News

Investing Cycles Lessons from the Magnificent 7

Investing Cycles Lessons from the Magnificent 7

When it comes to investing in shares, it’s often said that time is your friend.

The data shows that investing small amounts consistently over time and riding out the ups and downs of the market by holding onto your investments for the long term can produce a healthy return.

Category: News
Preparing Your SMSF for the future

Preparing Your SMSF for the future

What happens to a self managed super fund (SMSF) when a trustee dies or becomes mentally impaired? While these are circumstances that many of us would rather not think about, some time spent planning now could make a big difference to you and your family later.
Category: News
New Increased Super Contribution Caps

New Increased Super Contribution Caps

As the end of financial year gets closer, some investors are thinking about the most effective ways to boost their super balance, particularly with an increase in the caps on contributions from 1 July.
Category: News
Investing Mistakes to Avoid

Investing Mistakes to Avoid

Investing successfully and improving your investment portfolio can be as much about minimising mistakes as trying to pick the ‘next big thing’. It’s all about taking a calm and considered approach and not blindly following trends or hot tips. Let's delve into some of the most prevalent investment mistakes and look at the principles that underpin a robust and successful portfolio.
Category: News
Almost Half of Mid-Market Businesses Still Double Handling Data

Almost Half of Mid-Market Businesses Still Double Handling Data

A new survey has found mid-market operators are having to juggle as many as five different business management tools, causing efficiency, productivity loss and greater security risks.

MYOB’s latest survey of over 1000 Australian and New Zealand mid-market business operators (that’s businesses with 20-500 full-time employees or equivalent) shows that it’s not only smaller ventures that are facing challenges resulting from rapid digitisation in recent years.

Category: News
How Iron Ore Plays a Big Part in Our Economy

How Iron Ore Plays a Big Part in Our Economy

Iron ore has been the backbone of the Australian economy and many investment portfolios for much of the 21st century. Export of the commodity saw Australia evade recession both in the wake of the Global Financial Crisis back in 2008 and the Covid epidemic.
Category: News
Trusts and the New Super Tax Rules

Trusts and the New Super Tax Rules

Ensuring you’ve structured your finances tax-effectively is always a concern, but with new tax rules for super on the horizon, many people with large balances are considering alternative vehicles to save for retirement.

Unsurprisingly, this has sparked a renewed interest in an old favourite – trusts.

Trusts have always been popular in Australia, with the government’s Tax Avoidance Taskforce (Trusts) estimating more than one million were in place in 2022.

Category: News
Small Business Risk and Cyber Security Are you prepared?

Small Business Risk and Cyber Security Are you prepared?

We’re all now only too aware of the risk of cybercrime after the well-publicised data hacks of Medibank Private and Optus.

Although these crimes involved large organisations, email scams, cyberattacks and online scams also represent a major risk for small businesses, particularly if you don’t have the funds or knowhow to strengthen your digital security.

The latest Australian Cyber Security Centre (ACSC) Annual Cyber Threat Report warned no-one was immune to cyber threats, with a cybercrime reported every seven minutes on average.

Category: News
Retirement Planning It's Not All About the Money

Retirement Planning It's Not All About the Money

Retirement is often a massive life change for the majority of people who experience it. Most of us will have mixed emotions around the end of our working life and the beginning of our 'second half'. For some it will be a relief, and something they have long planned for and are looking forward to, but for others it will be a source of anxiety.
Category: News
How To Tap into a World of Exporting Possibilities

How To Tap into a World of Exporting Possibilities

Selling your goods or services overseas can seem like a big leap – and there are certainly some hurdles – but it could be good for business.

Exporting can provide your business with benefits such as increased productivity, increases in sales and profits, new customers, and clients and potentially better growth opportunities.

Category: News
A Financial Safety Net Through Super

A Financial Safety Net Through Super

Most super funds offer life, total and permanent disability (TPD) and income protection insurance for their members. 

When reviewing your insurance, check if you're covered through your super fund. Compare it with what's available outside super to find the right policy for you.

Category: News
Employee Share Schemes

Employee Share Schemes

If you're invited to join an employee share scheme, you may be able to buy shares at a discount on the current market rate. Schemes vary, so check the offer terms and consider the pros and cons before you sign up.
Category: News
Market Movements and Economic Review Video August 2023

Market Movements and Economic Review Video August 2023

Stay up to date with what's happened in Australian markets over the past month.

While the price of most goods and services continues to rise, the good news is the rate of increase is continuing to slow.

As a result, the markets are beginning to breathe a sigh of relief.
 
Category: News
Are Recessions Always Bad for Business

Are Recessions Always Bad for Business

Depending who you ask, we could be headed for a recession, writes Nigel Bowen. But what does that mean and will it be bad for your business?

If you’ve done the grocery shopping lately, you’ll know inflation is becoming a serious issue.

When the inflation genie gets out of the bottle, economies can enter a destructive spiral. Prices rise, workers demand wage rises to compensate for higher prices, businesses grant wage rises then increase prices to cover increased labour costs, and the cycle continues. Until the relevant central bank starts jacking up interest rates.

Category: News
Tax Rates and Offsets for 2023-24 and Beyond

Tax Rates and Offsets for 2023-24 and Beyond

Despite the calls to scrap the already legislated stage 3 tax cuts, the government did not announce any changes in the recent Budget, which means the tax cuts are still set to commence from 1 July 2024 (ie the 2024-25 income year). Additionally, no changes were announced in the Budget to the current personal tax rates, meaning that the rates and income thresholds that have applied since the 2021-22 income year will continue to apply all the way through to the 2023-24 year.
Category: News
Non Deductible Threshold Removed for Self Education

Non Deductible Threshold Removed for Self Education

The government has reintroduced and passed a raft of measures that faced an uncertain fate when the House of Representatives was dissolved and the Senate prorogued due to the calling of the Federal Election earlier this year. One of these measures that have recently passed all stages is the removal of the $250 non-deductible threshold for work-related self education expenses, which will apply to assessments for the 2022-23 income year and onwards.
Category: News
How Do Interest Rates Affect Your Investments?

How Do Interest Rates Affect Your Investments?

Interest rates are an important financial lever for world economies. They affect the cost of borrowing and the return on savings, and it makes them an integral part of the return on many investments. It can also affect the value of the currency, which has a further trickle-down effect on other investments.
Category: News
Sharing Economy Reporting Regime Commences Soon

Sharing Economy Reporting Regime Commences Soon

As a part of the government’s strategy to combat the tax compliance risks posed by the sharing economy, it has now legislated requirements for operators of electronic distribution platforms to provide information on transactions made through their platforms to the ATO. 
Category: News
Guide To Business Grants

Guide To Business Grants

It’s been a tough few years for many businesses, with the pandemic and natural disasters, especially small business owners.

Finding funds and expertise for business development can be challenging for smaller organisations. Even larger and successful firms can find it difficult to put together the cash and know-how to keep a business expanding.

That’s where a grant of funds or professional support can come to the rescue.

Category: News
Varying PAYG Instalments

Varying PAYG Instalments

Pay as you go (PAYG) instalments are prepayments of your expected income tax for the year. If your total PAYG instalments will be more, or less, than your expected tax for the year, for example because your financial situation changes, you can vary the amount of the instalments.
Category: News
Deceased Estates and CGT Disposal of Dwelling

Deceased Estates and CGT Disposal of Dwelling

The ATO has recently updated its practical compliance guideline on how the CGT main residence exemption may apply in cases where a dwelling is disposed either in the capacity of an individual beneficiary or a trustee of a deceased estate.

 

Category: News
FBT Record-Keeping Simplification of Requirements

FBT Record-Keeping Simplification of Requirements

The government has released a raft of draft legislation with the intention of reducing FBT record-keeping compliance costs for employers. The measure was originally announced by the previous government in the 2020 Budget but never implemented. In brief, it proposed to give the ATO the power to allow employers to rely on existing corporate records, rather than employee declarations and other prescribed records to finalise their FBT returns.
Category: News
Market Valuation For Tax Purposes

Market Valuation For Tax Purposes

The ATO has released an updated version of its online Guide - Market valuation for tax purposes. The purpose of the Guide is to assist taxpayers in understanding the ATO’s general expectations on market valuation for tax purposes. It includes information on what market value means for tax purposes and the evidence and processes the ATO generally expect to see to support a valuation.
Category: News
Thinking of ditching your SMSF?

Thinking of ditching your SMSF?

If the recent market conditions or just the amount of administration involved is making you rethink having an SMSF as your retirement vehicle, there are several things you will need to be aware of. Winding up an SMSF is not a simple process and requires the trustee to understand the terms set out in the trust deed, dispose of the fund’s assets, and finalise compliance obligations, among other things. In some complex cases it may be prudent to seek professional advice.
Category: News
Beware of Payment Redirection Scams ASIC

Beware of Payment Redirection Scams ASIC

The Australian Securities and Investment Commission (ASIC) has warned small businesses to be alert for payment redirection scams. These scams typically involve scammers impersonating legitimate businesses or their employees and operate via email by requesting an upcoming payment be redirected to another bank account which is fraudulent.
Category: News
Record Keeping

Record Keeping

You are legally required to keep records of all transactions relating to your tax and superannuation affairs as you start, run, sell, change or close your business, specifically:

  • any documents related to your business's income and expenses;
  • any documents containing details of any election, choice, estimate, determination or calculation you make for your business's tax and super affairs.
Category: News
Professional Firm Profit Allocations ATO View

Professional Firm Profit Allocations ATO View

If you run a professional services firm there are many tax issues to consider in the allocation of profits. The ATO is particularly concerned about individual professionals with an ownership interest who redirect their income to an associated entity, such as a trust, with the effect of significantly reducing their tax liability – raising the prospect that anti-avoidance provisions could apply.
Category: News
ATO Scrutinising Gifts or Loans From Overseas

ATO Scrutinising Gifts or Loans From Overseas

The ATO has recently issued an alert warning taxpayers against disguising undeclared foreign income as gifts or loans from related overseas entities, including family and friends. It says it has continued to encounter instances where Australian resident taxpayers derive income or capital gains offshore which are assessable but fail to declare it in their income tax returns.
Category: News
Div 7A and Financial Accommodation

Div 7A and Financial Accommodation

The ATO has recently released a significant draft ruling around Div 7A, which operates to ensure that private companies cannot make tax-free distributions of profits to shareholders or their associates in the form of payments, loans, or forgiven debts. Generally, a private company is taken to have paid an unfranked dividend in the income year if a loan made to a shareholder/associate is not fully repaid before lodgment day.
Category: News
Foreign Investors and Residential Property

Foreign Investors and Residential Property

With the government encouraging the return of foreign investors to Australia and the gradual reopening of international borders, many foreign workers and investors may soon be making their way onto Australian shores. One of the main things they may be considering is participating in the great Australian dream of home ownership. However, for a foreign resident, there are several steps to take.
Category: News
SMSFs And Property. What Are The Rules?

SMSFs And Property. What Are The Rules?

With the property market hitting all-time highs in 2021, interest in investing in direct property through your SMSF has never been higher.
In the September 2021 quarter, Australia’s SMSFs had almost $88 billion invested in non-residential real property, with another $47 billion in residential real property.
But before you join the trend and start adding property investments to your SMSF, there are some important rules you need to be aware of.
Category: News
Natural Love and Affection Commercial Debt Forgiveness

Natural Love and Affection Commercial Debt Forgiveness

The ATO has recently finalised its stance on the issue of commercial debt forgiveness, in particular the natural love and affection exclusion. A commercial debt is any debt where interest payable is deductible, or would be deductible if interest were payable, but for certain statutory restrictions. Under this definition, investments that are securities and equity for debt swaps could be included.
Category: News
A Super Window of Opportunity

A Super Window of Opportunity

New rules coming into force on July 1 will create opportunities for older Australians to boost their retirement savings and younger Australians to build a home deposit, all within the tax-efficient superannuation system.
Category: News
Temporary Full Expensing of Assets Extended

Temporary Full Expensing of Assets Extended

The temporary full expensing of depreciating assets has been extended for another year until 30 June 2023. The measure was originally introduced in 2020 as a part of the Federal government’s COVID-19 business rescue package aimed at encouraging business investment by providing a cash flow benefit. As originally introduced, the measure was due to end on 30 June 2022.
Category: News
Last Chance to Claim the Loss Carry Back

Last Chance to Claim the Loss Carry Back

Eligible businesses will have one last chance in their 2021-22 tax return to claim the loss carry back, which provides a refundable tax offset to reduce tax liabilities. Those businesses that have an early balancer substituted account period (SAP) for the 2021-22 income year are eligible to claim the loss carry back offset before 1 July 2022.
Category: News
Get Your SMSF Ready For 30 June

Get Your SMSF Ready For 30 June

With the end of the financial year (EOFY) just around the corner, it’s important to ensure your SMSF meets its compliance obligations.
The rules around SMSFs are strict and if you don’t do things the right way, your fund could end up paying extra tax. Worse still, it could find itself declared non-compliant.
Here’s some of the key tasks trustees need to complete prior to 30 June 2022.
Category: News
Avoid the Rush Get Ready for June 30

Avoid the Rush Get Ready for June 30

It seems like June 30 rolls around quicker every year, so why wait until the last minute to get your personal finances in order?

With all the uncertainty and special support measures of the past two years, it’s possible your finances have changed for better, or for worse. So it’s a good idea to ensure you’re on track for the upcoming end-of-financial-year (EOFY).
Starting early is essential if you want to make the most of the opportunities on offer when it comes to your super and tax affairs.

Category: News
Market Movements and Economic Review Video May 2022

Market Movements and Economic Review Video May 2022

Stay up to date with what's happened in Australian markets over the past month.

The economic event that overshadowed all others in April was the increase in inflation.

The release of the March quarter Consumer Price Index (CPI) showed inflation up 2.1% in the quarter and 5.1% on an annual basis. This was the biggest increase since 2001 and well above the Reserve Bank’s target of 2-3%.
Category: News
Market Movements and Economic Review Video April 2022

Market Movements and Economic Review Video April 2022

Stay up to date with what's happened in Australian markets over the past month.

The war in Ukraine added a major new source of uncertainty to the local and global economic outlook in March.

Inflationary pressure continued as global economies recover from the pandemic and as crude oil prices surged due to economic sanctions against Russia.

Category: News
Overview of Small Business CGT Concessions

Overview of Small Business CGT Concessions

If you’re a small business owner and the pandemic has made you reassess your future, whether it be retirement or selling your business and starting afresh somewhere else, just remember that there may be capital gains tax (CGT) consequences to such a move. However, the tax law does provide four concessions to enable eligible individuals to eliminate or at least reduce the capital gain on a CGT asset provided certain conditions are met.
Category: News
Tax Debts May Affect Business Credit Score

Tax Debts May Affect Business Credit Score

If your business has had issues paying your tax debt due to the ongoing effects and uncertainty surrounding the COVID-19 pandemic, remember that the best option is to engage with the ATO to manage those debts. Failure to get in touch with the ATO to come to an arrangement will not only affect the potential penalties imposed, but may also your business’ credit score.
Category: News
Changes To The SME Recovery Loan Scheme

Changes To The SME Recovery Loan Scheme

As a part of an economic package to help businesses recover from the impacts of the COVID-19 pandemic, the government provided cheap credit to qualifying small and medium enterprises in the form of the SME Recovery Loan Scheme. When it was first introduced, and until 31 December 2021, the government essentially guaranteed 80% of the loan amount.
Category: News
Claiming Tax Losses Make Sure You Pass The Test

Claiming Tax Losses Make Sure You Pass The Test

With tax time 2021 nearly over, many businesses will now finalising their tax returns. For many of these businesses, the 2020-21 income year may not have been a good year due to various lockdowns and COVID-19 restrictions. Businesses whose total deductions exceed their assessable income for the year will generally make a tax loss which can then be carried forward, back, or be utilised in future years, depending on your preference and eligibility criteria.
Category: News
Frankly Speaking Tax Benefits of Shares

Frankly Speaking Tax Benefits of Shares

Australian shares are popular investments with self-funded retirees and anyone who depends on income from their investments, due in part to the favourable tax treatment of franked dividends.

After falling off in the early days of the COVID pandemic, share prices and dividends bounced back strongly in the year to June 2021.
Investors who depend on income from their shares also have more certainty now that the Labor Party has dropped its opposition to cash refunds of excess franking credits, a policy that attracted fierce resistance from retirees at the last federal election.

Category: News
How The ATO Mines Your Data

How The ATO Mines Your Data

It was hard to miss the media splash about international tax evasion when the Pandora Papers were released, with local interest focussing on what Australian tax authorities would do with this massive trove of information.

But it seems the ATO is relaxed. Deputy Commissioner and Serious Financial Crime Taskforce Chief Will Day responded that the tax man doesn’t “rely on data leaks to do our job. We detect, investigate and deal with offshore tax evasion year-round.”

So where does the ATO get its data from and how is it being used?

Category: News
Market Movements and Economic Review Video December 2021

Market Movements and Economic Review Video December 2021

Stay up to date with what's happened in Australian markets over the past month.

As November drew to a close, and we look towards the end of the year, all eyes were on the new strain of the coronavirus, Omicron. 

Please get in touch if you’d like assistance with your personal financial situation.
Category: News
Deadline for Director Identification Number Applications

Deadline for Director Identification Number Applications

The Director Identification Number regime came into force late in 2020 as a tool for the government to reduce phoenixing and black economy activities. Broadly, the regime will require all directors to confirm their identity with the ATO, at which time they will be issued a unique identifier. This identifier will then be permanently linked to the individual even if they cease to be a director.

Category: News
A Helping Hand Onto The Property Ladder

A Helping Hand Onto The Property Ladder

Buying your first home is always a big step, but with property prices rising faster than pay packets taking that first step seems more challenging than ever.

National house prices rose 20 per cent in the year to September, the fastest growth since 1989. Higher prices have also fanned out from capital cities to the regions, as city folk discover the country lifestyle and cheaper housing during the pandemic.i

Category: News
Market Movements and Economic Review Video October 2021

Market Movements and Economic Review Video October 2021

Stay up to date with what's happened in Australian markets over the past month.

Our October update takes you through key economic indicators, as September was a mixed bag on the economic front.  After reaching record highs in August, global sharemarkets stumbled in late September.
 
Category: News
Personal Use and Collectables in SMSFs

Personal Use and Collectables in SMSFs

Contrary to popular belief, your SMSF can actually invest in collectables such as artworks, jewellery and wine as well as personal use assets such as boats, classic cars or other vehicles. However, investment in these assets must meet very strict and specific rules in order to qualify and thus care should be taken to avoid breaches of super rules in relation to owning collectables and personal use assets in SMSFs.
Category: News
To Lease Or Buy A Business Asset? That’s The Question

To Lease Or Buy A Business Asset? That’s The Question

With business conditions picking up in Australia, many business owners are thinking about the equipment they will need in order to evolve in the years ahead.

Whether it’s a new delivery van or a high-end digital printer, up-to-date equipment and tools are essential for business success. In the May 2021 Federal Budget, the government announced full write-off of eligible business assets will be available for another year, so the opportunity to tool up is even more attractive.

 

Category: News
ATO Continues To Target Individuals Novated Leases

ATO Continues To Target Individuals Novated Leases

Following on from the revelation that the bulk of tax collected by the ATO comes from individual taxpayers, it comes as no surprise that the ATO is continuing to target this sector to squeeze out every last tax dollar. This time, it has announced another new data-matching program on novated leases, this is in addition to the plethora of data-matching programs already announced this year on an eclectic range of areas including rental properties, motor vehicles, residency, contractor payments, and cryptocurrency.
Category: News
ATO Data Matching of Lifestyle Assets Extended

ATO Data Matching of Lifestyle Assets Extended

Owners of lifestyle assets beware, the ATO has extended its data-matching program for another 2 years. The lifestyle assets data-matching program has been running since February 2016 and in the past collected data from the 2013-14 to the 2019-20 financial years. It will now be extended to include the 2020-21 through to 2022-23 financial years.
Category: News
Reminder Super Changes For The 2021 Financial Year

Reminder Super Changes For The 2021 Financial Year

From 1 July 2021, a whole raft of superannuation changes as a part of the government’s more flexible superannuation changes has come into effect. Three of the most important changes consist of the increase in bring-forward arrangement contributions cap, the removal of the excess contributions charge, and re-contribution changes.
Category: News
Tax Consequences of Rent Deferral or Waiver

Tax Consequences of Rent Deferral or Waiver

As many tenants and landlords turn their attention to their 2020-21 tax returns, one of the big questions is perhaps how they should treat rental concessions provided and received during the last financial year as a result of COVID-19. Tax treatment of these rental concessions depends on a variety of factors and are outlined below.
Category: News
Claiming Small Business CGT Concessions

Claiming Small Business CGT Concessions

The Government is continuing to tighten the eligibility rules for claiming tax concessions relating to small business capital gains tax (CGT) obligations.

If you qualify, these concessions can have a big impact on how much of the profit from the sale of a business asset you get to keep, and how much goes to the tax man.

Given the generous nature of the concessions, the ATO is keen to ensure they are used appropriately.
Category: News
ATO Data-Matching Residency

ATO Data-Matching Residency

The ATO has announced that it will be conducting a new data-matching program with information from the Department of Home Affairs on passenger movements during the 2016-17 to 2022-23 income years. It will use this data to determine whether business entities and individuals are residents and whether they have met their lodgment and registration obligations.
Category: News
Benefits Of Family Trusts

Benefits Of Family Trusts

Many of you have heard of family trusts, but perhaps don’t know too much about their benefits and how they differ from the usual non-fixed trusts. Essentially, a family trust is a trust where the trustee has made a valid family trust election (FTE) for tax purposes. By becoming a family trust, the trust is able to access certain tax concessions which may be beneficial.
Category: News
ATO Target Rental Property Owners

ATO Target Rental Property Owners

Rental property owners beware, the ATO has commenced 2 data-matching programs designed to obtain a myriad of information to ensure that various income tax reporting obligations have been met. Specifically, the ATO will run a new data-matching program to collect property management data for the 2018-19 to 2022-23 financial years, and extend the existing rental bond data-matching program through to 30 June 2023.
Category: News
Market Movements and Economic Review Video August 2021

Market Movements and Economic Review Video August 2021

Stay up to date with what's happened in Australian markets over the past month.

Our August update video takes you through key economic indicators, as both markets and the economy react to the continued on-again, off-again lockdowns throughout across numerous states in July.
 
Category: News
Using The Margin Scheme On Property Sales

Using The Margin Scheme On Property Sales

With the property market booming despite low wage growth and the after effects of the pandemic, many developers are getting back into the market. If you’re in the business of selling property, you may be able reduce the amount of GST payable on sales of new property by using the margin scheme if certain eligibility requirements are met and a choice is made.
Category: News
Steps To Get  A Deduction For Bad Debts

Steps To Get A Deduction For Bad Debts

As many of the government’s COVID-19 economic supports coming away, economists predict there’ll be many business failures to follow. If your business is unable to obtain payment from a debtor, depending on the accounting method used by your business, you may be able to claim a tax deduction for the unpaid amount.
Category: News
ATO Turns Its Attention To Crypto

ATO Turns Its Attention To Crypto

The meteoric rise of cryptocurrency (crypto) and NFTs (non-fungible tokens) has raised many eyebrows and has now also caught the attention of the ATO. Whether you’re trading crypto or NFTs as an individual or business, capital gains tax (CGT) applies to any gains you make regardless of whether the gain is in foreign currency or Australian dollars.
Category: News
Weighing Up The Costs and Benefits Of  An SMSF

Weighing Up The Costs and Benefits Of An SMSF

For many people, the idea of managing and investing your own retirement savings is very appealing.

But there is debate over whether running your own self-managed super fund (SMSF) is cost effective. So, what are the arguments for and against having your own fund?

Category: News
Market Movements and Economic Review Video July 2021

Market Movements and Economic Review Video July 2021

Stay up to date with what's happened in Australian and global markets over the past month.

Our July update video takes you through key economic indicators so you can understand how the Australian economy is faring as we recover from the COVID-19 induced recession of 2020.
 
Category: News
Counting Down To June 30

Counting Down To June 30

It’s been a year of change like no other and that extends to tax and superannuation. As the end of the financial year approaches, now is a good time to check some new and not so new ways to reduce tax and boost your savings.
Category: News
Market Movements and Economic Review Video June 2021

Market Movements and Economic Review Video June 2021

Stay up to date with what's happened in Australian and global markets over the past month.

Our June update video takes you through key economic indicators so you can understand how the Australian economy is faring as we recover from the COVID-19 induced recession of 2020.
Category: News
Market Movements and Economic Review Video May 2021

Market Movements and Economic Review Video May 2021

Stay up to date with what's happened in Australian and global markets over the past month.

Our May update video takes you through key economic indicators so you can understand how the Australian economy is faring as we recover from the COVID-19 induced recession of 2020.

Category: News
Market Movements and Economic Review Video April 2021

Market Movements and Economic Review Video April 2021

Stay up to date with what's happened in Australian and global markets over the past month.

Our April update video also takes you through key economic indicators so you can understand how the Australian economy is faring as we recover from the COVID-19 induced recession of 2020.
Category: News
End of FBT Year Fast  Approaching

End of FBT Year Fast Approaching

With the end of March fast approaching, so too is the end of the FBT year which runs from 1 April 2020 to 31 March 2021. While FBT returns do not need to be lodged until 21 May 2021, for many businesses, now is the time to start getting organised in relation to employee contributions for benefits, as well as record-keeping and employee declarations required.
Category: News
Travelling for work what’s deductible?

Travelling for work what’s deductible?

As we move to a post-COVID world where borders, both domestic and international, start to open back up, the issue of deductibility of certain business travel expenses are again back on the agenda. The ATO has gotten on the front foot by recently issuing a draft ruling and associated draft compliance guidelines which explains the circumstances under which these expenses would be deductible.
Category: News
Contractor or Employee Which are you?

Contractor or Employee Which are you?

With COVID-19 having a significant impact on traditional employment, many people are finding themselves working as a contractor for the first time either by choice or necessity. It’s not just a lifestyle decision; from the tax and superannuation perspective, there are important differences between being an employee and a contractor.
Category: News
Market Movements and Review Video March 2021

Market Movements and Review Video March 2021

Stay up to date with what's happened in Australian and global markets over the past month.  

Our March update video also takes you through key economic indicators so you can understand how the Australian economy is faring as we recover from the COVID-19 induced recession of 2020.19 induced recession of 2020. Please get in touch if you’d like assistance with your personal financial situation.
Category: News
Beware of ATO data-matching motor vehicles

Beware of ATO data-matching motor vehicles

While the motor vehicle registries data-matching program has been running for around 16 years in various iterations, particular care should be taken for the current motor registries program as many businesses including sole traders would have taken advantage of the increase in the instant asset write-off threshold to purchase motor vehicles.
Category: News
Market Movements and Review Video February 2021

Market Movements and Review Video February 2021

Stay up to date with what's happened in Australian and global markets over the past month.  

Our February update video also takes you through key economic indicators so you can understand how the Australian economy is faring as we recover from the COVID-19 induced recession of 2020. Please get in touch if you’d like assistance with your personal financial situation.

Category: News
Small Businesses don’t forget your FBT concessions

Small Businesses don’t forget your FBT concessions

During these challenging economic times, many small businesses are still in the recovery phase where every dollar counts, the last thing these businesses need is to be paying more tax than they should. So, if you’re a small business don’t forget that you can access a variety of concessions including those related to FBT. These concessions could result in no FBT being payable.
Category: News
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.
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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.
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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
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.

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