dearly in an ATO audit. 

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Charities need to lodge Annual Statements

Charities Annual Statements

 

A warning from the ACNC about not doing the paper work.

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ATO ramps up surveillance on unusual assets

Ato And Unusual Assets

One national accountancy network has reminded professionals the ATO is obtaining more than 100,000 insurance policies in an effort to identify non-compliance with reporting obligations, saying there is “very little chance” offenders won’t be caught.

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Tax with Integrity

Tax with Integrity