General

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

$2 billion fund to transform small business access to funding

Joint media release with Senator the Hon Michaelia Cash Minister for Small and Family Business, Skills and Vocational Education The Liberal National Government will significantly enhance access to funds for small business across the country through the introduction of a $2 billion Australian Business Securitisation Fund and encourage the establishment of an Australian Business Growth [...]

By | November 14th, 2018|General|0 Comments

Accelerated tax rate reduction for small business

Small business is still a vote winner with the Government and Opposition teaming up to accelerate tax cuts for the sector by 5 years impacting on an estimated 3.3 million businesses. Parliament recently passed legislation to accelerate the corporate tax rate reduction for corporate tax entities that are base rate entities (BREs). Under the new [...]

By | November 13th, 2018|General|0 Comments

Travelling to and from your investment property

From 1 July 2017, new rules came into effect that prevent taxpayers claiming a deduction for expenses they incur travelling to and from their residential investment property. The Government restricted travel deductions to curb “widespread abuse around excessive travel expense claims relating to residential investment properties….This will stop residential property investors from using the tax [...]

By | November 13th, 2018|General|0 Comments