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Take advantage of your carry forward cap

Take advantage of your carry forward cap

2021 may have had a subdued start, but a new year brings in new resolutions, perhaps one of your resolutions this year is to boost your super balance so you can enjoy an early retirement. Even if retirement is not on the horizon for you, it is good practice to take any opportunity to grow your retirement savings. With the unused concessional contributions cap carry forward, you are now able to contribute more to your super than ever before.
Category: News
JobMaker Hiring Credit Is It Right For Your Business?

JobMaker Hiring Credit Is It Right For Your Business?

With the other government COVID-19 economic supports such as the JobKeeper and JobSeeker winding down in the next few months, businesses that are seeking to employ additional workers but need a bit of help can apply for the JobMaker Hiring Credit Scheme. Unlike the JobKeeper where the payment has to be passed onto employees, the JobMaker Hiring Credit is a payment that the business gets to keep. Depending on the age of the employee, eligible businesses may be able to receive payments of up to $200 a week.
Category: News
Insolvency Changes to Help Businesses

Insolvency Changes to Help Businesses

While the government continues to help businesses through the current pandemic-related recovery with various revenue measures, it is inevitable that some businesses may not make the journey back. To assist those businesses with dealing with insolvency issues, the government has made significant changes to the framework to introduce a new, simplified debt restructuring process.
Category: News
Granny Flats Tax Tips and Traps

Granny Flats Tax Tips and Traps

The idea of adding a granny flat to your property sounds like a great idea. A property to rent out to generate some welcome extra income, or a home for adult children or mum and dad in their later years. But there are important tax and personal considerations to consider before taking the plunge and digging up the backyard.
Category: News
Tax effective ways to boost your super

Tax effective ways to boost your super

After a year when the average superannuation balance fell slightly or, at best, moved sideways, the summer holidays could be a good opportunity to think about ways to rebuild your savings while being mindful of tax.
Category: News
SMSF asset valuations COVID-19 concessions

SMSF asset valuations COVID-19 concessions

One of the many responsibilities of being a trustee for an SMSF is preparing financial statements and accounts for the SMSF every year. As a part of this reporting process, the trustee is also required to ensure that the fund’s assets contained in the report is at market value as per the various superannuation regulations.
Category: News
Illegal phoenixing ATO retaining refunds

Illegal phoenixing ATO retaining refunds

A new administrative approach has been released by the ATO in relation to the exercise of the Commissioner’s discretion to retain tax refunds where a taxpayer has an outstanding notification. Previously, the ATO was able to retain refunds where a taxpayer has an outstanding notification in relation to BASs or PRRT (petroleum resource rent tax), but this power has been extended to encompass all outstanding notifications in an effort by the government to combat illegal phoenixing.
Category: News
Seasonal workers tax obligations

Seasonal workers tax obligations

Due to the COVID-19 pandemic and closed borders, many seasonal workers who were a part of the seasonal work program (SWP) have been stuck in Australia since their visa ended. With uncertainty of tax consequences stemming from their visa status, many workers as well as employers are rightly confused as to the tax obligations they have. 
Category: News
Economic Update Video December 2020

Economic Update Video December 2020

November was an extraordinary month for the global and local economy. Early indications are that swift action by the government and the RBA have limited the impact of the COVID recession. 
Category: News
How to claim your work at home expenses

How to claim your work at home expenses

There are a lot more of us working from home now more than ever before. So, can you claim all or some of the additional costs off your tax? There are 3 options for claiming working from home expenses. The question of whether it’s all or some depends on the method chosen.
Category: News
New corporate residency test more details

New corporate residency test more details

In the 2020 Federal Budget, the government announced that it intended to make technical amendments to clarify the corporate residency test. While the government has not provided further details, the Board of Taxation has recently released its review of corporate tax residency, the details of which appear to be consistent with the government’s intentions. This report contains more information on various aspect of the government’s announcement including the concept of sufficient economic connection.
Category: News
JobMaker how your business can take advantage

JobMaker how your business can take advantage

The Government has released details of what it calls its “JobMaker” hiring scheme. It will take the form of a payment to employers for each new job they create over the next 12 months. It is estimated that the scheme will cost $4 billion and support about 450,000 employees. So it could help a lot of businesses and there is quite a bit of money up for grabs – up to $200 for each “new” employee each week!
Category: News
Transition to retirement pensions

Transition to retirement pensions

After a lifetime of working, are the green pastures of retirement calling? Perhaps you’re not sure whether you’d like to retire permanently and enjoy doing part-time or casual work? If that sounds like you, then you may like to consider a transition to retirement pension as a way to access your super without having to leave your job or retire.
Category: News
Flexibility for SMSF membership coming soon

Flexibility for SMSF membership coming soon

The government has recently reintroduced a Bill to Parliament that proposes to increase the maximum number of allowable members from 4 to 6. The contents of the Bill were previously contained in the 2018-19 Budget and introduced into Parliament before being unceremoniously dropped due to lack to support from the Opposition at that time.
Category: News
Helping hand from the ATO for struggling businesses

Helping hand from the ATO for struggling businesses

With the country officially in recession, the ATO is getting ready to help businesses that are struggling due to the economic downturn caused by COVID-19. It expects that for the 2019-20 and 2020-21 years, many businesses that ordinarily turn a profit may be making a loss, and for some businesses it may be the first time that they are making a loss.
Category: News
Federal Budget 2020 -21 Analysis

Federal Budget 2020 -21 Analysis

Building a bridge to recovery

In what has been billed as one of the most important budgets since the Great Depression, and the first since the onset of the COVID-19 pandemic dragged Australia into its first recession in almost 30 years, Treasurer Josh Frydenberg said the next phase of the journey is to secure Australia’s future.
Category: News
Bankruptcy concessions extended for 3 months

Bankruptcy concessions extended for 3 months

The Federal Government has announced that it will extend the special rules applying to bankruptcy actions and director personal liability claims. The rules were implemented in March to prevent a wave of bankruptcies and court actions being caused by the pandemic economic downturn, before businesses had a chance to recover – the end date extended from 28 September to 31 December 2020.
Category: News
Be careful when changing business structures

Be careful when changing business structures

If your small business has not only survived but thrived during the pandemic, you may be considering a change of business structure, typically from sole trader to more complex arrangements such as a company or trust structures. Any changes should be well thought-out and carefully implemented to avoid costly mistakes.
Category: News
COVID-19 impacts on FBT

COVID-19 impacts on FBT

As the pandemic drags on, there may be many unintended consequences for businesses in relation to benefits that you provide in addition to salary and wages, namely FBT. While exemptions and concessions may be available to reduce or eliminate the amount of FBT business have to pay, care should be taken to avoid any excess amounts.
Category: News
End of repayment holidays what you should expect

End of repayment holidays what you should expect

If you’re one of the many Australians that has taken up loan payment deferrals for their homes or businesses, beware as the repayment holiday for most financial institutions is due to end in September. According to APRA data, 11% of housing loans were deferred and 17% of small business loans were deferred as at 30 June 2020.

Category: News
Reminder more businesses need to lodge TPAR

Reminder more businesses need to lodge TPAR

Among the chaos of the pandemic, many businesses may not be aware that they will be required to lodge a Taxable Payments Annual Report (TPAR) for the first time this year. Your business may need to lodge a TPAR if payments were made to either contractors or subcontractors to provide certain services.
Category: News
Director identification numbers now law

Director identification numbers now law

In an effort to reduce the instances of phoenixing, where the controllers of a company deliberately avoid paying liabilities by shutting down indebted companies and transferring assets to another company, a new initiative of director identification numbers (DINs) has been passed and will come into effect in the near future.
Category: News
Economic Update Video Aug 2020

Economic Update Video Aug 2020

The government’s July budget update gave an insight into the economic impact of the health crisis, below is a video to assist you to stay up to date with the latest indicators.
Category: News
Insight into GST compliance

Insight into GST compliance

As most Australian companies focus on the health of their customers and staff at this critical time, it is important to not neglect the business side of things, especially GST.
Category: News
Get ready for changes to the JobKeeper

Get ready for changes to the JobKeeper

Businesses nervous about the state of the economy in the wake of a potential second wave can breathe a sigh of relief; the government has confirmed its intention extend the JobKeeper beyond the current legislated end date of 27 September with a few tweaks to eligibility and payment rates.
Category: News
Your Post-Covid Business Repair Kit

Your Post-Covid Business Repair Kit

With June 30 behind us and the economy slowly re-opening, most business owners are thinking about the challenge of repairing and rebuilding their finances after the COVID-19 lockdown.
Category: News
Death and taxes ATO improvements coming soon?

Death and taxes ATO improvements coming soon?

In a bid to improve the experience of taxpayers when dealing with the ATO in relation to deceased estates, the Inspector General of Taxation and Taxation Ombudsman (IGTO) has recently completed a report which identified opportunities to improve tax administration and cut unnecessary tax compliance.
Category: News
ATO compliance COVID-19 support measures

ATO compliance COVID-19 support measures

With many Australian businesses taking part in the government’s COVID-19 stimulus package including the JobKeeper and the cash flow boost, the ATO has now commenced a compliance program to weed out those that are exploiting the stimulus; in order to level the playing field for the majority of businesses that are doing the right thing.
Category: News
Economic Update Video July 2020

Economic Update Video July 2020

After 28 years Australia’s record economic expansion ended due to the COVID shutdowns, below is a video to assist you to stay up to date with the latest indicators.
 

Category: News
Don’t jump the gun and lodge too early

Don’t jump the gun and lodge too early

If you’re a retail or hospitality worker, 2020 has perhaps not been the best year. However, as with everything, there is a silver lining, with tax time just around the corner, you may be able to get a larger refund than usual. This is due to either being on reduced incomes or having the ability to claim a wider range of deductions, such as deductions for protective equipment (eg gloves, face masks, sanitiser or anti-bacterial spray), or for some, a combination of both.
Category: News
Additional cash flow boost coming your way

Additional cash flow boost coming your way

If your business is one of many that received the initial cash flow boosts as a part of the government’s COVID-19 economic stimulus measures, prepare for more help coming your way. When you lodge your monthly or quarterly activity statements for June to September 2020, your business will receive additional cash flow boosts.
Category: News
Non-arm’s length expenditure and SMSFs compliance

Non-arm’s length expenditure and SMSFs compliance

The ATO has recently released a guideline which provides a transitional compliance approach for complying super funds including SMSFs concerning the application of provisions in relation to certain non-arm’s length expenditure (or where expenditure is not incurred) in gaining or producing ordinary or statutory income.
Category: News
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
Non commercial losses, does it apply to you?

Non commercial losses, does it apply to you?

Do you run a side business in addition to your main employment? This could be in primary production (ie a farm or winery), retail or any other profession, trade, vocation or calling, provided it is not in a role of an employee.
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
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