Blog

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.

... read more

( 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.

... read more

( 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

... read more

( 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.

... read more

( 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.

... read more

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.

... read more

( 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.

... read more

( 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.

... read more

( 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.

... read more

( 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.”

... read more

( 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.

... read more

Single Touch Payroll

Single Touch Payroll

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

... read more

( 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.

... read more

( 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).

... read more

( 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.

... read more

( 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.

... read more

( 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.

... read more

( 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.

... read more

( 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.  

... read more

( 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. 


 

... read more

( 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.

... read more

( 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.

... read more

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. 

... read more

( 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.

... read more

( 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

... read more

( 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

... read more

( Posted in: Tax )

Trust Vesting

Trust Vesting

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

... read more

( Posted in: Tax )

Got a HELP debt?

Got a HELP debt?

The impending changes to speed up your repayments

... read more

( 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.

... read more

( 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

... read more

( 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.

... read more

( 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.

... read more

( Posted in: Tax )

SMSF and cryptocurrencies

SMSF and cryptocurrencies

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

 

... read more

( 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.

... read more

( 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.

... read more

( 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.

... read more

( 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.

... read more

( 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. 

... read more

( 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.

... read more

( 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 )

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.

... read more

( 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.

... read more

( Posted in: Tax )

Market and Economic overview

Market and Economic overview

Economic Update - May 2018

... read more

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.

... read more

( 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.

... read more

( 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.

... read more

( 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.

... read more

( 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.

... read more

( 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.

... read more

( Posted in: Tax )