Business Management

Cone of Silence Lifted – Mandatory data breach notification laws to take effect

On 22 February, new laws will require businesses who suffer data breaches to notify both the government and their customers / clients.  The consequences of a notification could be extremely damaging to businesses, and it is therefore imperative to understand the rules and to take action to protect yourself! Author Thomas Aitkenhead [...]

Cone of Silence Lifted – Mandatory data breach notification laws to take effect 2018-01-31T14:04:14+00:00

I just bought a cryptocurrency – will I be taxed?

The ATO has released guidance on the taxation of Bitcoin which is likely to cover most cryptocurrencies. The tax implications of some common scenarios are discussed below. Author Scott Ward If you are in business and you are using a cryptocurrency to buy and sell goods and [...]

I just bought a cryptocurrency – will I be taxed? 2018-01-30T15:47:48+00:00

Personal Services Income

Personal services income (PSI) is income produced mainly from your personal skills or efforts as an individual, other than from salary and wages. Income is classified as PSI when more than 50% of the amount you received for a contract was for your labour, skills or expertise. Author Renee Murray [...]

Personal Services Income 2018-01-30T15:47:40+00:00

Purchasing New Residential Property? These Changes Could Affect You

The Federal Government announced, as part of the 2017/2018 Budget their desire to strengthen compliance of the GST Act on property transactions due to the view that some developers are failing to remit GST to the ATO. The changes would apply to purchasers of new residential premises and land in new subdivisions, whereby the purchaser [...]

Purchasing New Residential Property? These Changes Could Affect You 2017-12-04T12:20:54+00:00

Lease Incentives and Their Tax Implications

With the commercial leasing market becoming increasingly competitive and supply often exceeding demand, it is becoming common place in many areas for landlords to offer incentives in order to secure tenants. Various incentives are offered to help entice potential tenants, such as rent free or discounted periods, free fitouts or contributions, covering of relocation [...]

Lease Incentives and Their Tax Implications 2017-12-04T12:32:16+00:00

Christmas Gifts – Maximising deductions

Christmas is the time for giving, but not the time for a nasty new year Fringe Benefits Tax hangover. Where can it go wrong – the thought is great, the tax outcomes not so much… Author Michael Kerwin Unless exempt, gifts to employees are generally considered a [...]

Christmas Gifts – Maximising deductions 2017-12-04T12:43:00+00:00

Critical steps for property over $750,000

Just 12 months after its introduction, the Foreign Resident CGT Withholding Tax Regime (FRWT Regime) was amended and from 1 July 2017 any property transaction with a sale value of $750,000 or more is affected; additionally, the withholding rate was increased from 10% to 12.5%. Author Claire Roberts [...]

Critical steps for property over $750,000 2017-12-04T14:21:31+00:00

New Depreciation rules that will affect everyone

In this year’s budget, Treasurer Scott Morrison announced some surprising changes to investment property tax rules that are going to affect many current and future property investors, and those who sell dwellings to these investors. Travel allowances were attacked as well as changes to depreciation rules on what can and can’t be depreciated on [...]

New Depreciation rules that will affect everyone 2017-12-04T14:23:16+00:00

10 Tips to get from Start-Up to Started Up

Having worked with many early stage businesses and start-ups over the last decade, I have become very well versed in working with entrepreneurs and trailblazers. I am passionate about empowering Australians with the tools to grow successful businesses and below I have given an insight into my top 10 tips on getting your business from [...]

10 Tips to get from Start-Up to Started Up 2017-12-04T14:25:10+00:00

Deal struck on Enterprise Tax Bill

A last minute deal has been struck between the government and Senator Nick Xenophon to pass the Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016. The revised Bill enables: An increase to the aggregated turnover threshold to $10 million for access to small business tax concessions from 2016-17. Note that the current aggregated turnover threshold of [...]

Deal struck on Enterprise Tax Bill 2017-12-01T09:50:40+00:00