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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.
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.
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.
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.
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.
As part of its raft of slated changes, the government has foreshadowed a legislative change that will confirm ….
An individual has been unsuccessful before the Administrative Appeals Tribunal claiming work-related travel expenses.
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.
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.
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.
Will a borrowing arrangement by a SMSF pass the smell test?
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.
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.
The ATO is continuing to crack down on the incorrect use of the Research & Development Tax Incentive program, issuing an additional two taxpayer alerts.
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.
The Australian Taxation Office (ATO) continues to increase their surveillance activity and utilize the electronic data bases of on-line sellers.
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.
Several tax specialists and national mid-tiers have found clients are struggling to understand their rights and benefits associated with depreciation, …
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.
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.
Accountants with SME clients should be urging them to recall the new deadlines for employees on working visas to ensure compliance.
All is not lost if you have a judgement against a debtor, but you know they have no assets.
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.
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”.
Obligations and responsibilities of an executor are significant. Their decisions can be monumental.
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.
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 ….
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.
The government has announced it will make moves to ensure that multinationals pay the appropriate amount of tax on their activities in Australia.
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.
The Christmas break-up party and/or gifts to employees can be exempt from Fringe Benefits if a few rules are followed.
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.
To all our clients and friends, we wish you a Merry Christmas, a Happy New Year, a restful break and a prosperous 2017
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.
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.
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.
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.
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.
Many small business owners rush to apply short-term fixes rather than diagnosing the real problem.
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.
Everyone assumes that the $20,000 instant asset write-off is exclusive to eligible small businesses.
All employment relationships are subject to an agreement, whether they are written, verbal or a combination.
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.
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”.
As a generalisation and without wanting to venture into legal areas, a domestic partnership is ….
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.
Almost every Australian will be aware of the problems trying to complete the online Census on the 9th August 2016.
Failing to maintain a valid car log book can cost taxpayers dearly in an ATO audit.
A warning from the ACNC about not doing the paper work.
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.