About waterford

This author has not yet filled in any details.
So far waterford has created 49 blog entries.

Are you being paid correctly under your Service Entity Arrangement?

Service Entity arrangements are just one method of remuneration by Medical Practices to Medical Professionals. There are many other methods Medical Practices used to pay Doctors and the income tax and GST treatment is very different depending on the nature of the arrangement. A service entity arrangement between a Medical Professional and Service Trust is [...]

By | October 17th, 2019|General|0 Comments

Does your SMSF suffer from a lack of diversification

The investment strategies of Self-Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about the lack of asset diversity. The ATO is concerned that, “a lack of diversification or concentration risk, can expose the SMSF and its members to unnecessary risk if a significant investment fails.” This does [...]

By | September 25th, 2019|General|0 Comments

GST – Dental Prosthetists and Dental Technicians

The ATO has released a class ruling 2011/58 in relation to the GST payable on dental prosthetists and services provided by Dental Technicians to dentists. The supplies of dental services by a dental prosthetist to a patient is generally accepted in the dental profession as being necessary for the appropriate treatment of that patient and [...]

By | September 11th, 2019|General|0 Comments

Tax time: Are you in the ATO’s sights?

A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected. We take a look at the key issues for you, your business and your [...]

By | June 12th, 2019|General|0 Comments

What you can expect after the election

Headlines only explain so much. In this special update, we examine where the 2019-20 Federal Budget left us, and the pivotal policies from the ALP on tax, superannuation and business. There are no guarantees, however, that any policies or announcements not already legislated will come to fruition – that will depend on the Senate composition. [...]

By | May 16th, 2019|General|0 Comments

Budget 2019-20 – The Ballot Box Budget

This is a Budget not only designed to showcase the return to surplus (and by default the Government’s economic credentials) but engage voters with initiatives designed to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment. The Government has also stated that it will keep taxes as a [...]

By | April 3rd, 2019|General|0 Comments

Legislation in limbo

A budget, an election and the legislation that hasn’t made it through. The February 2019 Parliamentary sitting days were the last opportunity before the Federal Budget for the Government to introduce or push through new legislation. Next month, on 2 April, Parliament reconvenes for the Federal Budget and it’s likely that an election will be [...]

By | March 28th, 2019|General|0 Comments

Single touch payroll extended to all employers

From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts. Employers with 20 or more employees have been required to [...]

By | March 6th, 2019|General|0 Comments

What would happen if….

Life does not always go to plan. While we logically know that, most of us don’t plan for the worst - it’s all a bit morbid and time consuming. The downside of not planning is the potential for hard earned assets to be squandered, family fall-outs, and money handed to the Government that could have [...]

By | March 6th, 2019|General|0 Comments

No tax deductions if you don’t meet your tax obligations

New laws passed by parliament last month directly target the behaviour of taxpayers that don’t meet their obligations. Tax deductions denied If taxpayers do not meet their PAYG withholding tax obligations, from 1 July 2019 they will not be able to claim a tax deduction for payments: of salary, wages, commissions, bonuses or allowances to [...]

By | December 19th, 2018|General|0 Comments