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Let’s talk about aged care

Let’s talk about aged care

Aged care can be a tough subject for many families to broach, but as we enjoy longer lives, there’s a growing likelihood that at least part of our final years may be spent in aged care.

 

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( Posted in: Tax )

‘Wait a few weeks’: ATO advises clients to hold off returns

‘Wait a few weeks’: ATO advises clients to hold off returns

Clients knocking on tax agents’ doors for a tax return from today may be better off waiting a few weeks, says the ATO.

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( Posted in: Tax )

Mid-tier spots increased ATO scrutiny on seasonal homes

Mid-tier spots increased ATO scrutiny on seasonal homes

A mid-tier firm has sounded a warning on seasonal holiday homes this tax time, with advisers urged to prepare clients for a potential grilling from the ATO.

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( Posted in: Tax )

ATO flashes warning over $7.2 billion in car expenses claims

ATO flashes warning over $7.2 billion in car expenses claims

Over $7.2 billion in work-related car expenses claimed last year have placed the popular deduction firmly in the headlights of the ATO this tax time.

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( Posted in: Tax )

New laws designed to protect your super from 1 July 2019

New laws designed to protect your super from 1 July 2019

To protect the super balances of all Australians being eroded by unnecessary fees and costs, the Federal Government has passed the “Protecting Your Super” reforms (formally titled Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018). This new legislation will apply from 1 July 2019 and includes cancelling insurance for inactive members, changes to fees, and new powers for the Australian Taxation Office (ATO) to transfer and hold inactive, low-balance accounts.

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( Posted in: Tax )

myGov Is More Pain Than Gain For Accountants

myGov Is More Pain Than Gain For Accountants

myGov has become a target for criticism as certain faults are creating significant pain for accounting practices and, in turn, for our clients.

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( Posted in: Tax )

Claiming Car Expenses: Cents Per Km or Logbook Method?

Claiming Car Expenses: Cents Per Km or Logbook Method?

From 1 July 2015, the ATO reduced your options for claiming car expenses down to two methods:

  • cents per kilometre method
  • logbook method
... read more

( Posted in: Tax )

Tax Matters For Your Airbnb Room Rental

Tax Matters For Your Airbnb Room Rental

 Many people are now renting out spare rooms on Airbnb.   That can be a great idea! –   it’s a fantastic way to earn   some extra cash on the side. But, it’s important to realise   that there are some tax consequences. It’s nothing too     bad… Just things to be aware of.

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( Posted in: Tax )

How Tax Planning Can Maximise Your Tax Return

How Tax Planning Can Maximise Your Tax Return

As tax advisors, the coming months are the most important time of the year. If you are a small business owner, you should consider this as a vital period for you too, because right now is when you are best to conduct your tax planning.

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( Posted in: Tax )

Crypto transactions in ATO sights with new data-matching program

Crypto transactions in ATO sights with new data-matching program

Up to 1 million taxpayers who have engaged in buying, selling or transferring cryptocurrency will now be subject to ATO scrutiny as it begins a new data-matching program ahead of tax time.

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( Posted in: Tax )

Big bill for business clients, accountants passes both houses

Big bill for business clients, accountants passes both houses

Federal budget changes to the instant asset write-off have been passed by both houses of parliament, effectively creating three tiers of thresholds and start dates in the 2019 income year.

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( Posted in: Tax )

The 2019 Budget Impact on R & D Grants

The 2019 Budget Impact on R & D Grants

Today we chatted with Dennis Alemis, of Bisgro Consulting Pty Ltd, a specialist in the field of R & D Grants, and asked him to summarize the impact of the 2019 budget

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( Posted in: Tax )

ATO Continues To Knuckle Down On Property Claims

ATO Continues To Knuckle Down On Property Claims

If you own an investment property, it’s more important than ever that you know what you can and can’t claim in your tax return.

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( Posted in: Property )

How To Protect Your Loved Ones After You’re Gone

How To Protect Your Loved Ones After You’re Gone

As the old saying goes, there are only two things certain in life: death and taxes. Unfortunately, most of us spend too much time worrying over the latter and not enough discussing the former, uncomfortable though it may be.

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New industries entering the taxable payments reporting system

New industries entering the taxable payments reporting system

If your business clients provide road freight, information technology (IT), security, investigation, or surveillance services, they need to lodge a Taxable payments annual report (TPAR) each year.

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( Posted in: Tax )

Five Areas Of Concern For Growing Businesses In 2019

Five Areas Of Concern For Growing Businesses In 2019

If you’ve got a growing business, these are the main areas you need to be concerned with this year.

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( Posted in: Tax )

ATO Increases Home Office Expenses Rate

ATO Increases Home Office Expenses Rate

Small businesses and taxpayers who run their office from their home will now be able to claim a larger rate for their running expenses.

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( Posted in: Tax )

Court tosses out lodgement dodging argument after man tries to waive rights as a person

Court tosses out lodgement dodging argument after man tries to waive rights as a person

The Bendigo Magistrates Court has convicted and fined a man $6,000 for failing to lodge six tax returns because he does not consider himself a person.

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( Posted in: Tax )

SMSF and Investment Strategies

SMSF and Investment Strategies

Self-managed superannuation funds are required, under the Superannuation Industry (Supervision) Act 1993, “to formulate, review regularly and give effect to an investment strategy.”

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( Posted in: Tax )

How Proposed Franking Credit Changes Could Affect Retirement Income And Goals

How Proposed Franking Credit Changes Could Affect Retirement Income And Goals

Franking credits and the uplift in income they deliver are crucial for every retiree’s investment strategy.

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Single Touch Payroll

Single Touch Payroll

There are new small business obligations once the single touch payroll regime begins in about four months’ time.

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( Posted in: Tax )

ATO focusing on SMSF Auditors

ATO focusing on SMSF Auditors

As part of its high-risk auditor program, the ATO has already referred 37 SMSF auditors to ASIC this year, primarily for independence breaches including mutual audit arrangements between auditors.

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( Posted in: Tax )

Changes to the Voluntary Tax Transparency Code

Changes to the Voluntary Tax Transparency Code

The Board of Taxation has released a Consultation Paper on proposed changes to the Voluntary Tax Transparency Code (the Code).

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( Posted in: Tax )

What’s The Tax Benefit Of A Negatively Geared Property?

What’s The Tax Benefit Of A Negatively Geared Property?

When we’re talking about investing in property, there are two ways the property can be structured.

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( Posted in: Property )

What Expenses Are Allowable Deductions For A SMSF?

What Expenses Are Allowable Deductions For A SMSF?

The expenses considered deductible by super funds are similar to that of individuals. Essentially, it should be items that are losses or outgoings incurred while producing or gaining assessable income.

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( Posted in: Tax )

ATO Engagement and Business Clients

ATO Engagement and Business Clients

Late last year, the ATO released their Action Differentiation Framework (ADF), providing insight into their strategic approach to engaging with businesses.

Under the ADF, ATO engagement with taxpayers will vary based on their total business income.

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( Posted in: Tax )

Working From Home: What Deductions Can You Claim?

Working From Home: What Deductions Can You Claim?

For a while now, the Australian Taxation Office (ATO) has been concerned about tax deductions individuals have been claiming for a whole host of expenses. The latest on their ‘hit list’ are home office expenses.  We guide you through what you can and can’t claim if you work from home.

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( Posted in: Tax )

ATO using external agencies for some overdue lodgments

ATO using external agencies for some overdue lodgments

Starting in November, the ATO may refer taxpayers that have overdue lodgment obligations to an external collection agency to follow up the overdue returns and activity statements.  

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( Posted in: Tax )

Vacant and absentee notifications due, and clearance certificate payment update

Vacant and absentee notifications due, and clearance certificate payment update

Notifications for vacant residential land tax and the absentee owner surcharge are due by 15 January 2019. If you made a notification last year, you only need to make a new one if your circumstances have changed. 


 

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( Posted in: Tax )

Single Touch Payroll (and all the surrounding panic) Is Here

Single Touch Payroll (and all the surrounding panic) Is Here

Single Touch Payroll is here for those small businesses with 20 or more employees. It is due to come in for those Employers employing 19 people or less from the 1st July 2019.

This is not law yet but it’s on its way and some micro businesses are needlessly panicking.

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( Posted in: Tax )

BHP Share Buy-Back: Should You Accept The Offer?

BHP Share Buy-Back: Should You Accept The Offer?

If you hold BHP shares in your own name, family trust or self managed super fund, it is likely you have received information from BHP about a buy-back and a query of whether you wish to take part.

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Ready to sell the business – share sale or asset sale? The tax implications

Ready to sell the business – share sale or asset sale? The tax implications

There are two options when selling a business which is operated by a company. 

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( Posted in: Tax )

Utilising Redraw For Your Investment Property

Utilising Redraw For Your Investment Property

Redraw works for purchasing investment from home loan equity, or other IP equity.

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( Posted in: Property )

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. 

... read more

( 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.

... read more

( Posted in: Tax )