Small businesses will be able to change their legal structure without triggering a capital gains tax (CGT) liability at that time based on legislation just passed. The measure is designed to provide greater flexibility for small businesses to change as the business changes. The legislation is planned to come into play from July 1, 2016,…
DetailsThe Compliance side of our Practice involves assisting our clients to meet ASIC and ATO obligations accurately and within the required deadlines. Compliance services are delivered regularly – monthly, quarterly and annually – and cover a range of preparation and lodgement activities including Bookkeeping, Payroll, IAS & BAS returns, FBT & Income Tax Returns, Financial…
DetailsLand Tax is imposed by each State’s Office of State Revenue and is levied on the owners of property that is not their principal place of residence. Who needs to pay? You may need to pay land tax if you own, or jointly own, any property in NSW that is not your principal place of…
DetailsThe 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. The cents per kilometre method now uses a standard rate of 66 cents per kilometre for all cars, rather than a rate based on a…
DetailsThe Government is looking to cut red tape for employers by simplifying tax and superannuation reporting obligations through its initiative called Single Touch Payroll (STP). “Employers currently manually report Pay As You Go (PAYG) withholdings to the ATO,” the Assistant Treasurer Kelly O’Dwyer said. “Under the new STP this information will be automatically reported to…
DetailsThe new calendar year is a good time to conduct a superannuation health check and set some new goals to help boost superannuation savings. Although there have been no seismic shifts in the superannuation landscape of late, it may be prudent to reacquaint yourself with the rules. The following are some considerations. Make extra contributions…
DetailsThe ATO has issued a notice announcing that it will be acquiring details of real property transactions for the period 20 September 1985 to 30 June 2017 from various state revenue offices and tenancy boards. In relation to rental properties, the ATO is seeking details of rent paid and contact details of landlords. In relation…
DetailsThe Government is looking to support innovation and its recently released Innovation Agenda proposes a suite of new tax and business incentive measures. A key proposal is to provide concessional tax treatment to encourage early stage investors to support innovative startups. Under the proposal, investors will receive a 20% non-refundable tax offset based on the…
DetailsSimplified GST accounting methods are available for small food retailers if they meet certain eligibility conditions. Many small food retailers buy and sell products that are taxable as well as products that are GST-free. Accurately identifying and recording GST-free sales separately from those that are taxable can be difficult, which makes accounting for GST complicated.…
DetailsThe Tax Office has announced that it is working with insurance providers to identify Australians with policies covering an expanded range of asset classes. Coming under its net are insurance policies that include cover for damage or loss related to marine, aviation, enthusiast motor vehicles, fine art and thoroughbred horses. The Tax Office says it…
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