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Edition 61 view edition

ATO reminder about 30 June SuperStream deadline

With the 30 June 2016 deadline looming, the ATO strongly encourages small businesses to get on board with SuperStream as soon as possible.

|READMORE|

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ATO's continuing focus on trust property developers

In recent years, the ATO has focused on trusts developing and selling properties as part of their normal business.

|READMORE|

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SMSFs and Collectables – last opportunity to comply!

From 1 July 2011, SMSF investments in collectables and personal-use assets have been subject to stricter rules than SMSF investments in other assets (such as shares and property).

|READMORE|

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ATO warns about iTunes scammers

The ATO is reminding the public to be alert to scammers impersonating the ATO demanding iTunes gift cards as a form of tax debt payment.

|READMORE|

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New Simpler BAS on the way

The ATO has been working on ways to deliver a simpler business activity statement (BAS) to simplify account set-up, record keeping, BAS preparation and lodgment for agents and their clients, and make it less costly.

|READMORE|

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Edition 60 view edition

Impending blowout from the leaked 'Panama Papers'

You may have recently heard something about an unknown source who has leaked 11.5 million documents from the Panamanian law firm of Mossack Fonseca. Basically, the documents illustrate how many wealthy individuals hide their money from tax authorities.

|READMORE|

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New rules for selling property over $2 million

From 1 July 2016, new rules will apply to sales of taxable Australian property (e.g., real estate) with a market value of $2 million or above.

|READMORE|

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Lifestyle assets and CGT

The ATO has advised that it has identified some instances where lifestyle assets, such as artworks and collectables, are not being properly accounted for.

|READMORE|

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ATO – SuperStream deadline rapidly approaching

With the SuperStream deadline of 30 June rapidly approaching, ATO Deputy Commissioner James O’Halloran says now is the time for employers who are not yet using SuperStream to cross it off their to-do list.

|READMORE|

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ATO's 'High risk industries' for super guarantee

Each year, the ATO identifies industries that they believe are at risk of not meeting their super guarantee obligations for eligible employees.

|READMORE|

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Edition 59 view edition

ATO reminder – What's new for small business?

The ATO has issued a timely reminder before the end of the financial year on the changes announced in last year's Budget.

|READMORE|

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ATO sounds warning to super funds with 'collectables'

The ATO is warning trustees of SMSFs who hold investments in collectables* or personal-use assets*, acquired before 1 July 2011, that time is running out for those items to be transferred out of the fund under the old rules.

|READMORE|

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Government set to re-think the backpacker tax

The 'backpacker tax', as announced, would see backpackers who work in the agricultural industry during harvest time being taxed at 32.5% from their first dollar of income.

|READMORE|

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Buying A Property With Friends

If you’re looking for a creative way to overcome being locked out of the property market by rising prices, buying a house with a group of friends may be a solution. It can also be a minefield though, so here’s how to avoid a blast.

|READMORE|

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Edition 58 view edition

No such beast as an 'SMSF-qualified' property

ASIC recently raised concerns about the marketing of properties as "SMSF qualified" and "SMSF friendly”. The regulator is understandably concerned that the promotions suggest that a category of property exists that is particularly suited to SMSFs.

|READMORE|

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Inactive Trusts – ABNs to be cancelled

The ATO has advised that they will begin cancelling the ABNs of approximately 220,000 trusts, where there is evidence those trusts are no longer carrying on an enterprise.

|READMORE|

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Taxpayer not a 'share trader' despite substantial share trades

In a recent case, a taxpayer undertook significant trades on the stock exchange and made losses, but was still found to be a 'share investor', rather than a share trader, meaning she could not deduct her losses against her other income (i.e., her losses were 'capital losses' that can only be offset against capital gains).

|READMORE|

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Buyers to withhold tax for ATO when buying certain properties

Parliament recently passed legislation amending the taxation law to impose withholding obligations on the purchasers of certain Australian assets – generally property purchased from a non-resident.  However, the changes will affect most purchases of property in Australia!

|READMORE|

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DHS specified benefits and entitlements data matching

The ATO has advised that it will collect information from the Department of Human Services (DHS) for the following benefits and entitlements:

|READMORE|

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Edition 57 view edition

ATO announces two important data matching protocols

The ATO has just announced that it is starting a new "asset" data matching protocol, and extending another CGT and rental protocol that has been running successfully for the last ten years.

|READMORE|

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Extra time for foreign investors to register agricultural land

The ATO has advised that foreigners who own land in Australia now have until 29 February 2016 to come forward and register their agricultural land holdings.

|READMORE|

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Warning to employers to withhold tax from some car allowances

The ATO has reminded taxpayers that, in relation to claiming car expenses, the one-third of actual expenses method and 12% of original value method were abolished from 1 July 2015.

|READMORE|

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Taxpayer misses out on small business CGT concession

A taxpayer's claim that a related trust was entitled to the small business 15-year exemption* was rejected because a loan from his trust had to be included in the net value of his CGT assets.

|READMORE|

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Edition 56 view edition

Reminder of small business tax cuts

The ATO has reminded taxpayers that, from 1 July 2015, a new two-tier company tax system took effect and applies to all companies.

|READMORE|

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Salary packaging

Get more from your salary

|READMORE|

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ATO supporting small business to implement SuperStream

As the SuperStream rollout for small businesses continues, the ATO claims that it is helping employers in select industries who need support implementing SuperStream.

|READMORE|

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Guidance regarding the payment of death benefits

The Superannuation Complaints Tribunal, which can resolve disputes between large superannuation funds and their members, recently provided some guidance regarding the payment of death benefits from superannuation funds, possibly because the largest category of complaints the Tribunal determined at review last year (44.8%) was death complaints.

|READMORE|

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Edition 55 view edition

Immediate deductibility of capital start-up expenses

From 1 July this year, new provisions apply to allow certain small businesses, or an entity that is not in business, to immediately claim some start-up costs, including business costs associated with raising capital.

|READMORE|

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Small Business Protections from unfair contract terms

The government has announced it will extend consumer unfair contract term protections to small businesses as well.

|READMORE|

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The ATO and its regulation of SMSFs

In a recent speech, Kasey Macfarlane, Assistant Commissioner, SMSF Segment, Superannuation, discussed the issues facing SMSFs and their aging trustees.  The following is an excerpt from her speech.

|READMORE|

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ATO and United States IRS share bank information

The ATO has announced that it has undertaken its first ever automatic sharing of bank information with the United States (US) Internal Revenue Service (IRS).

|READMORE|

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Data matching program – on eBay online sales

The ATO has announced that it will acquire online selling data relating to between 15,000 and 25,000 individuals who sold goods and services of $10,000 or more on eBay between 1 July 2014 to 30 June 2015.

|READMORE|

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Edition 54 view edition

Taxpayers can apply to the ATO for a market value ruling

The ATO has issued an information sheet to help taxpayers get their property valuations right.

|READMORE|

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Pay GST instalments quarterly and report annually

The ATO has advised that practitioners and their clients can opt to pay GST quarterly, and only report annually.

|READMORE|

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Holiday rentals under the microscope

The ATO has advised that it is sending letters to taxpayers in approximately 500 postcodes across Australia, reminding them to only claim the deductions they are entitled to, for the periods a holiday home is rented out, or is genuinely available for rent.

|READMORE|

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NZ changes to GST imports to affect our exporters

In a similar fashion, the New Zealand government has issued a discussion paper, entitled "GST: Cross border services, intangibles and goods", the upshot of which is to levy GST on imports under the current threshold of NZ$400.

|READMORE|

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Get ready for changes to personal use assets

Generally, you have a great deal of freedom when it comes to choosing your Self-Managed Super Fund investments.

|READMORE|

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Edition 53 view edition

New guidance from ATO regarding GST for Uber (and similar) drivers

For those clients providing 'ride-sourcing services' (such as those offered via Uber), the ATO's latest communication on this matter contained the following example.

|READMORE|

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Registering an SMSF for an ABN

The ATO has provided the following advice regarding self-managed superannuation funds (SMSFs) applying for an ABN.  The guidance is probably most relevant where a person aged over 65, who is not working, wishes to set up a new SMSF and roll over into that SMSF an amount from another fund. 

|READMORE|

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ATO data matching program – visa holders

The ATO has advised that it has developed a Visa Holders Data Matching Program with the Department of Immigration and Border Protection to assist it to effectively detect and deal with compliance risks within the visa holding population.

|READMORE|

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ATO's apps and other online tools

As a result of user feedback, the ATO has improved their ATO Small Business app and it continues to expand in functionality and usability.

|READMORE|

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Edition 52 view edition

Three more tax changes for small business

The government has introduced legislation for the following three small business measures that, if passed, will apply from 1 July 2015:

|READMORE|

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Change claiming work-related car expense deductions

Currently, taxpayers have an option to use one of four methods to determine their work‑related car expense deductions.

|READMORE|

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Employee share scheme changes

The ATO has announced that, from 1 July 2015, there are new rules for the tax treatment of employee share schemes (ESSs)

|READMORE|

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Telstra 2014 share buy-back

Clients who participated in the October 2014 Telstra off-market share buy-back will need to take that into account when lodging their 2014/15 income tax return.

|READMORE|

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Tax support service for drought affected communities

The government has announced a new service to help drought affected communities manage their tax affairs

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Edition 51 view edition

ATO increases focus on rental property deductions

The ATO has advised that it will have an increased focus on rental property deductions this Tax Time.

|READMORE|

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ATO is using SMS messages to try and clear debt

The ATO has advised that it is using SMS and emails for promotional and information purposes.

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ATO warns over-claiming is easier to detect than ever

In relation to 2014/15 individual income tax returns to be lodged this year, the ATO says it will be focusing on:

|READMORE|

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ATO swoops on phoenix businesses

The ATO, supported by NSW and Federal Police, has made surprise visits to over a dozen sites across Sydney as part of an investigation into potentially fraudulent phoenix activity.

|READMORE|

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Update on taxi travel/ride-sourcing

As we mentioned in the last edition, the ATO has confirmed that people who provide ride-sourcing services are providing ‘taxi travel’ under the GST law.  

|READMORE|

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Government moves to get Single Touch Payroll right

Under Single Touch Payroll, employers’ accounting software will automatically report payroll information to the ATO when employees are paid.

|READMORE|

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Edition 50 view edition

Employers and SMSFs must prepare for SuperStream

For 'small employers' with 19 or fewer employees, SuperStream starts from 1 July 2015 and they have until 30 June 2016 to be ready (though they can start using SuperStream earlier, if possible).

|READMORE|

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Teacher denied deduction for business management course

A recent case before the AAT highlights how careful taxpayers must be when claiming deductions for self-education expenses.

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FBT: Record keeping exemption threshold

The small business record keeping exemption threshold for the 2015/16 FBT year is $8,164, replacing the amount of $7,965 that applied in the 2014/15 FBT year.

|READMORE|

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Government ends benefits for parents who do not vaccinate

The government has confirmed that eligibility for taxpayer-funded payments (including Child Care Benefit, Child Care Rebate and the Family Tax Benefit Part A end of year supplement) will be dependent on children having met early childhood immunisation requirements. |READMORE|

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Edition 49 view edition

SMSF – limited recourse borrowing

Borrowings of any sort within a Self-Managed Superannuation Fund (SMSF) are generally explicitly prohibited. Funds can however borrow in order to purchase an asset. In order to do so, certain criteria must be met |READMORE|

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Are you renting a room? The ATO might be interested.

Renting out a spare room can be a great way to earn some extra cash. However, it’s easy to overlook the fact that the rent you charge, even on short-term stays, is taxable income. |READMORE|

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Unreasonable director related transactions

Liquidators have a variety of voidable transaction provisions available under the Corporations Act 2001 (Cwlth), which allow them to recover certain transactions occurring prior to their appointment. These provisions include the ability to recover an ‘unreasonable director related transaction’. |READMORE|

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Travel allowance deductions

Expenses incurred by a taxpayer while travelling overnight for work purposes. |READMORE|

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Edition 48 view edition

Changes to Account Based Pensions

Do you have an Account Based (also known as an ‘Allocated’) Pension? Are you planning to retire in 2014 or soon after? If you have answered ‘yes’ to either of these questions and are also receiving a full or part Centrelink Age Pension, then the income you receive from these types of pensions may be affected from January 2015. |READMORE|

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Beef and Red Wine pies

These tasty pies are full of flavour and easy to make!

Makes: 6

Preparation time: 30 minutes

Cooking time: 2 hours 25 minute |READMORE|

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Edition 47 view edition

Correctly reporting property transactions

For every property transaction that you make there may be a GST consequence you need to consider. If you are making transactions involving property you will need to report your GST obligations. |READMORE|

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Too good to be true tax savings

In tax circles, we often look at investment opportunities identified by clients and ask: 'Does this proposal stack up without the associated tax savings?'|READMORE|

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Tax and your children’s investments

A good explanation of the options available when parents decide to invest money specifically for their children. It discusses the effects of tax on the various options. |READMORE|

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Thinking of living overseas?

Many Aussies dream of living in different countries at some time during their life. For some this remains just a dream but for the 369,500 Australian residents who left our shores permanently in the year up to June 2013, it became reality. Whether it’s a long-term career move to New York or retiring in an island paradise, the decision to permanently leave Australia is one that requires sound financial planning. |READMORE|

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Edition 45 view edition

Top tax and superannuation issues emerging from the 2014-15 Federal Budget

While the spending cuts announced in the government’s recent Federal Budget have received much of the publicity, there are several tax and superannuation issues that everyone must also heed |READMORE|

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Budget impact on superannuation funds

The Federal Treasurer handed down the 2014 - 2015 Budget on 13 May 2014. Included in what has been widely considered a raft of unpopular measures were a number of measures affecting superannuation funds. |READMORE|

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Are you claiming everything on your rental property?

A survey undertaken by BMT Tax Depreciation found approximately 80% of property investors were failing to take full advantage of tax depreciation |READMORE|

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Deductions for occupancy expenses (home office)

Occupancy expenses are those expenses you pay to own, rent or use your home, even if you are not conducting a home-based business |READMORE|

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Edition 44 view edition

ATO launches offshore voluntary disclosure initiative

The ATO has launched its new offshore voluntary disclosure initiative, Project DO IT’. Those who disclose income and assets hidden offshore by 19 December 2014 will receive substantially lighter penalties in return for coming forward. |READMORE|

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Preparing to engage workers

If you are planning to hire new workers, there are a few things to consider and organise in order to meet your tax and super obligations. |READMORE|

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Aged Care changes from 1 July 2014

As part of a ten (10) year reform plan which commenced in July 2013, a number of changes to aged care funding and service arrangements will take place from 1 July 2014. Existing residents in care on 30 June 2014 will continue under their current arrangements unless they move between services and elect to have the new rules apply.

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Your personal disaster plan – where are your important documents?

We live in a country where floods and fires are common and where you may not have much notice that such events are imminent. Property fires can develop and engulf a house within minutes and building faults can result in significant water damage in a very short time.

|READMORE|

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Edition 43 view edition

Privacy Law reform changes come into effect

Changes to the Privacy Amendment Act 2012 (Cwlth) commenced on 12 March 2014. Are you compliant? |READMORE|

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How do you determine if someone is a dependant?

Superannuation law requires that the trustees of a superannuation fund can only pay benefits to: ...

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Personal Property Securities Register

The Personal Property Securities Register (PPSR) is where details of security interests in personal property can be registered and searched.

|READMORE|

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Edition 41 view edition

SMSF supervisory levy increase

Preparing or lodging your Self-managed Super Fund tax return? Don’t get a shock when you find out how much the ATO supervisory levy has been increased. But there’s more to it than meets the eye. |READMORE|

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Motor vehicle FBT changes

In July 2013 the Federal Government announced that motor vehicle Fringe Benefits Tax (FBT) rules were to be changed to remove the statutory formula method of calculating fringe benefits tax. Current novated leases or company vehicles will not be affected provided there is no material change to the lease condition. Car leases signed after 16 July 2013 will be affected by the proposed changes. |READMORE|

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Super through the ages

Australia’s superannuation regime has become our framework for wealth creation and retirement savings, yet so many of us only give thought to our super as we near retirement. Regardless of age, there are benefits to planning ahead. |READMORE|

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Edition 40 view edition

Xmas Parties and Gifts Fringe Benefits Tax Rules

If you are not a tax-exempt organisation and do not use the 50-50 split method for meal entertainment, the following explanations may help you determine whether there are FBT implications arising from a Christmas party. |READMORE|

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Coalition tax changes

The new Coalition Government has announced they intend to repeal or change a number of tax measures proposed by the previous Government. A number of these will affect small businesses. |READMORE|

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Almost carrying on a share trading business

The Administrative Appeals Tribunal (AAT) confirmed the Hartley vs The Commission of Taxation (2013) decision that despite a number of factors pointing to a share trading business being carried on by the taxpayer, they were in fact a share investor. |READMORE|

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Superannuation rights of same-sex couples

Robbie and Chris have been together eight years. They have a two-year-old daughter, Holly, a mortgage and a dog. They could be any couple – except that they’re both men. Researching their rights as a same-sex couple led them to some interesting discoveries. |READMORE|

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Edition 39 view edition

Taxation Changes

There are a number of taxation changes that are currently before the Parliament that you need to be aware of |READMORE|

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Corporate gifts – part of business culture

With an increasing level of business now being traded in Asia, it is important that Australian companies understand cultural differences. |READMORE|

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SMSFs and off-market transfers: the latest news

The previous federal government announced a ban on off-market share transfers to Self-Managed Super Funds – a ban that was subsequently rescinded. What are off-market share transfers and what rules are about to change? |READMORE|

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Super advice – super critical

Australia’s superannuation system is considered among the best in the world, but that doesn’t mean it’s the simplest. Self-managed Super Fund trustees wade through a quagmire of tax and regulatory compliance – which is where the professionals can help. |READMORE|

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Edition 38 view edition

Insolvency Law Reform Bill 2013

Late last year, the draft Insolvency Law Reform Bill 2013 was released by the government for comment and suggestions. The Bill will amend the Corporations, Australian Securities and Investments Commission and Bankruptcy Acts. It aims to |READMORE|

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Protecting your share portfolio within your SMSF

‘Put options’ can help to protect your superannuation fund’s share portfolio from market fluctuations. But what is a Put option and how does it work? |READMORE|

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Teams versus groups

In business, ‘groups’ and ‘teams’ are not one and the same. As it can often be difficult to distinguish between the two, management should define and clarify the difference. |READMORE|

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Edition 37 view edition

Maximising your depreciating assets

Property strategies in superannuation are growing in popularity due to their considerable advantages. When identifying a suitable property for purchase, many Self-managed Super Fund trustees often fail to consider the tax benefits of depreciation.|READMORE|

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Protecting your business from customers’ insolvency

As a creditor, protecting your interests should be a high priority. The insolvency of a major debtor can severely impact your business and cash flow |READMORE|

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General year end tax planning strategies

With 30 June 2013 just behind us, these are some strategies that you may find helpful when looking towards 30 June 2014...|READMORE|

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Mediation is better than a legal trial

Alternative forms of dispute resolution are now becoming more popular...|READMORE|

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Edition 36 view edition

Employers now need to be 'family friendly'

Following on from earlier announcement about changes to the Fair Work Act, the Government has moved quickly to commence its ‘family friendly’ amendments |READMORE|

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Warning signs of insolvency

By recognising the warning signs of insolvency and implementing strategies to minimise risks, accountants, owners and managers may potentially avoid business failure and take steps to minimise personal risk |READMORE|

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Self-education expenses capped

The Government announced its intention to limit the allowable deduction for self-education expenses by individual taxpayer |READMORE|

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2013 budget and your super

The 2013 federal budget was announced on Tuesday 14 May. Although the superannuation industry was aware of most of the proposed changes, the following is a wrap-up of the major points. |READMORE|

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Edition 35 view edition

Budgeting for the 2013-14 Financial Year

The end of a financial year provides an excellent opportunity to prepare Budgets and Cash Flows for the forthcoming year. |READMORE|

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Medicare levy increase affects small business

The Medicare levy increase – from 1.5% to 2% – will effectively bring the top marginal tax rate to 47%. |READMORE|

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Tax advantages for those working in a Public Benevolent Institution

Individuals working for Public Benevolent Institutions (PBI) may be entitled to a Fringe Benefits Tax (FBT) exemption through salary packaging. How does the scheme work and do you qualify? |READMORE|

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Franking credits – how do they benefit a SMSF?

Franking credits are often mistakenly seen as a government gift aimed at reducing tax payable. They are, in fact, better than that! |READMORE|

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Edition 34 view edition

The Small Business Fair Dismissal Code

Do you know that there is a simple Fair Dismissal Code checklist for small business employers to follow to ensure that they do not unfairly dismiss an employee. You should... |READMORE|

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Proposed changes to in-house benefits

The Government has removed the concessional treatment for in-house FBT access by way of Salary Sacrifice arrangements |READMORE|.

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When it seems too good to be true – it usually is!

Although superannuation remains one of Australia’s most tightly regulated and secure savings environments, a number of pitfalls await unsuspecting fund trustees. |READMORE|

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Cloud computing for small business

Cloud computing can boost your productivity, but make sure you know what you’re signing up for |READMORE|

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Edition 33 view edition

Changes to the Superannuation System

Please find below a summary of the Federal Government's changes to the Superannuation system. |READMORE|

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Reporting rollovers to the tax office

Trustees of Self-Managed Super Funds (SMSF) will occasionally receive rolled-over funds, or will be asked to roll over to another super fund. It’s a legal requirement to accurately report these transactions to the Australian Taxation Office (ATO). Would you know how? |READMORE|

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New order with banks

Since the Global Financial Crisis there is strong evidence to suggest the relationship between small to medium sized enterprises and banks has changed. Banks are now tougher to deal with |READMORE|

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The ATO's property webpage

In 2012 the ATO launched a user friendly webpage designed for home owners and investment property owners |READMORE|

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Edition 32 view edition

Long Service Leave - NSW

Although the National Employment Standards (NES) provides for long service leave there is no national standard at present....|READMORE|

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Land Tax – check your assessment

The State Revenue Office is currently issuing Land Tax assessments. Owners of land should ensure these assessments are correct as experience has shown the assessments regularly contain errors and excessive land tax may be levied. |READMORE|

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Simplified depreciation

The new rules relating to simplified depreciation have been effective from 1 July 2012 and provide significant advantages to small business enterprise.. |READMORE|

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How will Stronger Super affect your super fund?

The Australian Government’s superannuation reform, known as Stronger Super, will require increased regulatory compliance. While trustees of Self-Managed Super Funds (SMSFs) anticipate a heavier workload, fund members are set to benefit from the changes. |READMORE|

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Edition 31 view edition

Amendments to the Director Penalty Regime

From 30 June 2012, the obligations imposed on directors for their company report and remit Pay As You Go (PAYG) withholding tax have been tightened. |READMORE|

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Turning a loss into a gain

When a company buys back its shares, it often results in a cash loss to the investor. But the hidden gains to a Self-Managed Super Fund (SMSF) should not be overlooked. |READMORE|

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Management By Walking Around (MBWA)

Management by Walking Around (MBWA) is a technique used by managers who are proactive listeners. |READMORE|

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Edition 30 view edition

Christmas party benefits

The provision of a Christmas party to an employee may be a minor benefit and exempt from fringe benefits tax (FBT) |READMORE|

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Limited recourse borrowing – how does it work?

As borrowing to invest becomes increasingly popular among trustees of Self-Managed Super Funds (SMSFs), the security offered by limited recourse borrowing should be considered. |READMORE|

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MySuper - How does it work

Most of the legislation needed for MySuper has now been passed. From 1 January 2014 most employers will have to make contributions into a default fund which offers MySuper. Default fund contributions are contributions for employees who have not specified a chosen fund1. |READMORE|

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Personal Properties Securities Act 2009

The PPSA governs the registration of security interests in personal property (not land) and has changed the manner in which a supplier is able to assert a claim to assets it has sold, leased or lent to a third party. |READMORE|

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Edition 29 view edition

Changes to the private health insurance rebate

Changes to the private health insurance rebate which can have a significant impact on how much you pay for your private hospital insurance. |READMORE|

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Amendments to tax laws

Amendments to tax laws by the Australian Taxation Office (ATO) aim to protect employees’ entitlements by making directors personally liable for any unpaid superannuation. |READMORE|

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Why make a Will

To ensure your assets go to the people to whom you wish to benefit, it is imperative that you have a properly prepared Will in place.
|READMORE|

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Having productive meetings

The smooth running of any organisation requires meetings from time to time. Many people however find meetings unproductive and meaningless. |READMORE|

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Edition 28 view edition

Pros and cons of gearing in SMSFs

In 2007, the Australian Taxation Office (ATO) released a ruling that allowed trustees of Self-Managed Super Funds (SMSFs) to borrow money to invest. Since then, the ruling’s fine print has confused many trustees – but finally, in May this year, the ATO addressed the problem.
|READMORE|

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Carbon tax price increases - making false claims

The carbon tax has been in place for a few months and businesses are beginning to more accurately estimate the effect it is having on their costs. Before blaming the carbon tax for a price increase however, business owners need to consider the Competition and Consumer Act 2010 (Cwlth).
|READMORE|

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Changes to phoenix legislation

Phoenix activity involves the intentional transfer of assets by a director of an indebted company at a price below market value to a new company, of which they are also a director. 
|READMORE|

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Tax Avoidance

When you Google the phrase ‘Legally reduce tax’ thousands of search results appear. The words ‘tax avoidance’ and ‘tax evasion’ are key words that usually appear when you type in the phrase.
|READMORE|

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Edition 27 view edition

New rules for Hire Purchase Agreements

Small businesses registered for GST can currently claim GST credits on the finance of assets for business purposes in the following situations |READMORE|

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Personal liability for misleading or deceptive conduct

The Corporations Act 2011 (Cwlth) provides that, where a company is in liquidation, directors and shadow directors are the only individuals who may be held personally liable for debts incurred by the company while it was insolvent. |READMORE|

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Transferring property into a SMSF

You can currently transfer the ownership of some types of property directly into your Self Managed Superannuation Fund (SMSF). They are: |READMORE|

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Change management perspectives

Change Management is often misunderstood due to the complexity of what is involved in managing process related behavioural change. |READMORE|

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Edition 26 view edition

Budget changes affect small businesses

The recent budget handed down by the Government included several changes that will affect small businesses. Each change is outlined as follows: |READMORE|

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Private health insurance rebate means test

A reminder that from 1 July 2012 the private health insurance rebate will be means tested as per the following table |READMORE|

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The Super Co-contribution

This year is your last chance to get up to $1000 of free money from the government |READMORE|

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Non compliance on motor vehicles

All motor vehicles sold, transferred or newly registered in the 2010-11 financial year with a market value of $10,000 or greater face scrutiny from the ATO. |READMORE|

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ATO crackdown for building & construction industry

From 1 July 2012, there will be a crackdown on unreported payments in the building and construction industry |READMORE|

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Social media network and tax

As social media continues to grow, it is important to note there is a link between your social networking profile and your tax |READMORE|

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Edition 25 view edition

New financial year opportunities for SMSFs

So far, the 201112 financial year has been tough on investors, including members of Self-Managed Superannuation Funds (SMSFs). In response, the Australian Government has announced several measures designed to inject confidence into the SMSF sector. |READMORE|

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Potential GST refund and four year time limit

On 1 September 2011, the full Federal Court handed down its decision in Qantas Airways Limited V Commissioner of Taxation, in favour of Qantas. |READMORE|

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State your purpose

Failure to meet the Sole Purpose Test can have far-reaching implications for a Self-Managed Super Fund (SMSF). To ensure that your fund complies, understanding the regulation is your first step. |READMORE|

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Super contributions on pay slips

From 1 July 2012 all employers will be required to report on their employees pay slips an ‘expected payment on or before date’ for superannuation contributions accrued during the pay period for that employee. |READMORE|

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Productivity in Australia

Toyota recently announced the redundancy of 350 jobs at its plant in Melbourne due to a decline in its competitiveness. |READMORE|

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Edition 24 view edition

How Best to Handle Redundancies

With talk of another economic downturn, 2012 may be a year when businesses shed staff. To avoid this becoming a more harrowing experience for the staff being made redundant employers should: |READMORE|

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2012 changes to small business depreciation rules

From 1 July 2012 there will be significant changes to the small business depreciation rules. The amendments will apply to small business entities as defined in Section 328-110 of the Income Tax Assessment Act 1997 (Cwlth) that have an aggregated turnover of less than $2m for an income year. They are: |READMORE|

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Will the ATO seize half of your SMSF when you die?

What happens to a self-managed superannuation fund when a trustee dies? Succession planning for a superannuation fund is often overlooked. The penalty for being a non-compliant fund is severe: a potential tax of 46.5% of the fund’s assets. |READMORE|

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Audit Insurance

The ATO has increased the level of audit activity by implementing sophisticated systems, including data matching and industry benchmarks. |READMORE|

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Edition 23 view edition

Property in SMSF – don’t forget about Capital Gains Tax

Many Self-Managed Super Fund (SMSF) trustees consider investing in property, but the Capital Gains Tax (CGT) implications at sale time can be daunting. Here, we discuss the various calculation methods of CGT and use a case study to show the factors that can influence the fund’s taxable outcome. |READMORE|

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Related parties and your SMSF

With the relaxation of the laws surrounding Self-Managed Super Funds (SMSF) borrowing to invest, fund trustees have been encouraged to consider property assets. However, the legal restrictions concerning properties acquired by SMSFs from fund members and their relatives require fund trustees to remain vigilant. |READMORE|

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FBT and the New Car Fringe Benefits Legislation

Since the introduction of the new car fringe benefits legislation on 1 May 2011, it is worth revisiting the method chosen for calculating the car fringe benefits tax (FBT). |READMORE|

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Personal Services Income

The Australian Taxation Office continues to run cases to contest aspects of the Personal Services Income regime. |READMORE|

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Liquidate or De-Register a Company

Deregistering a company can be a cheap, effective way of winding up a business. |READMORE|

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Edition 22 view edition

Collectables in an SMSF

Art, wine and stamp collections can form an alternative investment for your Self Managed Superannuation Fund. Find out more about how the new regulations will affect you. |READMORE|

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Starting and stopping a pension in SMSF

The Australian Taxation Office has clarified its views on when a pension starts and stops. We look at how stopping a pension can affect the tax situation of a fund. |READMORE|

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Are your employees satisfied in their jobs?

Employees respond to job dissatisfaction in four distinct ways: |READMORE|

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Superannuation Guarantee Charge – company directors’ new personal liability

The Government is intent on improving tax compliance and putting a stop to fraudulent phoenix activity. As such, the Australian Taxation Office’s (ATO) powers are set to expand. They will soon be able to issue a ‘Director Penalty Notice’ to pursue company directors personally for their company’s withholding tax.

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Lessons from the building industry

2011 has proven to be a tough year for builders in the residential market.

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Edition 21 view edition

Corporate or individual trustees – the pros and the cons

There are two options for trusteeship of a Self Managed Superannuation Fund – corporate or individual. We look at some of the advantages and disadvantages of each style of trusteeship. |READMORE|

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The Benefits of an Enduring Power of Attorney

In the unfortunate event of an accident or the premature onset of dementia or Alzheimer’s disease, business owners may no longer be able to make any reasonable decisions.

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Accruing Annual Leave

No business should consider itself too big or too small to feel the impact of accrued annual leave. Stockpiling has become an entrenched workplace behaviour potentially affecting every business.

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Cloud computing

There are significant advantages to cloud computing for small businesses. 

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Edition 20 view edition

Directors’ liabilities and the superannuation guarantee

Attention Company Directors - you could be personally liable! |READMORE|

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Debtors

In lean economic times, cash flow is king.  There are small but important steps which can be put in place to improve cash flow starting from when the invoice is produced. |READMORE|

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New system offers business greater security

Consolidation of the various state and federal property security registers into a single registry of security interests will be welcomed by any business that retains an interest in an asset after it has become the property of a customer |READMORE|

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Time saving strategies – stop multitasking

Trying to juggle too many things at once? Never seem to get any task finished? Multitasking might be the problem. |READMORE|

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Getting your business online

When you last needed to find a business provider, what means did you use to search for and locate a service?  Increasingly, online search engines such as Google are being used. This begs the question, does your business have a presence on the Internet? |READMORE|

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Age discrimination

There is an old adage that states ‘you can’t teach an old dog new tricks’ yet there is a great deal of anecdotal evidence to suggest this assertion is incorrect. |READMORE|

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Edition 19 view edition

End of Year checklist

The end of the financial year is fast approaching. It’s time to get the most out of your hard earnt dollars! Here are some tips to maximise your tax position and to help you take advantage of the concessions available to SMSFs. |READMORE|

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Super dates – ATO focus

The ATO have sent letters to a number of businesses reminding them of their requirement to pay their staff superannuation on time. |READMORE|

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Reportable Employer Superannuation Contributions - PAYG Payment Summaries

Last financial year a lot of businesses incorrectly completed the reportable employer superannuation contributions section of the PAYG payment summary by including superannuation guarantee contributions (SGC). |READMORE|

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Budget summary

The Government announced a number of measures in the 2011-2012 budget that will impact SMEs and their employees.  It is, however, important to note they have not yet been passed into law and are subject to change. |READMORE|

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Edition 18 view edition

Key Aspects To Achieve Business Success

What plans and processes do you have in place?

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Succession Planning Has To Be Planned!

Businesses should be planning for, and anticipating, the various changes that do occur in businesses through death, disability or retirement of a key person or any other event that may cause problems within the business.

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Fringe Benefits Tax

There are 13 categories of Fringe Benefits Tax. Do you have an understanding of these categories?

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R and D Registration Deadline

If you are operating as a company and wish to claim an accelerated deduction or a rebate relative to Research and Development expenditure for the year ended 30th June 2010, then the latest date the company can register with AusIndustry is 30 April 2011.

If you have any queries on the R & D system, please contact us.

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Self Education Expenses

The ATO now states that eligible full time students are eligible to claim self education expenses against their Youth Allowance income.

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Flexible working arrangements

Flexibility in the workplace may be sought for a variety of reasons whether it be to care for family members, to provide greater opportunities to engage in hobbies and community activities, to avoid long commutes, to transition to retirement or to pursue additional education opportunities. |READMORE|

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Effective reading of financial statements

Financial statements provide valuable information about the financial performance of the business. |READMORE|

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Edition 17 view edition

Share investment, trading or speculation?

Recently, the ATO has begun focusing on how taxpayers classify their share trading activity – whether it is share investment, trading or speculation.

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Business Outlook

The recent spate of natural disasters in Queensland, New South Wales, Victoria, South Australia and Western Australia, will have some impact on the business outlook for the remainder of the 2011 |READMORE|

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Extra time to lodge for those affected by natural disaster

The Commissioner of Taxation, Michael D’Ascenzo, announced the ATO is allowing additional time for tax-related lodgements and associated payments for individuals and businesses affected by the recent natural disasters.

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ATO cracking down on clients who fail to make repayments

The ATO have toughened up their stance on small businesses that fail to make repayments.

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Research And Development Registration

If you are operating a company with a turnover under $5M and with expenditure on research and development from $20,000 to $2M in aggregate, then the company can claim a tax rebate of |READMORE|

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Customer Loyalty Ladder

To have a great business, you should consider a customer loyalty ladder.  The ultimate aim then is to develop evangelists for your business, but where do you start? |READMORE|

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Selling Your Business Requires Preparation

A large number of “baby boomers” are getting ready to sell their businesses.  If you are in this category, or you would like to sell your business in any case |READMORE|

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The five P’s of success in retail

Having successfully navigated the testing waters of retail business Janine Allis, founder of Boost Juice provided her definition of the traditional ‘five P’s’ of successful retailing. |READMORE|

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Debtors’ Days Outstanding- What's It Mean?

Debtors’ days outstanding is one of the most important key performance indicators available to a business manager. |READMORE|

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Edition 16 view edition

What's In Store For 2011?

Various forecasts have been made on Australia's likely economic performance through 2011 including:|READMORE|

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GST - Are You Managing It Effectively?

The Australian Taxation Office has issued a report which indicates that outdated or unreliable business systems could be costing small businesses time and money due to incorrectly reporting GST.  |READMORE|

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Reversionary Pensions

Many superannuation funds allow members to nominate a reversionary pension beneficiary when they start a pension. We examine reversionary pensions and their role in a super fund....|READMORE|

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Director Penalty Notices

Recent changes have been made to Director Penalty Notices (DPN).  These are notices served by the Tax Office to a company director which set out obligations of the director in relation to certain outstanding tax debts of the company.  If appropriate action is not taken by the director or the company, the tax, which is the subject of the DPN, will become a personal liability of the directors.|READMORE|

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You Need Customers To Be Successful

Risk management in small business is very important.  The biggest single risk for small businesses is to make sure that they don't run out of cash.  Many of the concerns about cash management can be significantly reduced if the business has a strong policy towards the development of customers.|READMORE|

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Quantitative Easing

Quantitative Easing is the name of a method used by governments to stimulate the economy when interest rates are either at or close to zero. It is viewed as dangerous by many economists.|READMORE|

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Paid Parental Leave

A new regime of government-funded paid parental leave came into force on January 1. As is often the case with government initiatives, the devil is in the detail......|READMORE|

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What's It Mean?

Current Liabilities – those amounts owed by the business which will normally be paid within the operating cycle of the business, usually 12 months.  Examples of current liabilities are: |READMORE|

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Edition 15 view edition

Collapsed Agribusiness MIS

The ATO has advised that it will be contacting approximately 60,000 identified participants of recently collapsed Agribusiness managed investment schemes (MIS) to help them understand the tax consequences of their investments. |READMORE|

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Collectables and in-house assets

The Cooper Review was delivered to the Government on 30 June 2010. One recommendation of the Cooper Review was to ban self managed super funds (SMSFs) from holding investments in collectibles such as art, wine and antiques. SMSFs have been provided with five years to sell existing collectables. |READMORE|

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Edition 13 view edition

Change in law on dividends

Recently royal assent was given to the Corporations Amendment (Corporate Reporting Reform) Act 2010 (Cwlth).  This legislation amends a number of provisions – particularly provisions dealing with the payment of dividends...|READMORE|

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Non-commercial loans – tightening the rules

The expanded application of the Income Tax Assessment Act 1936  - Division 7A (Cwlth) announced in the 2009/2010 Federal Budget has been made law. Central to the changes is the ability for the ATO to tax the use of private company assets by shareholders or their associates...|READMORE|

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Edition 12 view edition

Navigating investment property tax deductions

If you have purchased an investment property, ensuring that you use every available concession can make a significant difference to your bottom line....|READMORE|

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Immediate deductions

When depreciating your assets it is worth considering whether they cost $300 or less. If the asset is $300 or less, and the asset purchased was for a taxable purpose, you may get an immediate deduction for the cost of that asset.

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2010/11 personal tax rate changes

The individual tax rates are changing from 1 July 2010. They are detailed here – the changes are highlighted in yellow.

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Explaining the EU debt crisis

Why is a country as small as Greece the trigger for a broader regional economic emergency?|READMORE|

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Edition 11 view edition

Welcome To 2010/11 – Happy New Financial Year!

The MYOB Business Monitor Report released in April 2010 summarised what 1,000 SME operators had identified as the main pressures on business owners in the next 12 months.....|READMORE|

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Tax concessions – Small business

A business that meets the $2m small business entity (SBE) turnover test, $6m market net asset value (MNAV) test and is in compliance with the active asset test is eligible for small business tax concessions.

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Have You A Plan If A Business Partner Dies?

What would happen if your business partner died suddenly? |READMORE|

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Do You Have A Will?

How long is it since you reviewed your Will?  Indeed, do you have a Will? |READMORE|

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Superannuation contributions

It is time to remind clients that Superannuation Contributions have been reduced. The concessional contributions for clients under the age of 50, is now $25,000. Arrangements for clients over the age of 50 continue, but at a reduced level.

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Enduring Power Of Attorney

As part of forward planning, business people should consider making an Enduring Power of Attorney......|READMORE|

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New Research & Development Bill Not Passed

The Federal government was unable to have its new research and development legislation passed by the Senate, prior to the Senate rising for the winter recess....|READMORE|

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What's It Mean?

Discount rates used in the valuation of emerging companies....|READMORE|

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Edition 10 view edition

The “R” word

After you cope with the news and your redundancy entitlements are added up, the numbers can look pretty good. However, knowing how long the redundancy money will last is vital, especially if you haven’t secured other work by the time you receive your final payout....|READMORE|

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Total & Permanent Disability Insurance - It’s a matter of definition

With so many things, the details are often what counts in the end. This is no different when it comes to establishing appropriate Total and Permanent Disability insurance. Do you know if you have the right coverage for your needs?.....|READMORE|

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Edition 9 view edition

What happens to your super after you die?

Death and taxes are often said to be the only things in life that are certain. But have you ever wondered how the two are connected in relation to your superannuation?.... |READMORE|

 

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Keeping it in the family

There are options to provide for future generations through tax effective structures...........|READMORE|

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Edition 8 view edition

Third Quarter 2009/10 Review

The third quarter of the 2009/10 fiscal year is over (didn't it go fast!). It is a good time to take some quality time out and analyse your business' performance and plan any changes you want to make.....|READMORE|

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Action Prior to 30 June 2010

Now is the time to consider your plans and actions for 2010/2011

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Word Of Mouth Marketing

How To Attract it To Your Business.......|READMORE|

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Commercialisation Australia - Experienced Executives Grant

The Australian Government's Commercialisation Australia - Experienced Executive program offers significant assistance to a small medium enterprise which has the ownership, access to, or beneficial use, of any intellectual property necessary to carry out and/or commercialise the product, process or service, for the employment of experienced executives.

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Self Rating for Business Start-Up

To be successful in small/medium sized businesses you have to be honest with yourself and understand your strengths and weaknesses.

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What's It Mean?

Pre-Requisites for Valuation of a start-up technology company.......... |READMORE|

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Edition 6 view edition

Building a bigger retirement nest egg

Will your superannuation provide you with the retirement you want? |READMORE|

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Edition 4 view edition

Super remains a super option for your financial future

While it’s never too late to start creating the financial future you dream of, it’s always better to start as early as possible because small amounts added to your superannuation when you are young can make a big difference to the size of your savings pool upon retirement.

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The original ‘little Aussie battler’

The rapidly rising Australian dollar is great news for those looking to travel overseas, especially to the US, UK and Europe, but the opinions of economists are divided when it comes to how resilient the domestic economy will remain under these conditions.

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Edition 3 view edition

REMINDER: Export Market Development Grants

Export Market Development Grant Applications must be lodged by 30 November 2009