[box style=”solid”] Some businesses are breaking the law by incorrectly treating their employees as contractors and avoiding their required tax and super obligations. By incorrectly treating their employees as contractors, these businesses illegally reduce their labour costs, allowing them to undercut compliant businesses and obtain an unfair competitive advantage. Often these businesses will request or…
Details[box style=”solid”] What are the changes to the law? The law has been changed to allow you to apply any remainder of your foreign income tax offset (FITO) for an income year against your liability to pay Medicare levy. If any remains after that, you can also reduce any liability to pay the Medicare levy…
Details[box style=”solid”] Each income year, a self-managed super fund (SMSF) trustee must appoint an independent approved SMSF auditor to perform a financial and compliance audit of their SMSF’s operations before they lodge their SMSF annual return. Your clients should check with the auditor they intend to appoint to make sure they are registered with the…
DetailsASIC is targeting company directors with a history of failed companies as part of a surveillance program to combat illegal phoenix activity. Phoenix activity is the fraudulent act of transferring the assets of an indebted company into a new company to avoid paying creditors, tax or employee entitlements. The new company, usually operated by the…
Details[box style=”solid”] Family income testing has been used for a range of tax obligations, concessions and government benefits for some time. This year, family income testing was extended to the net medical expenses tax offset and private health insurance rebate; and changes were also made to how Medicare levy surcharge is calculated. To accurately assess…
Details[box style=”solid”] If a taxpayer had a spouse during the relevant financial year, they must complete spouse details (including their spouse’s taxable income) in their individual tax return. The ATO requires this information to correctly calculate the taxpayer’s entitlements and obligations. If it is difficult for taxpayers to accurately determine each income item when lodging…
Details[box style=”solid”] The government introduced changes to the capital gains tax (CGT) discount, previously known as the ‘CGT 50% discount’. Individuals, including beneficiaries of a trust and partners in a partnership, may no longer be entitled to receive the full CGT discount on a capital gain received after 8 May 2012 if they are: foreign or…
DetailsWelcome to LiveOne, the online training platform that provides access to the smartest minds in the business, all from the comfort and convenience of your own desk. LiveOne’s online accounting courses allows you to stay up-to-date with essential information and earn accreditation hours. LiveOne Live training is an online accounting webinar, giving you the option…
DetailsAccountRight 2013.3 – released to clients this week – is a giant step closer to our aim of delivering the fastest cloud accounting solution in the market. Find out who the latest update suits in our recent MYOB Pulse article, Users who will benefit from AccountRight 2013.3. There’s a new feature in LiveAccounts that allows…
Details[box style=”solid”] Whether you’re after tips to better manage your money or a list of questions you should ask your accountant, our resources will help you get the most out of your money. … you know that education is the cornerstone to making sound financial decisions. And for most people, understanding money and finances is…
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