Full throttle in 2023
In a volatile market, keeping to a strategy, or let’s face it creating one, can be tough. The downside of not taking time out for your strategy is that there is a tendency to keep a short-term focus at an operational level to try and pick quick wins to generate financial returns. Sometimes in the […]
How good is ChatGPT at tax?
Not being paranoid or anything but we were curious about the skills of the latest innovation to take the world by storm, ChatGPT, and its ability to work with the Australian tax system. Let’s start by saying that we were impressed. Not so much by ChatGPT’s ability to work with the complexities of the tax […]
ASIC Annual Review
Each year ASIC increase the Annual Review fee, although there are companies and schemes who choose to pay their fee 10 years in advance at a discounted rate. Note: Annual Review fees are tax deductible but late fees are not The table below shows fees as at today’s date: Type of company or scheme Annual […]
What do the ‘Secure Jobs, Better Pay’ reforms mean?
The Fair Work Legislation Amendment (Secure Jobs, Better Pay) Bill 2022 passed Parliament on 2 December 2022. The legislation is extensive and brings into effect a series of changes and obligations that will impact on many workplaces. The Bill also addresses many of the complexities of the enterprise bargaining process by streamlining the initiation and approval […]
ATO Online Services
The Australian Taxation Office (ATO) are further strengthening the security of their online services by adding an extra step into linking our accessibility with our clients. As at 13 December 2022, businesses and organisations will need to use the nomination feature in their Online Services for business if they: Once you have completed the agent […]
Director Identification Number
The deadline for existing directors of Australian companies to obtain a Director Identification Number is 30 November 2022. All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation (ATSI) will need a director ID. This includes directors of a corporate trustee of a self-managed super fund (SMSF). […]
How high will Interest Rates go?
Low interest rates have been a mainstay since the global financial crisis of 2008. When the pandemic hit, Governments pushed stimulus measures through the economy and central banks reduced interest rates even further. Coming out of COVID, housing market demand was strong and prices boomed but at the same time, supply chains remained restricted and […]
The ATO’s U-Turn
Sportspeople, media personalities, celebrities and ‘insta’ influencers beware. The ATO has taken a U-turn on how fame and image should be taxed. If you’re famous and make an income from your fame and image, the way the ATO believes you should be taxed on the income you make may change under a new draft determination […]
Can you prevent a Hack?
In the wake of the Optus data leak, legislation before Parliament will lift the maximum fine for serious or repeated breaches of the Privacy Act from $2.2m to up to $50m. But there are no guarantees that even the strongest safety measures will prevent an attack. So, what does that mean for business and their […]
Australian Super Funds gorge on Cryptocurrency
The value of cryptocurrency assets inside Australian self managed superannuation funds (SMSFs) increased by 589.9% ($1.17bn) between June 2019 and June 2022, according to the latest ATO statistics. While cryptocurrency is a relatively small asset class at only 0.16% of the $837bn held in SMSFs, it is a growing asset class, larger than collectibles and […]
States move on Property based Taxes
Queensland backs down on Australia wide Land Tax Assessment The Queensland Government has backed away from an amendment that would have seen the land tax rate for investment property in Queensland assessed on the value of the investor’s Australia wide land holdings from 1 July 2023, not just the value of their Queensland property. The […]
Lessons from a Data Breach
The Optus data breach is top of mind for a lot of Australians, particularly those who have had their data breached. For business, the breach is a timely warning on the importance of understanding what data is held on your customers (and should you hold it?), how it is secured, how your systems work and […]
QBCC Annual Reporting
The Category licences have until 31 December 2022 to lodge and the SC (Self Certification) holders until March 2023, for their 2022 financial information. Although the annual reporting due dates are some time away, it is best to start looking at your 30 June 2022 financial information early. The due dates are 31 December 2022 […]
Tax Audit Insurance
The Australian Taxation Office (ATO) and other government revenue authorities are consistently active in conducting audits, inquiries, investigations, reviews and examinations (audit activity) in response to lodged client returns. When you are subjected to audit activity instigated by the ATO or other government revenue authorities – we, as your Tax Agent, are faced with two […]
Xero & Multi-factor Authentication
The Australian Taxation Office (ATO) is introducing new regulations to help better protect Australian businesses which will impact all software providers servicing Australian organisations, including Xero. They are committed to helping protect your businesses data and complying with the ATO regulations, which is why they’re letting us pass on information to you, our clients & […]
Register your .au Domain!
The .au domain is the new, general purpose, shorter Australian domain name option. If you do not register the direct match of your existing domain for the direct .au domain, you risk your brand equity being consumed by someone else, rivals redirecting your clients to their products and services, squatters holding the domain, or cybercriminals […]
120% Deduction for Skills Training and Technology Costs
An election ago, the 2022-23 Budget proposed a 120% tax deduction for expenditure by small and medium businesses on technology, or skills and training for their staff. This proposal has now been adopted by the current Government and details released in recent exposure draft by Treasury. Timing Two investment ‘boosts’ will be available to small […]
Acquiring collectibles inside your SMSF
Why? The golden rule for acquiring assets inside your SMSF is why? To be compliant, your fund must be maintained for the sole purpose of providing retirement benefits to members, or to their dependants if a member dies before retirement. The sole purpose test (section 62 of the Superannuation Industry (Supervision) Act 1993), is your […]
How to sell your Business
There are two key components at play in the sale of a business: structuring the transaction; and positioning the business to the market. Both elements are important and can significantly impact your result. Structuring the transaction covers areas such as pricing the business, the terms and conditions attaching to the sale, key terms in the […]
6 Benefits of Outsourcing Payroll
Running a business effectively requires overseeing a range of tasks that need to be performed both regularly and effectively. For businesses with multiple staff, payroll is one of the most costly and time-consuming tasks for an organisation. Here are 6 benefits of outsourcing payroll duties to an experienced professional services firm: 1. Time Management Outsourcing […]
Buying a Franchise
Failure rates for start-up businesses approximate 60% within the first 5 years of operations. Conversely, failure rates for businesses with franchise system support is much lower. Consequently, many new business operators turn to the support and assistance along with a tried-and-true product delivered by a franchise system. Despite this, buying a business can be risky […]
FBT Free Electric Cars
We explore who can access the concession and how. Electric vehicles (EV) represent just under 2% of the new car market in Australia but it is a rapidly growing sector with a 62.3% jump in new EV registrations between 2020 and 2021. Making EVs FBT-free is just the first step in the Government’s plan to […]
Can I claim my Crypto losses?
The first point to understand is that gains and losses from crypto are only reported in your tax return when you dispose of it – you sell it, convert it to fiat currency, exchange it for another type of asset, buy something with it, etc. You cannot recognise market fluctuations or claim a loss because […]
How high will interest rates go?
The RBA lifted the cash rate to 1.85% in early August 2022. The increase comes a few weeks after Reserve Bank Governor Philip Lowe told the Australian Strategic Business Forum that “…we’re going through a process now of steadily increasing interest rates, and there’s more of that to come. We’ve got to move away from […]
Tax & the Family Home
We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption. Capital gains tax (CGT) applies to gains you have made on the sale of capital assets (assets you make money from). Unless an exemption or reduction applies, or […]
Tax Time Targets
With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. Record-keeping Work-related expenses Rental property income and deductions, and Capital gains from crypto assets, property, and shares. In general, there are three ‘golden rules’ when claiming tax deductions: You must have spent the money […]
Single Touch Payroll – Phase 2
Single Touch Payroll (STP) is the way you report your employees tax and super information from your STP-enabled/Digital Service Provider (DSP) payroll or accounting software to the Australian Taxation Office. Phase 1 of STP was first introduced in July 2018. Phase 2 of STP is designed to reduce reporting burden for employers who need to […]
Manual to Automatic
Speak to any person who commutes for business these days, log books are tedious and unreliable but essential for claiming work related travel expenses with the Australian Taxation Office (ATO). Somewhere caught between a rock and a hard place. Our Managing Director, Jason Croston, purchased a new car this year and was challenged like any […]
120% Deduction for Skills Training & Technology Costs
It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend now to access the deduction. But, there are a […]
What’s changing on 1 July 2022?
A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up: For Business Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July […]
FBT 2022
The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT updates and problem areas Assistance and benefits provided due to COVID-19 Motor vehicle problem areas Mismatched FBT and income tax amounts Business assets personally used by owners and staff Not lodging FBT returns Salary sacrifice […]
Good Tech for Good Work
“This year we actually went on holiday at the same time—for more than two weeks—we’d never have been able to do that before the new system”. Vicki Cole, Corporate Services Manager at CADA The Challenge—Pay Run to Pay Walk The Centre Against Domestic Abuse (CADA) in Moreton Bay faced funding and payroll complexity. Detailed reporting […]
Year of the Tiger
The 2022 Luna New Year, Year of the Tiger, is courage and bravery. It is a year to drive out evil and one of momentum and change. The message; walk boldly with courage. And it seems the Reserve Bank Governor is aligned with this sentiment. The Tiger economy At a recent speech to the National […]
Pandemic Leave Disaster Payment
The rules for the Pandemic Leave Disaster Payment, the payment accessible to those who have lost work because they have had to self-isolate with COVID-19, or are caring for someone who contracted it, changed on 18 January 2022. The new rules change the definition of a close contact in line with the harmonised national definition. […]
PCR and RAT Tests
The Treasurer has announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits tax (FBT) for employers if purchased for work purposes. There has been confusion over the tax treatment of RAT tests with the Prime Minister stating for some time that they are tax deductible, […]
Financial Management for Business Owners
Ever wonder why your sales seem to be growing yet your profit remains the same? Or why your business appears to be making a profit yet there’s no cash to show for it? The answer lies in developing your financial management skills. Many small business owners don’t invest enough time in learning how to interpret […]
The Right Attitude for Success
Written by Heather McKenzie All businesses have challenges and will need to change in order to adapt to the future. But it can be hard to come to terms with. As I recently had cause to ponder my own life and the future direction of our own organisation, I was reminded that it all comes […]
Tax and the Normalisation of Cryptocurrency
In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. You know when the banks come on board, cryptocurrency has become normal. But cryptocurrency is only one part of the blockchain universe. Non-fungible tokens […]
Christmas Parties and Tax
Will you be rewarding your employees with an end-of-year Christmas party to celebrate? A dinner with drinks or a gift maybe? If you’re feeling particularly generous, maybe both? That’s very kind of you. But make sure you’re across the financial implications to your business: Gifts and Christmas parties may attract tax. Christmas parties and Tax […]