Inside this month, confusion over personal income tax changes and what you are really entitled to, why the Government does not want your business accepting cash payments of $10,000 or more, the tax treatment of compensation from financial institutions, and FBT and Uber style ride sharing services. Confusion over personal income tax changes – what are you really entitled to? The recent income tax cuts that passed through Parliament… Read more
Confusion over superannuation and insurance: who is impacted by the 1 July changes. Single touch payroll exemption for directors and family members, and what the record number of tips to the ATO’s tip-line reveal. Super, insurance and exit fees: The 1 July changes From 1 July 2019, new laws prevent superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees. Plus, inactive accounts with low… Read more
Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering… Read more
Inside: Tax Time: Are you in the ATO’s sights? How to prepare for a tax office visit … Read more
Inside: What you can expect after the election Budget 2019-20: The pre-election announcements that are now law ATO doubles rental deduction audits A Labour Government on tax & super … Read more
This is a Budget not only designed to showcase the return to surplus (and by default the Government’s economic credentials) but engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment. The Government has also stated that it will keep taxes as a share of GDP within the 23.9% cap. All measures, of course, are reliant on the relevant… Read more
The ATO has recently released a warning about a very convincing phishing email that’s been going around. Here’s how it works and how to avoid being scammed: How does it work? The email opens with a statement that you’re eligible to receive a certain amount of money. It displays the myGov logo to increase familiarity and seem legitimate. If you click on the link, it prompts you to fill out… Read more
Need another reason to ditch your outdated accounting software and make the ultimate upgrade to Xero? From 1 July 2019, Single Touch Payroll becomes mandatory for all employers. To help you make the switch to the STP compliant software that’s easy to use, we’ve teamed up with Xero to convert your desktop accounting software to Xero and give you a 6 month* subscription for FREE. As this is a limited… Read more
Inside: Single touch payroll extended to all employers Legislation in limbo Benefits during emergencies exempt from FBT International Women’s Day: Has anything changed? … Read more
Inside: What would happen if… Tax warning on overseas income You’ve been scammed, hacked or breached! … Read more
December is usually the busiest time of the year for retail and hospitality businesses. But businesses in other sectors often find that their sales slowdown and their customers stop paying them for a few months. So cash flow dries up. Whether your business is large or small, well-established or in start-up mode, you need to take a planned approach to managing cashflow during the holiday season. Here are few tips… Read more
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
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
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
How can you make your business worth a larger amount when you want to sell it? Before we answer this question, remember: your business will only be worth what someone else is willing to pay for it. So, you may think it is worth $1 million, but if you best offer is only $500,000, then $500,000 is realistically what your business is worth. How can you attract a buyer… Read more