Inside: No tax deductions if you don’t meet your tax obligations Contractor or employee? Defining workers in the gig economy Tax on shares: ATO extends data matching program … Read more
Recently, the new shiny iPhone XS and XR entered the market. For all the Apple lovers out there, this might mean being the first to wrap your hands around the irresistibly smooth all-glass design, or finally upgrading your old glitchy iPhone to the new model. If this is you, I’m guessing you’re focused on the opportunity to start afresh, buy a new case, clear all those apps cluttering your current… Read more
Inside: The accelerated tax rate reduction for small business The new rules for gift cards Travelling to and from your investment property How tampons became a national debate … Read more
The Australian Taxation Office (ATO) is closing in fast on everyone who doesnt properly declare their income and pay the correct amount of tax. As your accountants, we want to help you be aware of what the ATO is doing and how you can protect yourself. How does the ATO know? The ATO is linking databases of property sales, car purchases, international plane flights, dividends paid from shares, and sales… Read more
Inside: Working from Home: What Deductions Can You Claim? What Does the China/US Trade Ware Mean to Australia Reminder on Cents per KM Car Expenses Rate New Immediate Deduction for Primary Producers Confusion Reigns Over Superannuation Transfer Balance Cap … Read more
As a firm we are constantly looking for ways we can improve the service we offer to our clients, and we are pleased to announce a major overhaul of our Mid Coast Partners app! Our existing app has ceased to be supported since the end of August, so please following the instructions below to download our new app and take advantage of its powerful features. Go to your App Store… Read more
Inside 190,000 taxpayers ‘examined’ in ATO online rental blitz Last minute changes to company tax and franking rate passed by Parliament Got a HELP debt? The impending changes to speed up your repayments New domestic violence leave entitlements come into force Tax ‘safe harbour’ for inherited property ATO takes its share of car sharing … Read more
Inside Will Australians Pay More for a Good Cause? Clothing Deductions Hung Out to Dry Are You Holding Back Your Business? … Read more
It’s tax time again – what can you claim to reduce your tax? It’s our job as your accountants to make the lodgement of your Tax Returns as easy and simple as possible. We do this every day, so we know all the ins and outs of what to claim to make it easy for you. Below we’ll explain: Deductions you can claim The importance of a fantastic tax accountant… Read more
Inside this month, how the one-off super guarantee amnesty works, what’s changing on 1 July, and your essential EOFY checklist. One off Super Guarantee Amnesty Qualifying for the amnesty What do employers pay under the amnesty? Where to from here? What’s Changing on 1 July 2018 Individuals Business Superannution Your Essential EOFY Checklist Who Gets a Tax Cut from 1 July? Employers that have fallen behind… Read more
Inside this month we explore the recently released tax stats – the highest earning occupations, the wealthiest suburbs and who contributes the most tax. Plus, the main residence exemption warning for expats and foreign residents. Tax Stats Reveal the State of the Australian Community Highest earning job roles The wealthiest Australian suburbs Who contributes the most tax? Where do we make our money? What deductions do we claim? Superannuation balances… Read more
Inside this month, Single Touch Payroll and what you need to know, should you use the new super measures when you buy/sell your home, and tax deductions – what deductions are under attack! SINGLE TOUCH PAYROLL: WHAT YOU NEED TO KNOW Information for employers Information for employees SHOULD YOU USE THE NEW SUPER MEASURES WHEN YOU BUY/SELL YOUR HOME? The pros and cons of using your super to save… Read more
Do you have a Discretionary Trust (also known as a Family Trust)? If yes, you MUST keep reading! In the lead-up to 30 June 2018, we want you to be aware that you need to complete your trust distribution resolutions before 30 June. Why? To avoid paying extra tax of up to 47% of Trust profits. How can this happen? If a Trustee of a Trust fails to make… Read more
In the lead-up to 30 June 2018, we want you to know why using a “bucket company” can be a great strategy to saving tax on trust profits distributed. Profits From a Trust? Do you have a Trust that generates profits? If yes, then read on! A “bucket company” allows you to “cap” the tax on profits distributed by a trust to 30% or 27.5% This is much less than… Read more
In the lead-up to 30 June 2018, we want you to be aware of new opportunities to save tax with super contributions. Contributing to Super and Claiming a Tax Deduction With all the new contribution cap rules, it’s easy to forget that there is one way the Government has made it easier to save tax and get money into super. Before July 2017, only people who were self-employed… Read more
Single Touch Payroll (STP) – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – comes into effect from 1 July 2018. FOR EMPLOYERS Employers with 20 or more employees at 1 April 2018 must use standard business reporting-enabled software from 1 July 2018. The head count for ‘20 employees’ includes full-time, part-time, casuals (who worked any time during March), employees based… Read more
With the end of financial year (EOFY) approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June to reduce your tax and grow your wealth. For 2018, key priorities are likely to be: Maximise superannuation contributions without exceeding relevant caps Bringing forward deductible expenses Deferring taxable income, and Managing capital gains. This is the first EOFY since the super… Read more
The ATO’s FBT hotspots and what you need to look out for, did a Kardashian really just wipe US $1.3bn off the share price of Snapchat, the impending rules for GST on property development, and will your business be audited – a look at the small business benchmarks. The ATO’s FBT Hot Spots – Motor vehicles – using the company car outside of work – Utes and commercial vehicles –… Read more
The new data breach rules come into effect – who is affected and what you need to do. Draft laws impose criminal penalties on directors who fail to pay workers super guarantee. And, the changes coming up in 2018. New data breach laws come into effect – The new data breach rules – who is affected and what you need to do. Directors on ‘hit list’ for not… Read more
What’s holding you back from taking control of your financial future? Discover the five mind tricks that can stop you from achieving financial success and what you can do to avoid them. Fear of Failure Earning and saving money from your salary is all very well. But setting up an alternative income stream from an investment portfolio can help you make the most of your personal wealth potential.… Read more