Cash might be king, but the use of cash by businesses is attracting attention from the ATO. They will begin visits of selected businesses to ensure that all tax obligations are met. Third-party data and risk analysis is being used to identify the types of businesses the ATO will visit, which will not be limited… Continue Reading
Category Archives: Tax
Head in the sand about FBT? It’s not as scary as it sounds!
Are you one of the many employers that mistakenly assume they are not providing fringe benefits? Do you block your ears when you hear those three little letters? Fringe benefits tax is more far-reaching than most people realise, but it doesn’t have to be scary! The FBT year runs from 1 April to 31 March.… Continue Reading
Show me the money! Getting cash out of your business
So, business is going well and the cash is rolling on in. It’s your business, so you can just take the cash out, right? WRONG! All too often, we see business owners make the mistake of treating the business’ money as their own. Business structures can be wonderful vehicles through which to operate your business,… Continue Reading
Deductions everywhere! Key deductions for individuals
As we head into August, we are now well and truly in the thick of individual tax return lodgements for the 2017 financial year, so now is the perfect time to think about what deductions you may be eligible to claim in your tax return. Generally, any expenses incurred in relation to earning your income… Continue Reading
WARNING: ATO and ASIC Scams
As the new financial year begins and taxpayers commence preparing 2017 tax returns, scams by entities posing as the ATO or ASIC will become more prevalent. It is important to be able to identify whether a call, email or any form of contact from the ATO or ASIC is genuine and to be able to… Continue Reading
Ready, Set, Go! FY2018 is here!
As the 2017 financial year comes to an end and you are all finished focusing on optimising your 2017 tax positions, it is now time to think about the financial year ahead. Some important tasks for the next 2 months are: Prepare 2017 PAYG Payment Summaries and give them to your employees by 14 July;… Continue Reading
Changes to GST and BAS reporting from 1 July 2017
The new financial year is almost here and it will bring with it some significant GST changes. Simple GST Reporting for Small Businesses A very important change for small businesses is the simplified GST reporting called “Simpler BAS”. Simpler BAS applies from 1 July 2017 and is designed to make the BAS preparation process easier… Continue Reading
2017 Federal Government Budget
At 7:30pm on 9 May 2017, Scott Morrison delivered his second budget with a forecast budget deficit of $29.4 Billion for 2017-18, $21.4 Billion for 2018-19, $2.5 Billion for 2019-20, and a surplus of $7.4 Billion for 2020-21. The treasurer announced that we are moving towards the end of a difficult period and that this… Continue Reading
Project Do It
Project Do It – Voluntarily Disclose Foreign Income The ATO is giving taxpayers the chance, until 19 December 2014, to voluntarily disclose any undeclared foreign income. Taxpayers who make a voluntary disclosure will avoid significant penalties and criminal prosecution, ahead of a global crackdown on undeclared offshore income and assets. Any individual, company, partnership, or… Continue Reading
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- 2025 Federal Government Budget
- 2024 Federal Government Budget
- 2023 Federal Government Budget
- Revised method for claiming working from home expenses
- October 2022 Federal Budget
- 2022 Federal Government Budget
- Professional firms – ATO compliance approach to allocation of profits
- NSW 2022 COVID-19 Business support
- NSW 2021 COVID-19 Micro-Business Grant
- NSW 2021 COVID-19 JobSaver Payment
- NSW 2021 COVID-19 Business Grant
- Greater Sydney COVID-19 Lockdown – What Government Support is Available?
- Be aware and get ready for the upcoming increases to superannuation guarantee payments!
- The COVID-19 tax relief measures and support available for your 2021 tax returns!
- Government Grants Currently Available!
- 2021 Federal Government Budget
- Utilising taxable losses against prior year profits!
- The Benefits of Annual Tax Planning
- Xero Updates – March 2021
- Setting sales targets in uncertain times
- New wages subsidy for employers of apprentices and trainees
- Is your SMSF breaching NALI rules unknowingly?
- 2020 Federal Government Budget
- Jobkeeper – Nominate Additional Employees
- New options for claiming home office expenses during COVID-19
- COVID-19 effects on rental property owners
- Risks involved in consolidating super
- JobKeeper Payment: Eligibility Tests Clarified!
- NSW Government’s Economic Stimulus Package
- Rent relief for Businesses: The Commercial Tenancies Code of Conduct
- JobKeeker Payment – Government Clarifies Employer Eligibility
- JobKeeper Payment – The Next Round of Government Support!
- Second Government Coronavirus Rescue Package
- Government’s Response to Coronavirus Outbreak
- The Super Guarantee Opt-out is In!
- Going, going, gone! Main Residence Exemption removed for Foreign Residents
- The Crowdfunding Craze – Implications for Promoters and Contributors
- An Update from the 2020 Xero Roadshow
- Tis the Season! Tax implications of Christmas festivities
- Land Tax or Land mine? Changes to NSW stamp duty and land tax for discretionary trusts
- $10,000 cash payment limit expected to take effect from 1 January 2020
- Superannuation Guarantee Amnesty legislation re-introduced
- GST on Imports – Are you optimising your Cash Flow?
- ForPurposeCo. – The epitome of social enterprise!
- “Where’s my refund?” and other questions about your 2019 Tax Return
- ABN registrations under scrutiny: does yours stack up?
- To SMSF, or not to SMSF?
- Traps of the CGT Main Residence Exemption
- Division 293 Shock!
- ATO benchmarks – A handy business check-up
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