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Changes to the Victorian Long Service Leave regime: What you need to know

Changes to the Victorian Long Service Leave regime: What you need to know

Effective from 1 November 2018, the current Victorian Long Service Act 1992 will be replaced by the Long Service Leave Act 2018 (2018 Act). While the new law does not alter the rate at which long service leave (LSL) accrues, it does make significant changes to LSL entitlements

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( Posted in: Tax )

Know when to change gear: judging the right time for retirement

Know when to change gear: judging the right time for retirement

The decision to retire is a personal one that’s often as much about your purpose for working as it is about your finances

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( Posted in: Tax )

Trust Vesting

Trust Vesting

Is it getting close to the vesting date of your Trust?

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( Posted in: Tax )

Got a HELP debt?

Got a HELP debt?

The impending changes to speed up your repayments

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( Posted in: Tax )

Last minute changes to company tax

Last minute changes to company tax

Legislation passed by Parliament late last month introduces a new test that will restrict some companies from accessing the lower company tax rate from the 2017-18 financial year.

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( Posted in: Tax )

ATO online rental blitz

ATO online rental blitz

The Australian Taxation Office (ATO) has announced a new data-matching program targeting taxpayers earning income from the exploding popularity of short-term rentals available on platforms like AirBNB and Stayz. 

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( Posted in: Tax )

Economic Update August 2018

Economic Update August 2018

Market and Economic Overview

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( Posted in: Tax )

ABN Reform

ABN Reform

The Government is undertaking steps to both strengthen and modernize the ABN (Australian Business Number) system; and is looking for feedback from small business and consumers.

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( Posted in: Tax )

2019 FBT exemption for motor vehicles changes

2019 FBT exemption for motor vehicles changes

This Practical Compliance Guideline (PCG) applies to car and residual benefits provided in the 2019 and later FBT years.

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( Posted in: Tax )

SMSF and cryptocurrencies

SMSF and cryptocurrencies

Do the trust deed and investment strategy allow for this type of investment?

 

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( Posted in: Tax )

Are you Holding Back your Business

Are you Holding Back your Business

Overcoming the biggest problems in business often comes down to the simple things. Here are a few simple things you can do to capitalise on your opportunities and reduce your risks.

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( Posted in: Tax )

When can you take your super?

When can you take your super?

The cash sitting in your superannuation fund can be tempting, particularly if you are short of cash. But, the reality is there are very few ways you can take advantage of your superannuation once it has been contributed to the fund – even if you change your mind.

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( Posted in: Tax )

$10k limit on cash payments to business

$10k limit on cash payments to business

One of the interesting approaches to tackling the black economy in the recent 2018-19 Federal Budget was the announcement of a $10,000 limit on cash payments to business.

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( Posted in: Tax )

$20k accelerated deductions for small business extended another year

$20k accelerated deductions for small business extended another year

The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended for another 12 months until 30 June 2019.

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( Posted in: Tax )

Company Tax Change in Limbo

Company Tax Change in Limbo

An issue that many business owners and investors will need to grapple with is uncertainty on the tax rate that applies to companies for the year ended 30 June 2018 and the maximum franking rate on dividends paid during the 2018 income year. 

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( Posted in: Tax )

Who gets the tax cuts from 1 July?

Who gets the tax cuts from 1 July?

1 July 2018 is the start date for the seven year income tax plan announced in the recent 2018-19 Federal Budget.

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( Posted in: Tax )

What’s on the ATO’s hit list this July?

What’s on the ATO’s hit list this July?

Income from sharing economy platforms, the Australian Taxation Office looks to be casting it’s wide net when it comes to areas of focus during the 2018 tax time.

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( Posted in: Tax )

Popular Deductions in ATO’s Firing Line

Popular Deductions in ATO’s Firing Line

The Australian Taxation Office (ATO) has announced that it will be closely examining claims for work-related car expenses this tax time as part of a broader focus on work related expenses.

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( Posted in: Tax )

Rental property deductions – the do's and don'ts!

Rental property deductions – the do's and don'ts!

In Australia, there are over 2 million people who claim some $46 billion in rental property deductions in their tax returns, and this number appears to be growing.

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( Posted in: Tax )

Market and Economic overview

Market and Economic overview

Economic Update - May 2018

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How are cryptocurrencies taxed?

How are cryptocurrencies taxed?

Cryptocurrencies, like Bitcoin, are independent and not regulated by any central authority. Until recently, these digital currencies were not treated in the same way as cash for tax purposes in Australia.

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( Posted in: Tax )

Proposed R&D changes

Proposed R&D changes

Unfortunately the aim to save $2.4B over 4 years has complicated the R&D Tax Incentive Scheme for companies with a turnover over $20M & reduced the benefits for the majority of claimants.

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( Posted in: Tax )

CGT and the family home

CGT and the family home

The family home of foreign residents and expats may be taxed if legislation before Parliament is passed by the Senate.

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( Posted in: Tax )

Budget Update 2018

Budget Update 2018

Reward for work is a dominant theme in this year's Budget. The seven year personal income tax plan initially targets low to middle income earners before making significant changes to the tax brackets.

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( Posted in: Tax )

What is Single Touch Payroll and do I need to do anything?

What is Single Touch Payroll and do I need to do anything?

Single Touch Payroll (STP) is the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO.

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( Posted in: Tax )

New rules capture SMSFs trading big with cryptocurrency

New rules capture SMSFs trading big with cryptocurrency

Sizable 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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( Posted in: Tax )

Should you use the new super measures when you buy/sell your home

Should you use the new super measures when you buy/sell your home

From 1 July 2018, new laws come into effect allowing first home buyers to use their super to help buy a home, and at the other end of the spectrum, downsizers to contribute proceeds from the sale of their home to super without many of the normal restrictions.

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( Posted in: Tax )

Tax Deductions: the danger zones

Tax Deductions: the danger zones

A recent Parliamentary Inquiry into Tax Deductions created some fairly sensational headlines about what and how deductions are being claimed - $22 billion worth to be exact. 

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( Posted in: Tax )

Trademarking

Trademarking

A trade mark is a way of identifying a unique product or service.

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( Posted in: Tax )

2018 land tax assessments

2018 land tax assessments

The 2018 land tax assessments will issue between the months of January and May 2018.

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( Posted in: Tax )

Cash is King

Cash is King

Cash flow is the life blood of any business and remains a massive ongoing challenge for business owners.

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( Posted in: Tax )

Economic Update - February 2018

Economic Update - February 2018

Market and Economic Overview

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Tax incentives for early stage investors

Tax incentives for early stage investors

On the back of the Turnbull Government's push towards supporting an innovative Australian economy

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( Posted in: Tax )

E-Audits - Computer assisted verification methodologies

E-Audits - Computer assisted verification methodologies

In the course of conducting reviews or audits, The ATO may use E-Audits 

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( Posted in: Tax )

Blockchain tipped as technology game-changer

Blockchain tipped as technology game-changer

Set to transform accounting, audit and banking. But how does it work?

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Review of 2017 - Outlook for 2018

Review of 2017 - Outlook for 2018

Still in the "sweet spot," but expect more volatility ahead.

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Renovating Properties

Renovating Properties

Lately, the ATO is taking a particular interest in scenarios where properties are renovated and then on-sold.

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( Posted in: Tax )

Potential New GST rules - Purchaser GST withholding on sales of new residential premises

Potential New GST rules - Purchaser GST withholding on sales of new residential premises

Under the current GST law, GST is included in the purchase price of new residential premises and new potential residential land;

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( Posted in: Tax )

Six Facts About Property Depreciation & Capital Gains Tax

Six Facts About Property Depreciation & Capital Gains Tax

One question investors often ask about claiming depreciation on a rental property is 'how will these claims effect Capital Gains Tax (CGT) when the property is sold?

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( Posted in: Tax )

Understanding how SMSF contributions work

Understanding how SMSF contributions work

Contributions can play an essential role in a self-managed superannuation fund (SMSF).

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( Posted in: Tax )

Time is running out to update your family trusts to exclude foreign persons as beneficiaries

Time is running out to update your family trusts to exclude foreign persons as beneficiaries

Earlier this year it was announced the potential tax and stamp duty consequences on holding residential property in family trusts

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( Posted in: Tax )

To work or not to work?

To work or not to work?

To work or not to work? That is the question many Australian women (and some men) have to consider after having children.

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( Posted in: Tax )

Legal Ownership - It pays to get it right!

Legal Ownership - It pays to get it right!

When we buy property or other assets we generally give little or no thought to the legal ownership of that asset.

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( Posted in: Tax )

Australia’s different terminologies for Dual Occupancy Property.

Australia’s different terminologies for Dual Occupancy Property.

Across Australia we have many items that have different names or are even defined differntly across our different States and Territories and it also happens in property with Dual Occupancy.

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( Posted in: Tax )

Tax Deductions - Legal Expenses

Tax Deductions - Legal Expenses

One of the most common topics prefaced by "Can I claim" is legal expenses.

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( Posted in: Tax )

Death and Small business CGT concessions

Death and Small business CGT concessions

When a person dies, their assets are transferred to their legal personal representative (LPR)

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( Posted in: Tax )

Employee or independent contractor?

Employee or independent contractor?

There are many factors which contribute to determining what makes an employee and an independent contractor.

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( Posted in: Tax )

Market and Economic Overview

Market and Economic Overview

The RBA's July interest rate decision was complicated by the recent strength of the Australian dollar.

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What is a 'Cryptocurrency'

What is a 'Cryptocurrency'

A cryptocurrency is a digital or virtual currency that uses cryptography or encryption for security. A cryptocurrency is difficult to counterfeit because of this security feature.

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Worked in the UK?

Worked in the UK?

Everyone who works in Britain makes what are called National Insurance contributions. You need ten years of such contributions (not in a row) to qualify for a pension.

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