Home › Blog

Blog

Blog

Government contracts and the STR

Government contracts and the STR

With the Federal government planning to ramp up infrastructure spending to get the economy going with “nation building” projects, the opportunity is ripe for businesses to take full advantage and tender for these contracts. Before you dive into writing your tender, you should be aware that any contracts over $4m (including GST) will require your business to obtain a statement of tax record (STR) from the ATO.
Category: News
COVID 19 effect on rental property owners

COVID 19 effect on rental property owners

The COVID-19 pandemic’s knock-on effect on the economy has meant that many landlords are feeling the strain as their tenants seek to delay paying rent or reducing rent in response to job loss. To reduce the uncertainty for landlords, the ATO has provided some guidance on the deductibility of certain expenses in various situations including guidance for those that own short-term accommodation.
Category: News
JobKeeper ATO compliance on “schemes”

JobKeeper ATO compliance on “schemes”

The ATO has released its practical administrative approach to businesses claiming the JobKeeper payment. Generally, it notes that it would only apply compliance resources to what would amount to a “scheme” in terms of the entity and its external operating environment.
Category: News
Residency implications of COVID-19

Residency implications of COVID-19

COVID-19 pandemic has wrought havoc on a global scale, causing almost every country around the world to lockdown their population and close their borders. This has drastically affected international travel and movement across borders, which is causing unintended consequences for individuals that are not Australian residents for tax purposes.
Category: News
Directors’ duties coronavirus safe harbour

Directors’ duties coronavirus safe harbour

As a part of the government’s coronavirus economic response package, a provision was inserted into the Corporations Act 2001 to provide temporary relief (safe habour) for directors of financially distressed business from potential personal liability for insolvent trading. This was designed to counter the pressure on boards and directors to make quick decisions to enter into an insolvency process to mitigate the risks of insolvent trading during this economic downturn.
Category: News
Steps to claim the JobKeeper for businesses

Steps to claim the JobKeeper for businesses

If your business is one of the tens of thousands of businesses to register for the JobKeeper payment early, there’s good news, claims for the payment is now open. There are a few steps involved in claiming, so make sure you have all the relevant documents and supporting information before you start.
Category: News
Early release of super coronavirus condition

Early release of super coronavirus condition

As a part of the second round of COVID-19 stimulus, the government allowed individuals in financial distress to access a tax-free payment of up to $20,000 from their superannuation. While it may be a lifeline for many in these harsh economic times, before you take up this early release offer, it is best to consult a qualified professional about eligibility and the potential future impacts this may have on your retirement as well as other options available.
Category: News
Economic Update Video April 2020

Economic Update Video April 2020

The health and economic impacts of the coronavirus increased exponentially in March, as did the response of national governments and central banks, below is a video to assist you to stay up to date with the latest indicators.
Category: News
Coronavirus stimulus round 3

Coronavirus stimulus round 3

In this latest round of Coronavirus stimulus, the government has bought out the big guns in an effort to help people keep their jobs amidst the economic downturn. The “JobKeeper Payment” is a part of a $130bn wage subsidy scheme that is designed to provide a fortnightly payment of $1,500 per employee.
Category: News
Coronavirus stimulus round 2

Coronavirus stimulus round 2

To further support businesses and workers ride out the COVID-19 pandemic and minimise the impact on the overall economy, the government has released a second round of stimulus in addition to the initial $17.6bn package.
Category: News
Coronavirus stimulus what’s in it for you

Coronavirus stimulus what’s in it for you

In an effort to combat the economic effects of the global coronavirus pandemic, the government has released an $17.6bn stimulus package which is expected to provide direct support for up to 6.5m individuals and 3.5m businesses. The package includes the following:
Category: News
New measures to combat illegal phoenixing

New measures to combat illegal phoenixing

Many of you have heard of illegal phoenixing but are not sure of what exactly it encompasses. While there is no legislative definition of illegal phoenixing or phoenixing activity, at its core, it is the use of serial deliberate insolvency as a business model to avoid paying company debts. 
Category: News
Downsizer super contributions getting it right

Downsizer super contributions getting it right

Under the “downsizer” contribution scheme, individuals aged 65 years and over who sell their home may contribute sale proceeds of up to $300,000 per member as a “downsizer” superannuation contribution (which means up to $600,000 for a couple).
Category: News
Debt forgiveness due to love and affection

Debt forgiveness due to love and affection

Private companies that pay amounts of money, make loans, or forgives debts of shareholders or associates of shareholders, may be subject to Div 7A rules which are designed to ensure that income is not inappropriately sheltered at the corporate tax rate. 
Category: News
Selling shares how does tax apply?

Selling shares how does tax apply?

Did you know that when you sell your shares, the size of your capital gains tax (CGT) bill is affected by how long you’ve held the shares, and how you offset your capital gains and losses? Knowing the tax rules can help you plan your trades effectively.
Category: News
Rental property deductions what can I claim? Part 2

Rental property deductions what can I claim? Part 2

Investment property owners should heed the ATO’s warning that it will target mistakes with rental property deductions this tax time – especially with over-claimed interest. In our last instalment on rental deductions, we looked at the rules for purchase costs, repairs and improvements. Now, we consider expenses associated with a loan to buy the property.
Category: News
Rental property deductions what can I claim?

Rental property deductions what can I claim?

Did you know that a random audit by the ATO last year revealed nine out of ten rental property owners made a mistake with their rental deductions? In this first of a two-part series, we share some tips on what you can and can’t claim. This article assumes you own a 100% rental property with no private use.
Category: News
Claiming work trips for business owners

Claiming work trips for business owners

Do you sometimes take work trips for your business – perhaps to overseas conferences or interstate clients? When a trip is clearly for business purposes only, the rules for deducting your expenses are fairly straightforward
Category: News
Economic Update September 2019

Economic Update September 2019

Your financial well-being and plans for the future can be impacted by various economic events, so below is a video to assist you to stay up to date with the latest indicators. 
Category: News
Economic Update August 2019

Economic Update August 2019

Your financial well-being and plans for the future can be impacted by various economic events, so below is a video to assist you to stay up to date with the latest indicators. 
Category: News
Is your farm a hobby or a business?

Is your farm a hobby or a business?

Hankering for a hobby farm? Maybe you’ve already turned a few shimmering vines into wine? But is it a hobby or a business? Let us do the taste test and see if you need to start declaring your income. 
Category: News
Getting your personal super deductions right

Getting your personal super deductions right

Recent changes to the law mean many more Australians can now claim deductions for their personal superannuation contributions. But while the eligibility requirements have been lowered, the process for claiming deductions is full of traps. Do you know what steps to take and what to look out for?
Category: News
Economic Update July 2019

Economic Update July 2019

Your financial well-being and plans for the future can be impacted by various economic events, so below is a video to assist you to stay up to date with the latest indicators. 
Category: News
Increased super thresholds for 2019-20

Increased super thresholds for 2019-20

Some superannuation thresholds are set for a small boost from 1 July 2019 thanks to the latest figures published by the Bureau of Statistics. While the concessional and non-concessional contribution caps are unchanged, the capital gains tax cap amount and the employment termination payment cap will both increase.
Category: News
Greater flexibility for accessing company losses

Greater flexibility for accessing company losses

The government plans to give companies greater access to prior year tax losses in a bid to stimulate business innovation. A new alternative to the “same business test” – the “similar business test” – will make it easier for companies that have experienced a significant change in ownership or control to carry forward their losses.
Category: News
Economic Update May 2019

Economic Update May 2019

Your financial well-being and plans for the future can be impacted by various economic events, so below is a video to assist you to stay up to date with the latest indicators. 
Category: News
Celebrating 25 Years

Celebrating 25 Years

We are proud to be celebrating our 25th year during 2019. Founded by the Late Peter Bodycoat in 1995, the past 25 years have seen many changes in our business, industry and local economy.

Category: News
Bitcoin - Personal investors

Bitcoin - Personal investors

You may know what bitcoin is, but do you know about the tax consequences if you decide to invest in bitcoin on a personal level? Here we explore the implications for income tax, GST and CGT.
Category: News
ATO impersonation scams on the rise

ATO impersonation scams on the rise

The ATO has recently warned taxpayers to be alert to malicious scammers who are using increasingly sophisticated methods and technology to impersonate the ATO. A new tactic on the rise involves “spoofing”, whereby scammers mimic a legitimate ATO phone number visible on caller ID to call or send SMS messages to taxpayers, or mimic a legitimate email domain to send emails.
Category: News
Backyard Building Boom

Backyard Building Boom

With house prices rising and well-located land becoming scarce in cities, many Australians are looking for creative ways to tap into the value of their own backyard. Some subdivide, while others take the knock-down and rebuild route. 
Category: News
How to avoid common SMSF mistakes

How to avoid common SMSF mistakes

Running your own self-managed super fund can be time-consuming, but it’s about to get a little easier thanks to a change announced in the May 2018 Budget. From 1 July 2019 SMSFs will be able to move to three-yearly audits if they have three consecutive clear audit reports and lodged their annual returns on time. 
Category: News
Small business tax concessions

Small business tax concessions

You may have heard all about the small business tax concessions, but do you know how you qualify for them and whether you’re making the most of the tax concessions available to you?
Category: News
Tax Traps For Expats

Tax Traps For Expats

Every year more Australians head overseas to work for an extended period. While it can be great fun and a boost for your career, it’s important to remember the tax man will be taking a keen interest in your offshore activities. 
Whether it is the capital gain on your former home, where your super contributions go, or new guidelines around foreign property investments, it is essential to follow the rules or risk paying extra tax. 
Category: News
Airbnb and home sharing - Taxing implications

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-term tax implications of such a move, which may lead to a case of short-term gain causing long-term pain.
Category: News
Got clearance to sell your home?

Got clearance to sell your home?

In the market to sell your house? Before you call in the real estate agents and home stylists, you probably know that you’ll need to have a contract of sale handy. Did you know that you may also need to get a capital gains withholding clearance certificate from the ATO?
Category: News
Plan ahead for a smooth sale

Plan ahead for a smooth sale

The role that small business plays in the economy is generally well understood but how well do the owners of those businesses understand their true worth? The large number of business owners fast approaching retirement will need to do some careful planning if they are to maximise the fruits of their labour.

Category: News
Forecasting your Future

Forecasting your Future

Most businesses make the mistake of only consulting their accountants when they need help to meet their compliance needs. However, it is necessary to recognise that simply satisfying legislative requirements will not get you closer to achieving your business goals.

Category: Technical Articles
Business Structures

Business Structures

Have you thought about starting your own business but repeatedly postponed taking the first step because it all seemed too complicated and daunting? The good news is that you do not have to do everything on your own; a good accountant can be a valuable resource, especially in the establishment phase.

Category: Technical Articles
ATO's Online Services

ATO's Online Services

As part of the ATO’s move towards a paperless system, the ATO encourages more and more taxpayers to report and manage their tax affairs electronically using their online services.

Category: News

Recognising and avoiding tax scams and fraud

In an effort to keep up to date with technology and improve its service delivery, the ATO has started moving their communications and interactions with taxpayers away from paper correspondence and towards other methods, such as email and mobile phones (via SMS), for updates and notifications.

Category: News
SMSFs and Trauma Insurance

SMSFs and Trauma Insurance

Trustees of self-managed super funds (SMSF)  were previously allowed to purchase trauma insurance policies for fund members and still satisfy the sole purpose test  of the Superannuation Industry (Supervision) Act 1993 (SISA)...

Category: Technical Articles
Articles 1 to 72 of 72