General News

Record keeping – requirements & tips!

Why is recordkeeping necessary? The Australian taxation system is based on taxpayers self-assessing their tax lodgements.  Each taxpayer is responsible for determining the income they need to declare and what expenses are deductible.  Taxpayers need to maintain adequate records and must be able to substantiate these if requested by the ATO. Author [...]

Record keeping – requirements & tips!2018-12-11T08:02:57+00:00

Look out, look out, scams about!

It appears as though scammers are doing the rounds again, pretending to be the ATO and telling victims they have committed fraud against the tax office. Receiving these types of phone calls can be quite upsetting and stressful, however our advice is that you should hang up and ignore it.  Author Rhiane Sherriff [...]

Look out, look out, scams about!2018-12-10T08:39:24+00:00

If you have fewer than 19 employees STP now applies to you!

Single Touch Payroll (STP) was introduced from 1 July 2018 for businesses with 20 or more employees. On 5 December 2018 the senate passed the Bill which extends STP to employers with 19 or fewer employees from 1 July 2019. Author Claire Roberts So what does this mean [...]

If you have fewer than 19 employees STP now applies to you!2018-12-11T07:53:53+00:00

ATO PUTTING THE BLOWTORCH TO BUILDING & CONSTRUCTION CONTRACTORS

What is Happening? In recent weeks we have had first-hand experience with the ATO taking a much more aggressive approach to contractors with outstanding tax lodgements. This has been possible principally due to the use of the Taxable Payments Annual Report (TPAR). Author: Tom Aitkenhead TPAR is a report that those in [...]

ATO PUTTING THE BLOWTORCH TO BUILDING & CONSTRUCTION CONTRACTORS2018-12-05T13:49:51+00:00

Changes to Xero Subscription

As of the 28th of September 2018, Xero will be changing the pricing of their subscriptions for all existing and new subscribers. These changes will be from Premium 5 to Premium 100 and will include additional features and improvements in payroll. If you are currently on the Starter or [...]

Changes to Xero Subscription2018-09-10T10:11:09+00:00

How will My Property be Taxed in the Sharing Economy?

The sharing economy is continually evolving and growing. As the sharing economy grows in popularity, the tax issues arising are increasingly complex. We’ll explore in further detail the different tax outcomes for renting a property and car space. Author Matthew Yarrow Property Rental Income and Deductions (e.g. Airbnb) Income [...]

How will My Property be Taxed in the Sharing Economy?2018-12-05T13:50:04+00:00

Do you provide vehicles to your employees?

As a business owner, if you make a car you own or lease available for the private use of your employees, you may be providing a car fringe benefit.  The ATO have recently issued guidelines to provide some further clarity around the definition of private use of exempt vehicles. Author Renee Murray  [...]

Do you provide vehicles to your employees?2018-07-27T11:44:38+00:00

The key changes from the 2018/19 Federal Budget

$20k Accelerated Depreciation Extended The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended until 30 June 2019. From 1 July 2019, the immediate deduction threshold will reduce back to $1,000. Personal Income Tax Cuts From July 1 2018: [...]

The key changes from the 2018/19 Federal Budget2018-07-27T09:10:31+00:00

Alert: Property Developers – Preparing for new GST withholding regime

Treasury Laws Amendment (2018 Measures No. 1) Bill 2018 received royal assent on 29 March 2018, flagging the start of a new GST withholding system significantly changing the way developers remit GST from 1 July 2018. Author Michael Kerwin Why? Treasury assessed, that through illegal phoenix activities [...]

Alert: Property Developers – Preparing for new GST withholding regime2018-12-05T13:50:21+00:00

What is Single Touch Payroll (STP) and when does it apply for your business?

STP is being introduced to align payroll with more regular reporting. It will not only identify non-compliance more quickly, but also ensure better collection of unpaid entitlements and penalise employers who repeatedly offend. At the end of each pay an employer must report ALL payment information to the ATO. These include; salaries and wages, [...]

What is Single Touch Payroll (STP) and when does it apply for your business?2018-05-01T10:24:54+00:00