Another tax year is almost complete. With one month to go until 30 June, now is the time to consider some tax planning strategies. Tax planning is the process of organising your affairs so that your income tax liability is legally minimised. Here is a summary of some last minute strategies you might consider: Business… Continue Reading
2018 Federal Government Budget
At 7:30pm tonight, Scott Morrison delivered his third budget with a forecast budget deficit of $18.2 Billion for 2017-18, $14.5 Billion for 2018-19, and a surplus of $2.2 Billion for 2019-20, $11 Billion for 2020-21 and $16.6 Billion for 2021-22. The treasurer announced that this budget is about creating a stronger economy, creating more jobs,… Continue Reading
Airbnb and home sharing: Taxing implications
Do you rent out a part of your home or a holiday home on Airbnb, Stayz or another sharing site? Perhaps you see this as a way of making a little extra income to help the household budget or to save for that holiday. But what you may not be aware of are the long… Continue Reading
Cash businesses on the ATO radar
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
Protecting your customers’ data
Any business in Australia that holds customer or supplier information has a responsibility to ensure that their data is secure from any unwanted access to personal information they hold. The Notifiable Data Breach (NDB) scheme requires businesses to notify individuals whose personal information is involved in a data breach that is likely to result in… Continue Reading
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
Super Guarantee: Are you ready for the ATO crack down?
In the ATO’s first Super Guarantee Gap Report, released in August 2017, it revealed that there is a huge gap between the theoretical amount due by employers to be fully compliant with their SG obligations and the actual contributions received by super funds. The ATO’s report (based on figures for the 2014-15 year) reveals that… Continue Reading
Cyber security: is your small business safe?
Ransomware attacks are a risk that all small businesses face in today’s technological age. Without adequate security and regular backups, your data could be at risk of a cyber-attack. Large corporations and major institutions with highly valuable data are the common targets of cyber infiltration, but small businesses (and in fact anyone using the internet)… Continue Reading
Payroll reporting: A touchy subject
If you are an employer, the way you report payments such as salaries and wages, pay as you go (PAYG) withholding and superannuation is changing. The ATO’s new rules require employers to report these payments directly from their payroll solution in real-time, at the same time as they pay their employees. This is known as… Continue Reading
ATO spotlight on visa holders, sponsors and migration agents
The ATO has launched the latest round of their data-matching program to include all visa holders, visa sponsors and migration agents. They will request the records of approximately 20 million individuals for compliance purposes. Find out if you’re affected and what you can do to avoid a visit from the tax man. The ATO has… Continue Reading
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- 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
- 2019 Federal Government Budget
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