Skip to main content

Articles by Tags

Rental Properties factsheet outlines ATO expectations

Rental Properties factsheet outlines ATO expectations

Tags: Investment Properties

This Rental Properties 2022 fact-sheet is written by the Australian Tax Office (ATO), it outlining how they expect a taxpayer to deal with their rental property income and expenses, this fact-sheet...

Unable to obtain payment from a debtor, get deduction for bad debt

Unable to obtain payment from a debtor, get deduction for bad debt

Tags: Business Tax | GST

Unable to obtain payment from a debtor, get deduction for bad debt, so don’t panic. Depending on the accounting method used by your business, you may be able to claim a tax deduction for the ...

ATO targeting contractors using data matching information

ATO targeting contractors using data matching information

Tags: Business Tax | Personal Tax

Contractors beware, with the ATO targeting contractors from data matching information. ATO has now received the taxable payments annual report from more than 158,000 businesses for the 2019-20 in...

Taxable Payments Annual Report, ATO reminds you to lodge

Taxable Payments Annual Report, ATO reminds you to lodge

Tags: Business Tax

Taxable Payments Annual Report (TPAR) was designed to supress, if not outright eliminate the “black economy” by requiring businesses providing various services to lodge a report containing details ...

Increase statutory demand threshold for small business debts?

Increase statutory demand threshold for small business debts?

Tags: Business Tax

Increase statutory demand threshold, if you run a small business or any business for that matter, you may be interested in the current government consultation to increase the statutory demand thres...

Salary Sacrifice will help get the most from your salary

Salary Sacrifice will help get the most from your salary

Tags: Business Tax | Personal Tax | Super and Financial Planning | Fringe Benefits Tax (FBT)

Salary Sacrifice will help get the most from your salary and wages while minimising your tax at the same time. Considering a salary packaging or salary sacrifice arrangement may be the way t...

Tax implications when you have more that one job

Tax implications when you have more that one job

Tags: Personal Tax

Tax implications may arise if you have more than one job, whether it be casual, contract or some other arrangement, you will need to be careful to avoid an end of financial year tax debt. Tax i...

FBT concessions available if you operate a small business

FBT concessions available if you operate a small business

Tags: Business Tax

If you own a small business still recovering from the COVID-19 induced downturn, remember that you can take advantage of FBT concessions to lower the amount of FBT you need to pay. The concession...

Tax avoidance schemes, ATO warning to steer clear

Tax avoidance schemes, ATO warning to steer clear

Tags: Business Tax | Personal Tax | Super and Financial Planning

To many individuals, the difference between tax planning and tax avoidance is not immediately obvious, while the ATO considers the former to be a legal way to arrange your affairs to minimise...

Boost your super savings by using your super carry forward cap

Boost your super savings by using your super carry forward cap

Tags: Personal Tax | Super and Financial Planning

Boost your super savings by using the unused carry forward concessional contributions cap? Put simply, the unused cap allows individual to carry forward any unused amounts from their concessional...

ATO data matching program for online selling extended

ATO data matching program for online selling extended

Tags: Business Tax | Personal Tax

ATO data matching program for online selling extended. Online sellers beware, the ATO has extended its current data matching program for another 4 years to ensure that businesses and individuals ar...

Lodge super enquiry with ATO if employer underpaid super

Lodge super enquiry with ATO if employer underpaid super

Tags: Personal Tax | Super and Financial Planning

Lodge super enquiry with ATO if employer has underpaid super. Are you an employee that has been underpaid super by your employer? If you think that’s the case, and you’re keen to claw back what...

Illegal phoenixing, ATO retaining taxpayers refunds

Illegal phoenixing, ATO retaining taxpayers refunds

Tags: Business Tax | Personal Tax

Illegal phoenixing, ATO retaining taxpayers refunds. The ATO now has broader powers to retain refunds in instances where taxpayers have outstanding notifications. While the exercise of this dis...

Seasonal workers, are they tax residents due to Coronavirus

Seasonal workers, are they tax residents due to Coronavirus

Tags: Personal Tax

Seasonal workers, are they tax residents due to Coronavirus? If you’re a seasonal worker who has been stuck in Australia due to closed borders or difficulty getting flights home, you may be getting...

Apprentices and trainees, ongoing government data-matching

Apprentices and trainees, ongoing government data-matching

Tags: Business Tax

Apprentices and trainees, ongoing government data-matching. Apprentices and trainees. Businesses with an apprentice or trainee beware. The Department of Education, Skills and Employment has commenc...

Transition to retirement pension, would this help you

Transition to retirement pension, would this help you

Tags: Personal Tax | Super and Financial Planning

Transition to retirement pension may be for you. Would you like to semi-retire but are not at the age where you can access your super? Depending on your super fund you may be able to access a t...

Centrelink and ATO data matching program is underway

Centrelink and ATO data matching program is underway

Tags: Personal Tax

A new Centrelink and ATO data matching program is currently underway and will apply for the 2019-20 and 2020-21 income years. The program relates to the use of Single Touch Payroll (STP) data. ...

Reduce car FBT liability with change to operating cost method

Reduce car FBT liability with change to operating cost method

Tags: Business Tax

Reduce car FBT liability with one simple change to operating cost method. Among the many unintended consequences of COVID-19, businesses that provide cars to their employees may now be on the hook ...

Changing business structure, mistakes can be costly

Changing business structure, mistakes can be costly

Tags: Business Tax

Changing business structure, some sectors of the economy are suffering, others are booming, if you’re lucky enough to have a small business in a rapidly growing sector, you may be considering a cha...

TPAR includes more businesses to lodge this year

TPAR includes more businesses to lodge this year

Tags: Business Tax

TPAR includes more businesses this year. With the ultimate distraction of the pandemic, many businesses around Australia may not be aware that they will be required to lodge a Taxable Payments Annu...

ATO Death and taxes improvements coming soon?

ATO Death and taxes improvements coming soon?

Tags: Personal Tax

ATO Death and taxes improvements coming soon. They say only two things are certain in life, death and taxes, and when these two certainties collide, it necessarily causes stress and difficulty. ...

Don’t lodge before your information made available by ATO

Don’t lodge before your information made available by ATO

Tags: Personal Tax

Don’t lodge before your information made available by ATO. With Tax Time 2020 just around the corner, many individuals on reduced income or have increased deductions may be eager to lodge their inc...

small business super clearing house for small businesses

small business super clearing house for small businesses

Tags: Business Tax | Super and Financial Planning

small business super clearing house.Running a small business is already stressful enough in this economic climate without needing to worry about compliance of super guarantee payments and whether t...

SMSFs derive non arm’s length income under s295-550

SMSFs derive non arm’s length income under s295-550

Tags: Super and Financial Planning

Amendments made last year changed the rules as to when complying super funds including SMSFs will derive non-arm’s length income (NALI). SMSFs derive non-arm’s length income. Due to ATO concern...

Closing the tax gap: targeting high wealth private groups

Closing the tax gap: targeting high wealth private groups

Tags: Business Tax | Personal Tax

ATO will be expanding the work of the Tax Avoidance Taskforce with a new program focusing on high wealth private groups. That segment encompasses approximately 9,000 individuals and 18,000 companie...

$150,000 instant asset write-off until 30 June 2020

$150,000 instant asset write-off until 30 June 2020

Tags: Business Tax

If your business is in relatively good shape and have been contemplating an asset purchase, now is the time. Not only will you be helping the Australian economy get back on its feet, you’ll be doin...

Government contracts require Statement of Tax Record (STR)

Government contracts require Statement of Tax Record (STR)

Tags: Business Tax

Government contracts require Statement of Tax Record (STR). Businesses wanting to participate in the Federal Government’s post-COVID-19 economic recovery projects need to be aware that they may nee...

Consolidating superannuation involves taking risks

Consolidating superannuation involves taking risks

Tags: Super and Financial Planning

Consolidating superannuation, by some estimates there are around $20.8bn in lost and unclaimed super in Australia. The last financial year saw $4.38bn worth of lost super reunited with their owners...

ATO data matching on ride sharing Uber Lyft drivers

ATO data matching on ride sharing Uber Lyft drivers

Tags: Personal Tax

ATO data matching on ride sharing Uber Lyft drivers, while the Coronavirus pandemic has put many things on hold, it hasn’t stopped the ATO from going ahead with its data matching programs. ATO ...

SMSF property development arrangments on ATO radar

SMSF property development arrangments on ATO radar

Tags: Super and Financial Planning

In a recent regulator bulletin outlining ATO’s concerns about new and emerging arrangements that pose potential risks to SMSF trustees and their members, the growth in SMSF property development was...

SMSF improvements proposed by Government are coming

SMSF improvements proposed by Government are coming

Tags: Super and Financial Planning

SMSF improvements that were proposed by the Government before the disruption of the Coronavirus epidemic are are again on the drawing board. The government confirmed it would go ahead with various ...

Early super release after being affected by Coronavirus

Early super release after being affected by Coronavirus

Tags: Super and Financial Planning

Require an early super release. If you’ve been affected by the Coronavirus pandemic and want to access your super early, it may be beneficial to consult a qualified professional about the eligibili...

SMSF reduces rent and breaches compliance rules

SMSF reduces rent and breaches compliance rules

Tags: Super and Financial Planning

SMSF reduces rent, breaches compliance rules. After previously providing business with administrative concessions, the ATO has now moved to provide some concessions and advice to SMSFs during this ...

ATO top mistakes when lodging your SMSF annual return

ATO top mistakes when lodging your SMSF annual return

Tags: Super and Financial Planning

ATO top mistakes. While the due date for SMSF annual returns depends on the particular fund, if you had an SMSF at 30 June 2019 or has wound up an SMSF during the last financial year, you will need...

SMSF investment strategy has diversification requirements

SMSF investment strategy has diversification requirements

Tags: Personal Tax | Self-Managed Superannuation Funds

SMSF investment strategy. While many trustees will know that self-managed super funds (SMSFs) are required to prepare and implement an investment strategy, what they may not know is that specific f...

Insurance payouts taxable? Rceived an Insurance payout lately

Insurance payouts taxable? Rceived an Insurance payout lately

Tags: Business Tax | Personal Tax

Insurance payouts taxable? Australia has been battered by a combination of fire and flooding in the past few months, it is little wonder then the topic insurance payouts are on everyone’s lips. Wha...

Tax man doing the right thing by you? Who checks on the tax man?

Tax man doing the right thing by you? Who checks on the tax man?

Tags: Business Tax | Personal Tax

Tax man doing the right thing by you? Anyone that has had a bad experience after navigating the maze of bureaucracy that is the Tax Office (ATO) may be reminded of an old Latin phase “quis custodie...

Tax evasion tackled by the ATO, international tax evasion

Tax evasion tackled by the ATO, international tax evasion

Tags: Personal Tax

Tax evasion tackled by the ATO. With the rise the global economy and easy flow of money across borders, no country is immune to international tax evasion and money laundering. ATO tackling inte...

Illegal-phoenixing, Governnment introduces measures to combat

Illegal-phoenixing, Governnment introduces measures to combat

Tags: Business Tax

Illegal-pheonixing, Governnment introduces measures to combat illegal-phoenixing. New laws are now in place to target illegal-phoenixing of companies which by some estimates costs businesses, emplo...

Super guarantee, Government acts to close a loophole

Super guarantee, Government acts to close a loophole

Tags: Super and Financial Planning

Super guarantee, Government acts to close a loophole that allowed employers to use salary sacrificed contributions to make up part of their required super guarantee contributions has been closed. ...

Student loan limit changed by Government from January 2020

Student loan limit changed by Government from January 2020

Tags: Personal Tax

Student loan limit changed by Government from January 2020. With the cost of studying at university going up every year, a new combined, renewable student loan limit has been implemented from 1 Jan...

Car parking fringe benefits scruitiny by ATO, are you complying?

Car parking fringe benefits scruitiny by ATO, are you complying?

Tags: Business Tax | Fringe Benefits Tax (FBT) | Car Parking

Car parking fringe benefits scruitiny by ATO, are you complying? Do you provide car parking to your employees on your business premises? If the parking meets certain conditions you may have to pay ...

Foreign residents and changes to main residence exemption

Foreign residents and changes to main residence exemption

Tags: Personal Tax | Foreign Residents | Capital Gains Tax (CGT)

Foreign residents and changes to main residence exemption. Laws limiting foreign residents’ ability to claim the CGT main residence exemption are now in place. This means that if you’re a foreign r...

First Home Loan Deposit Scheme, help for first home buyers

First Home Loan Deposit Scheme, help for first home buyers

Tags: Personal Tax

First Home Loan Deposit Scheme, help for first home buyers. The new year means more help for first home buyers to get on the property ladder. The new First Home Loan Deposit Scheme came into effect...

Consumers to have better protection under new ASIC powers

Consumers to have better protection under new ASIC powers

Tags: Personal Tax | Super and Financial Planning

Consumers to have better protection under new ASIC powers. In response to the recommendations of the Banking and Financial services Royal Commission and the ASIC Enforcement Review Taskforce Report...

Superannuation savings increased by no cost strategies

Superannuation savings increased by no cost strategies

Tags: Super and Financial Planning

Superannuation savings increased by no cost strategies. With all the pandemonium of the holiday season and the end of the year rush, your super is probably the last thing on your mind. However, thi...

Tax avoidance taskforce expands to top 500 private groups

Tax avoidance taskforce expands to top 500 private groups

Tags: Business Tax

Tax avoidance taskforce expands to top 500 private groups, high wealth private groups, and medium and emerging private groups. Perhaps the most interesting is the inclusion of medium and emerging p...

$SMSF sole purpose test and fractional investments$

SMSF sole purpose test and fractional investments

Tags: Super and Financial Planning | Self-Managed Superannuation Funds

SMSF sole purpose test and fractional investments. Previously, it was thought that any benefit provided directly or indirectly to members or related parties of an SMSF from an investment would cont...

Backpackers on working holidays are to pay less tax

Backpackers on working holidays are to pay less tax

Tags: Personal Tax

Backpackers on working holidays are to pay less tax. A recent case on the “backpacker tax” received wide ranging media coverage and was hyped as a win for all working holiday makers. However, take ...

Tax debts able to be disclosed by ATO to credit agencies

Tax debts able to be disclosed by ATO to credit agencies

Tags: Business Tax

Tax debts able to be disclosed by ATO to credit agencies. ATO is now able to disclose your tax debts to credit agencies. Businesses with tax debts beware, the ATO will now be able to disclose the d...

Vacant land, no deductions to be allowed for holding vacant land

Vacant land, no deductions to be allowed for holding vacant land

Tags: Personal Tax | Rental Properties

Vacant land, no deductions to be allowed for holding vacant land. The building defects saga that’s happening all around Australia has understandably caused public uproar and forced state government...

Debt forgiveness due to love and affection only for natural persons

Debt forgiveness due to love and affection only for natural persons

Tags: Business Tax

Debt forgiveness due to love and affection only for natural persons. The rules around Div 7A deemed dividends are complex and may have become more so with the release of a draft taxation determinat...

Super guarantee opt out for high income earners with multiple jobs

Super guarantee opt out for high income earners with multiple jobs

Tags: Super and Financial Planning

Super guarantee opt out for high income earners with multiple jobs. If you’re a high-income earner with multiple employers, there is a good chance that you may unintentionally exceed the super conc...

Non commercial loss rules could apply for business and job

Non commercial loss rules could apply for business and job

Tags: Business Tax

Non commercial loss rules could apply for business and job, this may prevent you from deducting your business losses against your other income. Non commercial loss rules could apply for busines...

Genuine redundancy payment qualifying age increases

Genuine redundancy payment qualifying age increases

Tags: Personal Tax

Genuine redundancy payment qualifying age increases to the age pension age, so even if you’re over 65 you may still be able to receive the payment. Genuine redundancy payment qualifying age inc...

Insurance changes in superannuation are on the horizon

Insurance changes in superannuation are on the horizon

Tags: Super and Financial Planning

Insurance changes in superannuation are on the horizon. You may have heard a lot recently about super funds providing either opt-in or opt-out insurance and have wondered how will affect you and yo...

Selling shares, how much capital gains tax will you pay?

Selling shares, how much capital gains tax will you pay?

Tags: Personal Tax | Super and Financial Planning

Selling shares, how much capital gains tax will you pay? Did you know that when you sell your shares, the size of your capital gains tax bill is affected by how long you’ve held the shares, and how...

Health insurance and tax, should you have health insurance?

Health insurance and tax, should you have health insurance?

Tags: Personal Tax | Super and Financial Planning

Health insurance and tax, should you have health insurance? If you don’t hold private hospital cover – or are thinking about dropping it – make sure you understand the financial consequences. You c...

Small business CGT concessions, when do I qualify?

Small business CGT concessions, when do I qualify?

Tags: Business Tax | Super and Financial Planning

Small business CGT concessions, when do I qualify? The small business CGT concessions are a great tool for business owners to transfer wealth into super. Here, we break down the two essential requi...

Business tax losses may benefit your business later

Business tax losses may benefit your business later

Tags: Business Tax | Personal Tax

Business tax losses may benefit your business later. If you’re a sole trader or individual partner, you may be able to apply the loss against other income like salary or investment income, or carry...

Downsizer super contributions, you need to get it right

Downsizer super contributions, you need to get it right

Tags: Personal Tax | Super and Financial Planning

“Downsizer” super contributions let you contribute some of the proceeds from the sale of your home into superannuation – but there are several important eligibility requirements. Downsizer supe...

Foreign income not disclosed? Make a voluntary disclosure to ATO

Foreign income not disclosed? Make a voluntary disclosure to ATO

Tags: Business Tax | Personal Tax

Foreign income not disclosed? Make a voluntary disclosure to ATO. If you have any amounts of offshore foreign income you haven’t declared to the ATO – perhaps interest from a foreign bank account? ...

Can I access my super early? I need help with expenses

Can I access my super early? I need help with expenses

Tags: Personal Tax | Super and Financial Planning

Can I access my super early? I need help with expenses. Thinking about tapping into your super early to help with mounting expenses? Mortgage repayments, medical treatments and hard-to-meet living ...

Claiming work trips for business owners with some private time?

Claiming work trips for business owners with some private time?

Tags: Business Tax | Personal Tax

Claiming work trips for business owners with some private time? As a business owner you can deduct the cost of work trips you need to take for business. But what happens when you mix business with ...

ATO power to report business tax debts to credit agencies

ATO power to report business tax debts to credit agencies

Tags: Business Tax | Personal Tax

ATO power to report business tax debts to credit agencies. Proposed new ATO powers to disclose business tax debts to credit reporting agencies mean businesses with long-term unpaid tax bills could ...

Rental property tax deductions, what can we claim? Part 2

Rental property tax deductions, what can we claim? Part 2

Tags: Business Tax | Personal Tax

Rental property tax deductions, what can we claim? Paying off a loan for an investment property you’ve purchased? The ATO says over-claimed interest is a common error made in rental property expens...

Rental property tax deductions, what can we claim? Part 1

Rental property tax deductions, what can we claim? Part 1

Tags: Business Tax | Personal Tax

Rental property tax deductions, what can we claim? Rental property deductions have many rules, and the ATO is on the lookout for incorrect claims. Some expenses can be deducted immediately, while o...

SMSF investment strategy compliance, ATO to check

SMSF investment strategy compliance, ATO to check

Tags: Business Tax | Super and Financial Planning | Self-Managed Superannuation Funds

SMSF investment strategy compliance, ATO to check on over 17,000 SMSFs that are heavily invested in one asset class will soon receive a “please explain” from the ATO to check whether they can justi...

GST on imports, are you optimising your business cashflow?

GST on imports, are you optimising your business cashflow?

Tags: Business Tax | Personal Tax

GST on imports, are you optimising your business cashflow? If you import goods as part of your business, you don’t have to pay GST upfront if you’re registered for the ATO’s deferred GST scheme. In...

Insurance in super, the impact of proposed changes

Insurance in super, the impact of proposed changes

Tags: Personal Tax | Super and Financial Planning

Insurance in super, the impact of proposed changes, there are new rules on the way that will require young adults and members with low super balances to actively “opt in” to holding insurance in su...

Super opt out choice for high earners with multiple jobs

Super opt out choice for high earners with multiple jobs

Tags: Business Tax | Personal Tax | Super and Financial Planning

Super opt out choice for high earners with multiple jobs. If you’re a high income-earner with multiple employers, you may be aware of potential traps with compulsory super contributions that can le...

Tax losses after a change in control, some ATO guidance

Tax losses after a change in control, some ATO guidance

Tags: Business Tax

Tax losses after a change in control, some ATO guidance. Has your company made a tax loss in recent years? If new investors or a major share sale is on the cards, the company may benefit from flexi...

Super and bankruptcy, can creditors access my benefits?

Super and bankruptcy, can creditors access my benefits?

Tags: Personal Tax | Super and Financial Planning

Super and bankruptcy, can creditors access my benefits? Superannuation is an effective investment structure for asset protection, but a questionable contribution into super could jeopardise some of...

Capital gains tax and death, it’s not the end of the world

Capital gains tax and death, it’s not the end of the world

Tags: Personal Tax | Super and Financial Planning

Capital gains tax and death, it’s not the end of the world. There’s nothing as certain as death and taxes, but tax on death is not so clear. The good news is that when an asset passes to a benefici...

Hobby or a business? What is the status of your farm?

Hobby or a business? What is the status of your farm?

Tags: Business Tax | Personal Tax

Hankering for a hobby farm? Have a penchant for a few shimmering vines, or maybe a cluster of Angus cows on green pastures? Maybe you’re already “farming”. You might see your rural acres as a hobby...

SMSFs differ from other funds so understand the differences

SMSFs differ from other funds so understand the differences

Tags: Business Tax | Super and Financial Planning | Self-Managed Superannuation Funds

SMSFs differ from other funds so understand the differences. Insurance and dispute resolution might not be high on your list of things to consider when starting up an SMSF, but these issues do affe...

Clothing deductions, ATO clamping down so be careful

Clothing deductions, ATO clamping down so be careful

Tags: Business Finance | Personal Tax

Clothing deductions, ATO clamping down so be careful. Planning to claim some clothing or laundry expenses this tax time? These deductions are on the ATO’s watch list again this year, and there are ...

Valuing SMSF assets, know the market value requirements

Valuing SMSF assets, know the market value requirements

Tags: Business Tax | Super and Financial Planning | Self-Managed Superannuation Funds

Valuing your SMSF assets, know the market value requirements. Recording the market value of your SMSF’s assets is an important trustee responsibility. But how do you prove “market value”, how often...

Instant asset write-off, how will help your business?

Instant asset write-off, how will help your business?

Tags: Business Tax | Personal Tax

Instant asset write-off, how will help your business? You may have heard about it but do you understand exactly how it can benefit your business? Unsure about how the instant asset write-off wi...

Independent contractors, do you need to pay super?

Independent contractors, do you need to pay super?

Tags: Business Tax | Super and Financial Planning

Independent contractors, do you need to pay super? Your business may be required to make superannuation contributions for some independent contractors, even if they have an Australian Business Numb...

Income Statement replaces Payment Summary

Income Statement replaces Payment Summary

Tags: Personal Tax

Income Statement replaces Payment Summary. This year there are changes to how many employees access their tax information including their income statement from their employer. The good news is ...

Lending to your SMSF? Make sure you get it right

Lending to your SMSF? Make sure you get it right

Tags: Personal Tax | Super and Financial Planning | Self-Managed Superannuation Funds

Lending to your SMSF? Thinking about a gearing strategy for your SMSF? It’s possible to borrow from a related party, but you must structure the loan terms correctly or else face significant tax pen...

Age pension, will I qualify when I reach pension age?

Age pension, will I qualify when I reach pension age?

Tags: Personal Tax | Super and Financial Planning

Age Pension, will I qualify when I reach pension age? As we start to think about retirement, one of the first questions many of us ask is “Will I qualify for the Age Pension?” To help you understan...

Small business CGT concessions, make sure your claim stacks up

Small business CGT concessions, make sure your claim stacks up

Tags: Business Tax | Super and Financial Planning

Small business CGT concessions, make sure your claim stacks up as they can save your businesses some serious tax – and help business owners significantly boost their superannuation – but it’s essen...

SMSF member and moving overseas, three options for your SMSF

SMSF member and moving overseas, three options for your SMSF

Tags: Personal Tax | Super and Financial Planning | Self-Managed Superannuation Funds

SMSF member and moving overseas? If you currently have an SMSF, you’ll need a strategy for managing your super to ensure your fund doesn’t breach any residency rules. Know your options and plan bef...

Dealing with the ATO, simple tips for unwary taxpayers

Dealing with the ATO, simple tips for unwary taxpayers

Tags: Business Tax | Personal Tax

Dealing with the ATO, being a smart taxpayer means knowing what resources are available to you and understanding how the ATO deals with individuals as tax problems arise. Here are three simple thin...

SMSFs vs other types of funds, some issues to consider

SMSFs vs other types of funds, some issues to consider

Tags: Personal Tax | Super and Financial Planning | Self-Managed Superannuation Funds

SMSFs vs other types of funds, some issues to consider. For many people, SMSFs are a great option for building retirement savings, but they may not be suitable for everyone. Before you jump in,...

Business real property can be moved into your SMSF

Business real property can be moved into your SMSF

Tags: Business Tax | Super and Financial Planning | Self-Managed Superannuation Funds

Business real property can be moved into your SMSF. Transferring a commercial property into an SMSF can be a great way to build retirement savings and take advantage of the concessionally taxed SMS...

Super withdrawal, how much tax is withheld from super?

Super withdrawal, how much tax is withheld from super?

Tags: Personal Tax | Super and Financial Planning

Super withdrawal, how much tax is withheld from super? You’ve worked hard for your super, so make sure you access your benefits in the most tax-effective way possible. Members aged under 60 yea...

ABN registration is under scrutiny, does yours stack up?

ABN registration is under scrutiny, does yours stack up?

Tags: Business Tax

ABN registration is under scrutiny, does yours stack up? Have you run a small business that has ceased or paused operations? Or perhaps you’ve been hired as an ABN contractor? The ATO is ...

SMSF trustee, is a corporate trustee worth the extra expense?

SMSF trustee, is a corporate trustee worth the extra expense?

Tags: Personal Tax | Super and Financial Planning | Self-Managed Superannuation Funds

SMSF trustee, is a corporate trustee worth the extra expense? Setting up a new SMSF does involve some cost, and one of the decisions you’ll need to make is whether it’s worth paying to establish a ...

Working and studying part-time, course fees deductible?

Working and studying part-time, course fees deductible?

Tags: Business Tax | Personal Tax

Working and studying part-time, course fees deductible? If you go “back to school” the costs can really add up, but the good news is that your course fees may be deductible if the course is suffici...

Binding nomination, make sure your super passes into the right hands

Binding nomination, make sure your super passes into the right hands

Tags: Super and Financial Planning

Binding nomination, make sure your super passes into the right hands. Your superannuation balance is probably one of your biggest assets, perhaps up there with the family home. It’s therefore vital...

Inactive super account, changes are coming are you affected?

Inactive super account, changes are coming are you affected?

Tags: Personal Tax | Super and Financial Planning

Inactive super account, changes are coming are you affected? This year’s Productivity Commission inquiry into superannuation highlighted concerns that many Australians’ super benefits are being ero...

Cash income from gig economy sites? Are you declaring it?

Cash income from gig economy sites? Are you declaring it?

Tags: Business Tax | Personal Tax

Cash income from gig economy sites? Are you declaring it? Have you ever considered joining a site like Airtasker to make some extra cash? If so, you’ll need to keep the ATO happy. Here, we expl...

R & D incentive for software projects, can my business claim?

R & D incentive for software projects, can my business claim?

Tags: Business Tax

R & D incentive for software projects, can my business claim? Is your company planning to develop software as part of an experimental R&D project? You may qualify for the R&D tax in...

Retirement for super access purposes, what does it mean?

Retirement for super access purposes, what does it mean?

Tags: Personal Tax | Super and Financial Planning

Retirement for super access purposes, what does it mean? Did you know that if you’re aged between 60 and 64, you can access your super if you change jobs without retiring permanently? The rules...

Work-related car expenses that employees can claim

Work-related car expenses that employees can claim

Tags: Business Tax | Personal Tax

Work-related car expenses that employees can claim. If you have special car travel needs for work, like driving between two jobs or different worksites, or carrying bulky equipment you may be able ...

Compulsory super, speed up your retirement savings?

Compulsory super, speed up your retirement savings?

Tags: Personal Tax

Compulsory super, speed up your retirement savings? The compulsory superannuation guarantee rate which is currently 9.5% is set to increase over the next few years. But if you’re an employee, w...

SMSF contraventions, is compliance putting your fund at risk?

SMSF contraventions, is compliance putting your fund at risk?

Tags: Business Tax | Self-Managed Superannuation Funds

SMSF contraventions, is compliance putting your fund at risk? SMSFs can be a great investment vehicle for those prepared to get the compliance side of things right. The ATO takes SMSF regulatio...

Super deductions, get them right or the ATO will get you

Super deductions, get them right or the ATO will get you

Tags: Personal Tax | Super and Financial Planning

Super deductions, get them right or the ATO will get you. Recent changes to the law mean many more Australians can now claim deductions for their personal super contributions. But while the eli...

ATO business benchmarks can be a handy check-up tool

ATO business benchmarks can be a handy check-up tool

Tags: Business Tax | Super and Financial Planning

ATO business benchmarks can be a handy business check-up tool for business owners. Learn how you can access these benchmarks to judge your business’ performance against industry standards, iden...

SMSF membership may soon be able to increase to six members

SMSF membership may soon be able to increase to six members

Tags: Personal Tax | Super and Financial Planning | Self-Managed Superannuation Funds

SMSF membership may soon be able to increase to six members. A large member group in an SMSF creates a number of important planning issues that need to be carefully managed. But for the right S...

Financial services complaint, call AFCA to get help

Financial services complaint, call AFCA to get help

Tags: Business Tax | Super and Financial Planning

Financial services complaint, call AFCA. Do you need help resolving a problem with a bank, credit provider or superannuation fund? The new Australian Financial Complaints Authority (AFCA) provi...

Common CGT obstacles homeowners need to be aware of

Common CGT obstacles homeowners need to be aware of

Tags: Business Tax | Personal Tax

Common CGT obstacles homeowners meed to be aware of. Many homeowners are not aware that the “main residence” rules exempting the family home from capital gains tax (CGT) are in fact quite complex a...

Declare personal use of your business trading stock?

Declare personal use of your business trading stock?

Tags: Business Tax | Personal Tax

Declare personal use of your business trading stock? For business owners in industries such as hospitality and food retail, using small amounts of the business’ trading stock for personal use is a ...

Does listing my home on Airbnb affect my tax return?

Does listing my home on Airbnb affect my tax return?

Tags: Business Tax | Personal Tax

Does listing my home on Airbnb affect my tax return? Australia’s growing “sharing” economy provides many opportunities to make extra income. However, this will generally give rise to additional...

SMSF trustees must watch their related party expenses

SMSF trustees must watch their related party expenses

Tags: Business Tax | Super and Financial Planning | Self-Managed Superannuation Funds

SMSF trustees must watch their related party expenses. The tax laws that penalise uncommercial transactions between SMSFs and related parties are set to get tougher, with an SMSF’s expenses to come...

Bad SMSF trustee behaviour can lead to disqualification

Bad SMSF trustee behaviour can lead to disqualification

Tags: Personal Tax | Super and Financial Planning

Bad SMSF trustee behaviour can lead to disqualification. A tribunal decision upholding the ATO’s call to disqualify an SMSF trustee from acting as a trustee again is a reminder of the importance of...

Government extends the instant asset write-off again

Government extends the instant asset write-off again

Tags: Business Tax | Personal Tax

Government extends the instant asset write-off again. This extension of the instant asset write-off for a further year is great news for small businesses who may be planning to purchase assets for ...

Review highlights failings in superannuation system

Review highlights failings in superannuation system

Tags: Personal Tax | Super and Financial Planning

Review highlights failings in superannuation system. The Productivity Commission’s recent report on Australia’s superannuation system reveals some concerning weaknesses in the APRA regulated funds ...

Government to provide flexibility for company losses

Government to provide flexibility for company losses

Tags: Business Finance | Business Tax

Government to provide flexibility for 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...

Superannuation contributions, this will help you catch up

Superannuation contributions, this will help you catch up

Tags: Personal Tax | Super and Financial Planning

Superannuation contributions, this will help you catch up. The government’s new measure to allow those with less than $500,000 in superannuation to “catch up” on missed superannuation contributions...

Downsizer superannuation contribution, will it work for you?

Downsizer superannuation contribution, will it work for you?

Tags: Personal Tax | Super and Financial Planning

Downsizer superannuation contribution, will it work for you? The government’s new opportunity for “downsizing” Australians to contribute some of the sale proceeds from their home into superannuatio...

Push to reform the taxation of discretionary trusts?

Push to reform the taxation of discretionary trusts?

Tags: Business Tax

Push to reform the taxation of discretionary trusts? Recent years have seen much discussion about the effectiveness and fairness of Australia’s current rules for taxing discretionary trusts. Th...

Working at home, what deductions can employees claim?

Working at home, what deductions can employees claim?

Tags: Personal Tax

Working at home, what deductions can employees claim? More people are working from home than ever before. Employees who work from home may be able to deduct some of the expenses they incur in runni...

Super guarantee non-compliance, an amnesty proposed

Super guarantee non-compliance, an amnesty proposed

Tags: Super and Financial Planning

Super guarantee non-compliance, an amnesty proposed. The government’s latest initiatives targeting non-compliance with superannuation guarantee obligations give businesses plenty to think about. ...

LRBA changes may inadvertantly hinder SMSF gearing

LRBA changes may inadvertantly hinder SMSF gearing

Tags: Super and Financial Planning | Self-Managed Superannuation Funds

LRBA changes may inadvertantly hinder SMSF gearing. Limited recourse borrowing arrangements have allowed many SMSFs to successfully invest in assets they otherwise would not have been able to acqui...

Deemed dividend rules, governments new 10-year loan model

Deemed dividend rules, governments new 10-year loan model

Tags: Business Finance | Business Tax

Deemed dividend rules, governments new 10-year loan model. The government is acting to simplify the Division 7A rules that govern deemed dividends, proposing a new 10-year loan model for compliant ...

PAYG withholding, new penalties for non-compliance

PAYG withholding, new penalties for non-compliance

Tags: Business Finance | Business Tax

PAYG withholding, new penalties for non-compliance. Combating the black economy has been a key priority of the government in recent years. To reduce business activity that takes place “under th...

New work test exemption for recent retirees from 1 July

New work test exemption for recent retirees from 1 July

Tags: Personal Tax | Super and Financial Planning

New work test exemption for recent retirees from 1 July. The government has created a new opportunity for some recent retirees to make additional superannuation contributions. From 1 July 2019,...

Government tenders to require satisfactory tax compliance

Government tenders to require satisfactory tax compliance

Tags: Business Finance | Business Tax

Government tenders to require satisfactory tax compliance. Bidding on Commonwealth government tenders could soon be more complex, with the government seeking to exclude businesses that do not have ...

Excess super contributions determination, know your options

Excess super contributions determination, know your options

Tags: Personal Tax | Super and Financial Planning

Excess super contributions determination, know your options. The ATO has begun issuing determinations to individuals who exceeded their concessional super contributions cap for the 2017-18 financia...

Superannuation changes introduced to help womens super

Superannuation changes introduced to help womens super

Tags: Super and Financial Planning

Superannuation changes introduced to help womens super. In a raft of initiatives aimed at improving economic outcomes for women, particularly in the superannuation space, the government has propose...

Franking rules, company tax rates and consequences

Franking rules, company tax rates and consequences

Tags: Business Finance | Business Tax

Franking rules, company tax rates and consequences. Reducing the corporate tax rate for small to medium businesses has great benefits, but it may bring some unintended consequences in terms of the ...

ASIC is lifting standards in the financial advisory industry

ASIC is lifting standards in the financial advisory industry

Tags: Super and Financial Planning

ASIC is lifting standards in the financial advisory industry. Education, training and ethical standards in the financial advice industry are about to be lifted, with the Australian Securities and I...

ASIC enforcement action on SMSF auditors over independence

ASIC enforcement action on SMSF auditors over independence

Tags: Super and Financial Planning | Self-Managed Superannuation Funds

ASIC enforcement action on SMSF auditors over independence. ASIC has released information on its enforcement action against over 100 SMSF auditors (some referred to it by the ATO for various breach...

ATO uses real time reporting data for SG compliance

ATO uses real time reporting data for SG compliance

Tags: Super and Financial Planning

ATO uses real time reporting data for SG compliance. The ATO is currently undertaking a project to move towards real time data or event-based reporting to enhance super guarantee entitlements compl...

Deemed dividend changes include simplifying loan rules

Deemed dividend changes include simplifying loan rules

Tags: Business Tax

Deemed dividend changes include simplifying loan rules. Div 7A or deemed dividend payments may be familiar to you if you’re the shareholder or associate of a private company. It generally appli...

Tax consequences of receiving compensation for dodgy advice

Tax consequences of receiving compensation for dodgy advice

Tags: Personal Tax

Tax consequences of receiving compensation for dodgy advice. With the big financial institutions rushing to compensate their customers as a result of the media exposure from the Royal Commission, n...

FBT implications on providing Christmas parties and gifts

FBT implications on providing Christmas parties and gifts

Tags: Business Tax

FBT implications on providing Christmas parties and gifts. With Christmas fast approaching, the ATO has reminded employers and business owners about the potential FBT implications of providing offi...

ASIC recommends SMSF reforms including trustee education

ASIC recommends SMSF reforms including trustee education

Tags: Super and Financial Planning | Self-Managed Superannuation Funds

ASIC recommends SMSF reforms including trustee education. As a part of hearings into ASIC’s oversight functions, the regulator presented the Parliamentary Joint Committee on Corporations and Financ...

Reverse mortgage lending demand and retirement advice

Reverse mortgage lending demand and retirement advice

Tags: Super and Financial Planning

Reverse mortgage lending demand and retirement advice. Since the global financial crisis, demand for reverse mortgages have grown steadily. It allows older individuals, perhaps retirees, to unl...

Welfare debts, government plans to restrict your travel plans

Welfare debts, government plans to restrict your travel plans

Tags: Personal Tax

Welfare debts, government plans to restrict your travel plans. The government has started a crackdown on individuals who owe welfare debts by preventing them from leaving the country, even for a ho...

Super transfer balance cap and new reporting events

Super transfer balance cap and new reporting events

Tags: Super and Financial Planning

Super transfer balance cap and new reporting events. Now that the transfer balance cap has been introduced to limit the amount of capital that can be transferred into the tax-exempt retirement phas...

Limited recourse borrowing arrangements (LRBA) and SMSFs

Limited recourse borrowing arrangements (LRBA) and SMSFs

Tags: Super and Financial Planning | Self-Managed Superannuation Funds

Limited recourse borrowing arrangements (LRBA) and SMSFs. Limited Recourse Borrowing Arrangements (LRBAs) allow an SMSF to borrow money for the purchase of a single asset (or a collection of identi...

Setting up a SMSF, ensure it meets the sole purpose test

Setting up a SMSF, ensure it meets the sole purpose test

Tags: Super and Financial Planning | Self-Managed Superannuation Funds

Setting up a SMSF, ensure it meets the sole purpose test. Setting up your own self-managed super fund (SMSF) can be a complex task even before you seek registration with the ATO. It’s important tha...

SMSF must have a sole purpose, does your fund comply?

SMSF must have a sole purpose, does your fund comply?

Tags: Super and Financial Planning | Self-Managed Superannuation Funds

The sole purpose test is one the fundamental requirements for SMSFs to obtain tax concessions. It requires that the SMSF be maintained for the sole purpose of providing retirement benefits to its m...

Travel allowance or living away from home allowance (LAFHA)

Travel allowance or living away from home allowance (LAFHA)

Tags: Personal Tax

Travel Allowance or living-away-from-home allowance (LAFHA)? Understanding the difference between these two allowances can be complex, particularly when there is the perception of an overlap. T...

Super Complaints Tribunal now handles super complaints

Super Complaints Tribunal now handles super complaints

Tags: Super and Financial Planning

Super Complaints Tribunal now handles super complaints. Superannuation complaints are moving to a new destination from 1 November 2018. Previously, super fund complaints relating to the areas o...

Three year audit cycle proposed for SMSFs by government

Three year audit cycle proposed for SMSFs by government

Tags: Personal Tax | Super and Financial Planning | Self-Managed Superannuation Funds

Three year audit cycle proposed for SMSFs by government. How often must your SMSF be audited? Currently it is every year, but the government has proposed to extend this to a 3-year cycle. The b...

Hunter Partners Dealer Group

Tags: Super and Financial Planning

Hunter Partners Dealer Group Financial Planning Hunter Partners operates its financial Planning business through Zara (NQ) Pty Ltd (Zara). InterPrac Financial Planning Pty Ltd (our Dealer Group) h...

Australian resident or not a resident, what are you?

Australian resident or not a resident, what are you?

Tags: Personal Tax

Australian resident or not a resident, what are you? Tax residency is a complex area where the decision is made based on individual circumstances. As the world becomes more global and interconn...

ABN system reform due to black economy taskforce findings

ABN system reform due to black economy taskforce findings

Tags: Business Tax

ABN system reform due to black economy taskforce findings. The ABN system was originally introduced as a simple way to provide businesses with unique identifier when dealing with the government. ...

Financial adviser is independent, what does that mean?

Financial adviser is independent, what does that mean?

Tags: Super and Financial Planning

Financial adviser is independent, what does that mean? The terms “independent”, “impartial”, or “unbiased” or similar terms can only be used to describe financial advisory businesses that meet cert...

Small business tax concessions include lower tax rates

Small business tax concessions include lower tax rates

Tags: Business Tax

Small business tax concessions include lower tax rates, and if they satisfy a certain turnover threshold may qualify as a small business entity. The advantages of being a business entity includ...

Alternative dispute resolution process available from ATO

Alternative dispute resolution process available from ATO

Tags: Business Tax

Alternative dispute resolution process available from ATO. Alternative dispute resolution (ADR) is not only used to resolve substantive disputes, and can be used to clarify or limit issues, and rem...

SMSF taxable assets double, is your fund affected?

SMSF taxable assets double, is your fund affected?

Tags: Super and Financial Planning | Self-Managed Superannuation Funds

SMSF taxable assets double, is your fund affected? Is your fund affected? New research has shown the transfer balance cap and reduction of tax concessions for transition to retirement pensions have...

Higher education debt now follow you wherever you go

Higher education debt now follow you wherever you go

Tags: Personal Tax

Higher education debt now follow you wherever you go. Horror movie monsters have nothing on the higher education debts which will follow you to the ends of the earth. If you go overseas and you...

ATO debt, paying your company debts by instalments

ATO debt, paying your company debts by instalments

Tags: Business Tax

ATO debt, paying your company debts by instalments. Does your business have ATO debts? Depending on your circumstances, you may be able to apply for a payment deferral, or work out a tailored ...

Super guarantee underpayments, employer amnesty to May 2019

Super guarantee underpayments, employer amnesty to May 2019

Tags: Super and Financial Planning

Super guarantee underpayments, employer amnesty to May 2019. Are you an employer that’s fallen a little behind on super guarantee (SG) payments for your employees? Don’t despair, the Government...

Downsize to boost your super from sale of family home

Downsize to boost your super from sale of family home

Tags: Super and Financial Planning

Downsize to boost your super from sale of family home. From 1 July 2018, people aged 65 or over will be able to make additional non-concessional contributions of up to $300,000 from downsizing...

Clothing expenses, ATO cracking down this tax time

Clothing expenses, ATO cracking down this tax time

Tags: Personal Tax

Clothing expenses, ATO cracking down this tax time. Beware of work-related clothing and laundry expense claims this tax time, the ATO is cracking down on individuals making unsubstantiated and exag...

Sole purpose test is an area of concern for SMSF trustees

Sole purpose test is an area of concern for SMSF trustees

Tags: Super and Financial Planning | Self-Managed Superannuation Funds

Sole purpose test is an area of concern for SMSF trustees. If you are the trustee of one of the approximately 577,000 SMSFs in Australia at the moment, there are some areas the ATO wants you to pay...

Super, growing your superannuation will give you a good retirement

Super, growing your superannuation will give you a good retirement

Tags: Super and Financial Planning

Super, Growing your super will give you a good retirement. Are you nearing retirement or just want to put a little extra away for the future without putting a strain on your household budget? C...

Work-related deductions scrutinised by ATO this year

Work-related deductions scrutinised by ATO this year

Tags: Personal Tax

Work-related deductions scrutinised by ATO. Tax time has come around for another year, and this year the ATO is focusing on “other” work-related expense deductions and work-related car expenses. ...

Employer sent to prison for contempt over underpayments

Employer sent to prison for contempt over underpayments

Tags: HR and Management

Employer sent to prison for contempt over underpayments. A North Queensland tour operator has been sentenced to 12 months in prison for failing to back-pay five backpackers, in “unprecedented” cont...

Early release of super, when is it legal to drawdown

Early release of super, when is it legal to drawdown

Tags: Super and Financial Planning

Early release of super, when is it legal to drawdown. Contrary to what illegal early access of superannuation promoters may say, you cannot get your super early to pay for a holiday or buy a car. ...

GST applies to sale of low value goods from 1 July 2018

GST applies to sale of low value goods from 1 July 2018

Tags: Business Tax | GST

GST applies to sale of low value goods from 1 July 2018. Did you know from 1 July 2018, GST will apply to sales of all goods to Australia. The previous $1,000 low-value threshold will no longer app...

Clearance certificate from the ATO to sell your home?

Clearance certificate from the ATO to sell your home?

Tags: Personal Tax

Clearance certificate from the ATO to sell your home? Did you know that if you’re selling your home you may need a capital gains withholding clearance certificate from the ATO? If you don’t, yo...

Fair Work Commission finding that Uber is not an employer

Fair Work Commission finding that Uber is not an employer

Tags: Business Finance | Business Tax | HR and Management | Personal Tax

Fair Work Commission finding that Uber is not an employer. Employer groups have been dealt a blow after a Fair Work Commission finding that Uber was not an employer and thus unfair dismissal laws d...

Business owner fined more than $226,000 for belligerence

Business owner fined more than $226,000 for belligerence

Tags: HR and Management

Business owner fined more than $226,000 for belligerence. A court has penalised a business owner more than $226,000 for their “sheer belligerence” in refusing to take responsibility for underpaying...

SMSF discretionary powers override wills with death benefits

SMSF discretionary powers override wills with death benefits

Tags: Super and Financial Planning | Self-Managed Superannuation Funds

SMSF discretionary powers override wills with death benefits. Death of a family member is often a difficult time, but if the deceased was a member of SMSF, complications from trustee arrangements a...

GST payable by developer transferred to new home purchaser

GST payable by developer transferred to new home purchaser

Tags: GST | Personal Tax

GST payable by developer transferred to new home purchaser. With the real estate market hotting up for another year, many home buyers will turn their thoughts to newly constructed residential premi...

Customers personal information needs to be protected

Customers personal information needs to be protected

Tags: Business Finance | Business Tax | HR and Management

Customers personal information needs to be protected. Did you know that in Australia, any organisation that handles personal information could be captured under the notifiable data breaches scheme ...

FBT pay attention to motor vehicles, LAHA, car parking

FBT pay attention to motor vehicles, LAHA, car parking

Tags: Business Finance | Business Tax | HR and Management

FBT pay attention to motor vehicles, LAHA, car parking. With the FBT lodgement deadline fast approaching, we give you some tips on areas of FBT which may need particular attention, such as motor ve...

SMSF auditor appointments, are you still compliant?

SMSF auditor appointments, are you still compliant?

Tags: Super and Financial Planning | Self-Managed Superannuation Funds

SMSF auditor appointments, are you still compliant? Are you the trustee of an SMSF? Then you should know all about the obligation to appoint a registered auditor to audit your SMSF every year. ...

Super guarantee payments, make sure you get them right

Super guarantee payments, make sure you get them right

Tags: Business Tax | Super and Financial Planning

Super guarantee payments, make sure you get them right. Paying the right amount of super to your employees can at times be a complex exercise, with the threshold changes in the recent years and the...

Airbnb and home sharing, be aware of tax implications

Airbnb and home sharing, be aware of tax implications

Tags: Personal Tax

Airbnb and home sharing, be aware of tax 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 li...

Insolvent trading, know about the new safe harbour defence

Insolvent trading, know about the new safe harbour defence

Tags: Business Finance | Business Tax

Insolvent trading, know about the new safe harbour defence. Insolvent trading. If you’re a company director you know only too well that those two words are bad news. The good news is that the l...

Working overseas and the SMSF active member test – Part 2

Working overseas and the SMSF active member test – Part 2

Tags: Personal Tax | Super and Financial Planning | Self-Managed Superannuation Funds

Working overseas and the SMSF active member test – Part 2. This week we look at the active member test and how it may affect the complying status of your SMSF. The active member test is one of ...

Worker sacked for sending abusive Snapchats about manager

Worker sacked for sending abusive Snapchats about manager

Tags: HR and Management

Worker sacked for sending abusive Snapchats about manager. The Fair Work Commission has upheld the sacking of a long-term Coles employee who racially abused a co-worker and posted abusive and vulga...

Business cash payments have got the ATO’s attention

Business cash payments have got the ATO’s attention

Tags: Business Tax | GST

Business cash payments have got the ATO’s attention. Cash might be king, but the use of cash by businesses is attracting attention from the ATO. It will begin visits of selected businesses to ensur...

Small business super clearing house, are you signed up?

Small business super clearing house, are you signed up?

Tags: Business Tax | Super and Financial Planning

Small business super clearing house, are you signed up? The small business superannuation clearing house (SBSCH) is a convenient service that allows a small business to make superannuation contribu...

Vesting date, what will happens when your trust vests?

Vesting date, what will happens when your trust vests?

Tags: Business Tax | Personal Tax

Trust vesting date, what happens when your trust vests? Vesting of trusts and tax consequences related to such events are complex issues which may end up costing the trust and beneficiaries needles...

SMSF and working overseas, for how long are you away?

SMSF and working overseas, for how long are you away?

Tags: Personal Tax | Super and Financial Planning | Self-Managed Superannuation Funds

SMSF and working overseas, for how long are you away? When you go overseas to work or travel for an extended period of time, ensuring that your SMSF stays complying is probably the last thing on yo...

Cryptocurrency compliance may include income and CGT

Cryptocurrency compliance may include income and CGT

Tags: Business Tax | Personal Tax

Cryptocurrency compliance may include income and CGT. Bitcoin is “neither money nor a foreign currency” the ATO warns, but it is still an asset that can be treated as income or counted as capital g...

Tax debts may be released by ATO to credit agencies

Tax debts may be released by ATO to credit agencies

Tags: Business Finance | Business Tax

Tax debts may be released by ATO to credit agencies. Tax debts could soon affect the credit scores of businesses, with the government’s introduction of draft legislation to allow ATO to share debt ...

Underpayment of workers, can a payroll service be liable?

Underpayment of workers, can a payroll service be liable?

Tags: Business Tax

Underpayment of workers, can a payroll service be liable? The exploitation of vulnerable workers has been getting a lot of press recently, but did you know that it is not just the company or busine...

Age Pension assets test, have you been caught out?

Age Pension assets test, have you been caught out?

Tags: Super and Financial Planning

Age Pension assets test, have you been caught out? The stricter Age Pension assets test came into force more than a year ago, but it is probably only now that the impact of this change is being fel...

Foreign business, purchases and your consumer rights

Foreign business, purchases and your consumer rights

Tags: Sales and Marketing

Australian consumer law protects people who purchase goods from Australian companies, but what recourse do you have for a refund when you’ve bought something from a foreign business that has little...

Bitcoin Part 2, In the bitcoin business how are you taxed?

Bitcoin Part 2, In the bitcoin business how are you taxed?

Tags: Business Tax

Bitcoin Part 2, In the bitcoin business. In Part 2 of our series on bitcoin, we examine the tax and GST consequences for business; specifically, those businesses that buy and sell bitcoin or mine b...

Risky behaviour, Where are you on the super spectrum?

Risky behaviour, Where are you on the super spectrum?

Tags: Super and Financial Planning

Risky behaviour, Where are you on the super spectrum? You are probably aware of the importance of having an up-to-date professional profile, but how much do you know about your superannuation risk ...

Financial advice from your accountant can help you get ahead

Financial advice from your accountant can help you get ahead

Tags: Super and Financial Planning

Financial advice from your accountant can help you get ahead. Are you in the market for some general financial advice about superannuation or simple managed investment schemes? Well, you don’t ...

First Home Super Saver Scheme update, how does it work

First Home Super Saver Scheme update, how does it work

Tags: Super and Financial Planning

First Home Super Saver Scheme update, how does it work. We start the new year with headlines of “falling house prices”, but even if prices are set to come down and you keep a close eye on your fina...

Bitcoin Part 1, personal investors be aware of the tax effects

Bitcoin Part 1, personal investors be aware of the tax effects

Tags: Personal Tax

Bitcoin Part 1, personal investors be aware of the tax effects. There has been plenty of press coverage on bitcoin, but what are the tax consequences if you decide to join the craze? Well, that...

Choosing the correct method of accounting for your business

Choosing the correct method of accounting for your business

Tags: Business Tax | GST

Choosing the correct method of accounting for your business. There are two methods of accounting for GST: a cash basis and a non-cash basis (accruals). The method you use will affect when you m...

Hosting Christmas parties, what you can claim befire FBT hits?

Hosting Christmas parties, what you can claim befire FBT hits?

Tags: Business Tax

Hosting Christmas parties, what you can claim before FBT hits? The festive season is just around the corner and if you are an employer you may be about to host, or you may already have hosted a Chr...

Grow your super balance, five effective tips to help you

Grow your super balance, five effective tips to help you

Tags: Super and Financial Planning

Grow your super balance, five effective tips to help you. According to the latest ASFA Retirement Standard, Australian singles will need $545,000 and couples around $640,000 to retire comfortably. ...

SMSF allows you to prepare for your retirement your way

SMSF allows you to prepare for your retirement your way

Tags: Super and Financial Planning | Self-Managed Superannuation Funds

SMSF allows you to prepare for your retirement your way. A self-managed super fund (SMSF) is a way to prepare for retirement that gives you more control and freedom of choice over your investments ...

Starting a small business, over half fail in first five years

Starting a small business, over half fail in first five years

Tags: Super and Financial Planning

Starting a small business, over half fail in first five years. There is something irresistible about starting a small business that has captured our collective imaginations, with small businesses m...

Super guarantee, are you ready for ATO crack down?

Super guarantee, are you ready for ATO crack down?

Tags: Super and Financial Planning

Super guarantee, are you ready for ATO crack down? The ATO is increasing its efforts to crack down on employers who fail to make quarterly superannuation guarantee (SG) contributions of 9.5% on beh...

Insurance in super, is it the best way to manage your risk?

Insurance in super, is it the best way to manage your risk?

Tags: Super and Financial Planning

Insurance in super, is it the best way to manage your risk? Taking out insurance is all about minimising financial risk, but is having your fund provide your insurance compulsory, or can you make a...

Super concessional contributions, don't go over the limit

Super concessional contributions, don't go over the limit

Tags: Super and Financial Planning

Super concessional contributions, don't go over the limit. If you are either an employee or a self-employed person and you top up your super by making deductible contributions, you need to be aware...

SMSF schemes, make sure your transfer is legitimate

SMSF schemes, make sure your transfer is legitimate

Tags: Super and Financial Planning

SMSF schemes, make sure your transfer is legitimate. Have you been advised to transfer your super to a self-managed super fund (SMSF)? Perhaps you have been told that you could withdraw your supera...

Business website, are all of the the costs tax deductible?

Business website, are all of the the costs tax deductible?

Tags: Sales and Marketing

Business website, are all of the the costs tax deductible? Setting up, maintaining and modifying a business website can involve significant costs. When considering whether spending related to a...

Surcharges for cards that are excessive are banned

Surcharges for cards that are excessive are banned

Tags: Personal Tax

Surcharges for cards that are excessive are banned. Australia’s consumer law has changed to limit the amounts that businesses can surcharge customers for using payment methods such as credit, debit...

Travel deductions to and from rental premises not allowed

Travel deductions to and from rental premises not allowed

Tags: Personal Tax

Travel deductions to and from rental premises not allowed. If you own residential premises that you rent out, you should be aware that you may no longer be able to claim travel deductions connected...

Employer to pay worker $139k for unpaid leave over 21 years

Employer to pay worker $139k for unpaid leave over 21 years

Tags: HR and Management

Employer to pay worker $139k for unpaid leave over 21 years. An employer has been ordered to pay more than $139,000 to a friend and former employee for 425 days’ unpaid annual leave and entitlement...

Audit by ATO, your guide to small business benchmarks

Audit by ATO, your guide to small business benchmarks

Tags: Business Tax | GST | Personal Tax

Audit by ATO, your guide to small business benchmarks. The Australian Bureau of Statistics recently estimated that unreported business income totals around $24 billion, or 1.5% of our nation’s gros...

GST includes Netflix tax which is operational from 1 July 2017

GST includes Netflix tax which is operational from 1 July 2017

GST includes Netflix tax which is operational from 1 July 2017. These bring supplies of intangibles made by non-resident suppliers to Australian consumers within the net of Australia’s goods and se...

Cash only businesses, Australia predicted to become cashless

Cash only businesses, Australia predicted to become cashless

Tags: Business Tax

Cash only businesses, Australia is predicted to become a cashless society by 2020 looks closer to becoming a reality with two developments: the government’s crackdown on cash-only businesses ...

Family trusts and the lower bucket company tax rate

Family trusts and the lower bucket company tax rate

Tags: Business Tax

Family trusts and the lower bucket company tax rate. If you run a “bucket company” as a beneficiary of a family trust you will be interested to hear that a new Bill has been introduced in Parliamen...

Division 7A, think twice or you could be paying more tax

Division 7A, think twice or you could be paying more tax

Tags: Business Tax

Division 7A - think twice or you could be paying more tax. If you own a small private company, perhaps with your spouse, think twice before borrowing money from that company. If the transaction is ...

Cash is no longer king, moving out of the cash economy

Cash is no longer king, moving out of the cash economy

Tags: Business Finance

Cash is no longer king, moving out of the cash economy. EFTPOS, payWave, Apple Pay, Android Pay, PayPal – electronic payment is increasingly the transactional method of choice. But cash still feels...

Company tax rate cut decreases value of franking credits

Company tax rate cut decreases value of franking credits

Tags: Business Finance

Company tax rate. Recent media coverage has been devoted not only to whether or not passive investment companies are eligible for the reduced company tax rate of 27.5%, but also to the consequent l...