How is the future of your business and personal finances?
Did you know that we offer Tax Planning services to all of our clients? As we approach another end of financial year, it’s timely to review your business position and implement appropriate strategies to support you to both personally and financially. Keeping more...
Working overseas and your SMSF
When you go overseas to work or travel for an extended period of time, ensuring that your SMSF stays compliant is probably the last thing on your mind. That is exactly why you should pay attention since your SMSF may have issues meeting the central management and...
Bitcoin: What are the Income Tax consequences?
There has been plenty of press coverage on digital currency, specifically bitcoin, but what are the tax consequences if you decide to join the craze? Well, that depends on whether you are running a business, or if you are acquiring digital currency for personal...
Major Tax Changes in 2018
This financial year, the ATO have introduced many changes to legislation, some of which are summarised below: Deductible superannuation contribution cap reduction to $25,000 per annum & non-deductible contribution cap to $100,000 per annum. Changes to...
Single Touch Payroll Reporting
If you are an employer the way you report payments, such as salaries and wages, pay as you go (PAYG) withholding and superannuation is changing. The ATO will need you to report these payments directly from your payroll solution in real-time, at the same time as you...
Sacked for being “deaf” and “old”
A 62-year-old telemarketer, who was sacked by his manager because he claims he was told he "had a broken back, was deaf and… too old", has been awarded $31,420 in compensation. Below we summarise the case in which the NSW Civil and Administrative Tribunal (NCAT) found...
Does a passive investment company carry on a business?
The company tax rate reduction is designed to benefit small businesses “carrying on a business”. Recent media attention has created some confusion over who is entitled to the reduced rate. The ATO has provided clarification in a recent Bill. The Treasury Laws...
Employer to pay worker $139k for unpaid leave over 21 years
If you hire any contractors to perform labour-intensive work, please consider this case in which an employer has been ordered to pay more than $139,000 to a friend and former employee for 425 days’ unpaid annual leave and entitlements stretching back 21 years. Federal...
Tax scams update: stay smart online and offline
Taxpayers need to be ever-vigilant about bogus calls, text messages and emails from scammers. Some scammers go to great lengths to deceive taxpayers, including impersonating government representatives on the phone, sending fraudulent emails and even creating fake...
Who pays GST on new Residential Property?
The issue of paying GST in relation to the sale of new residential property can be a complex area which continues to present challenges. Here we put the spotlight on recent proposed changes to GST on property and the implications for developers, conveyancers and...