Tax Saving

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

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

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

Buying or Selling a Business – How are you going to structure the transaction?

Buying or selling a business can be an exciting and daunting process. you will need to find prospective buyers or the appropriate business to acquire, prepare the business for sale and complete business valuations.  Author Matthew Yarrow But perhaps more important, and often overlooked, is the need [...]

Buying or Selling a Business – How are you going to structure the transaction?2018-05-02T09:46:26+00:00

Who is liable to pay annual vacancy fee (also known as ghost tax)?

Measures were introduced in the 2017 budget to assist with the supply of housing in Australia. The measures impose an extra fee on foreigners who do not either reside in, or rent out, their Australian properties. This is in response to a perception that there were too many of these ‘ghost’ properties. [...]

Who is liable to pay annual vacancy fee (also known as ghost tax)?2018-12-05T13:50:33+00:00

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 effect2018-01-31T14:04:14+00:00