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Australian cryptocurrency owners need to be aware of their profits and whether they incur tax, experts have warned.

The ATO is currently focusing on ensuring that taxpayers are aware of their obligations regarding treatment of withholding amounts and amount paid to foreign residents.

A levy on short-stay accommodation bookings will apply from next year after being passed by the Victorian parliament.

The ATO has recently confirmed some key focus areas of business debt collection – including debts relating to superannuation guarantee (SG), pay as you go (PAYG) withholding and GST.

Cyber security is everyone’s business. With cyber threats becoming more frequent and complex now is the time to make sure your business is secure.

The Tax Office has revealed that 250,000 tip-offs have been received about tax avoidance and dishonest behaviours since July 2019.

If you’re an Australian resident for tax purposes, you don’t have to pay income tax on the first $18,200 you earn each year, from any source. This is called the “tax-free threshold”.

Clients failing to engage must “act now” or face rapid escalation of enforcement action, the Tax Office has warned agents.

It’s estimated we spend a third of our life at work. It may even be more if you run your own small business. From working overtime during the week to catching up on paperwork on the weekend, having enough time to get everything done is a challenge for most small businesses.

Both the Treasurer and the Prime Minister have confirmed that Treasury is exploring changes to the contentious policy.

The draft legislation aims to modernise the luxury car tax by tightening the definition of a fuel-efficient vehicle and adjusting the indexation rate.

The government has released further details about the design of its payday super policy including an updated super guarantee charge framework. 

If you manage a self-managed superannuation fund (SMSF), recent changes to tax rules for certain fund expenses may affect you and the fund.

Recent results from the data-matching program identified issues around the reporting of rental income and claims for capital works and depreciating assets. 

The seven-day payment window and closure of the ATO’s clearing house are expected to disproportionately impact smaller employers.

  Part 1 examines the key characteristics of a sound SMSF succession plan including planning for control of the fund to pass into trusted hands in the event of a member’s death or loss of capacity.  

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Trade marks are a form of intellectual property protection your business can rely on to distinguish yourself from your competitors. Likewise, you can use trade marks to clearly differentiate your goods and services from your competitors.

It’s common for small businesses to struggle when understanding their financial data.  Cash flow needs and a Profit and Loss statement are analysed more often a business owner and so, understood better.  

The ATO is reminding businesses to lodge their tax payable payment annual report by 28 August after issuing around $9 million in penalties in the five years to 2023.  

The lower risk profile of small practices means they should not face the same scrutiny as larger ones, the NTAA says.

  The Tax Office will acquire property management records to clamp down on taxpayers misreporting rental income and deductions.

The Australian Securities and Investments Commission (ASIC) has issued a scam alert warning consumers that there has been an recent increase in the use of ASIC’s logo in social media scams. ASIC’s warning to consumers covers three main areas of concern.

The new financial year has begun, and with it have come some important changes to superannuation from 1 July 2024. With these changes coming into effect, it’s a good time to give your super a check-up.

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Travellers who mix business and pleasure will face increased scrutiny as the Tax Office cracks down on work-related expenses.  

The June quarter inflation data is likely to see the RBA keep rates on hold next week, economists predicted.

  The ATO’s draft guidance on personal service income and the general anti-avoidance provisions is likely to be a shock to many small and microbusinesses in Australia.  

After a soft patch since 2021, there is good reason to expect the $A to rise into next year

  The Early Release of Super scheme implemented during the COVID-19 pandemic had little impact on financial resilience or wellbeing, new research has shown.  

An industry body warns strong take-up will only continue if the generous tax break remains.  

Casual employment is set to change again after Amendments to the Amendments to the Fair Work Act 2009 (Cth).

Having good working relationships with your suppliers is vital to ensure your business runs smoothly.

  Australia’s superannuation system has seen a number of significant changes in recent years.  

If you run a business for any length of time, you will likely get involved with disagreements and disputes with your associates, whether they be customers, employees, suppliers or competitors.

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The Tax Office has warned taxpayers to revise deduction rules and maintain proper records.

The Tax Office is warning taxpayers against rushing to lodge their tax returns on 1 July.

The super changes on the way from the start of the 2024-25 financial year.

As a small business owner, you may be looking to recruit employees in a variety of capacities and for a range of purposes.

Do you earn personal services income (PSI)?

Find the list of tasks to be done in your business or reminders you need to know about.

Estate planning is a complex area which requires careful consideration of tax implications.

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The ATO reports that more than 42,000 small businesses fail to work with them in regard to finalising their tax obligations.

Small businesses are increasingly falling behind on debts, with two-thirds of all debt owed by small business, the ATO warns.

A standard form contract is a pre-written contract used repeatedly for a particular type of transaction.

Taxpayers who “copy and paste” work-related claims each year or try to offset their rental income by inflating deductions will be in the Tax Office’s sights.

Over May and June we will add two articles to our website to help you plan and take actions before the end of the 2023-24 financial year.  

All too often a small business operates as an ‘island’, not knowing how they are really doing.  These benchmarks allow meaningful comparisons. 

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Since the government’s announced changes to the Stage 3 tax cuts to give lower income earners more benefits, the chorus of voices advocating for changes to other aspects of the tax system, such as negative gearing, has grown steadily stronger.

Foreign resident capital gains withholding (FRCGW) of 12.5% applies for all property sales of $750,000 or more.

Recent data shows an increase in the average sick leave days to 13.8 per employee per year.

Australians made more than 600,000 reports about scams in 2023 — about 18 per cent more than in 2022.(ABC News: Evan Young/Canva)

The ATO is targeting unlawful tax and super scheme promoters, citing “serious” penalties and reputational risk.

Four main components of this year's Federal Budget can be seen by using the following links.

The 2024 Federal Budget is broken down into these five PDFs. Click on each to read more.

Jim Chalmers has handed down the government's third budget, with a $300 power bill boon for every Australian household, but the purse strings kept tight on other measures.

Do the sums for your circumstances

In May and June, we will add two articles to our website that help you plan and take action before the end of the 2023-24 financial year.  Both Part 1 and 2 will cover the following, though Part I focuses on key strategies to manage your tax bill.  All are worth dedicating time to review and think about how your business can organize your affairs in these ways.

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Consumers remain deeply pessimistic about the near-term outlook for the economy despite signs of improvement last month, says the major bank.

The following is a list the ATO has compiled that is tailored to occupations and industries.

Terminating an underperforming employee requires caution. Employers must follow fair procedures to avoid legal issues such as unfair dismissal claims.

The new financial year is fast approaching and so are a number of changes to superannuation contribution amounts and the individual tax rates. These changes are outlined below, as is some information on how you may be able to work with these changes when managing your tax affairs during 2024-25.  

The ATO has developed quite a number of benchmarks to help small businesses develop an idea of their performance compared to similar businesses in the same industry.

New guidance has been released on best practice principles for debt notifications in response to the re-activation of old debts by the ATO.

The ATO has found $637 million of superannuation savings has left the system due to illegal early access carried out through SMSFs.

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Individuals participating in the sharing economy should be aware that transactions for supplying taxi travel/ride sourcing and short-term accommodation are now required to be reported under the sharing economy reporting regime (SERR).

The task of worker classification has been a long-running point of contention but the Commissioner’s response to recent court cases suggests a written contract is king.

The ATO has flagged a return to more aggressive debt collection actions after seeing a trend of profitable businesses that have the capacity to pay their tax debts but are actively choosing not to do so.

Every business owner wants to grow their business and their profits. 

The Tax Office lacks power under current laws to do anything about the wildly unpopular scheme despite plans to review its approach, according to a UNSW professor.

Existing issues within the SG system must be rectified before the government proceeds with the new changes, the IPA says.

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Beginning the year with a clean financial slate can be pivotal to your business’ health.

New taxpayer alerts on incorrect R&D claims that are attracting our attention.

New taxpayer alerts on incorrect R&D claims that are attracting our attention.

The uncapped version of the instant asset write-off scheme was extremely popular among SMEs with the average spend over $90,000, according to ScotPac.    

GrantConnect provides centralised publication of forecast and current Australian Government grant opportunities and grants awarded.

Following years of mixed messaging, Labor has bowed to economic pressure and announced changes to its stage three tax cuts.    

An individual power of attorney gives an attorney legal authority to manage a person’s assets and financial affairs.

Common conditions of release include the fund member having reached preservation age and retired, or commenced a transition-to-retirement income stream; ceasing an employment arrangement on or after the age of 60; being 65 years old even though they haven’t retired; or having died.

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Changes to interest deductibility, taxes, thresholds and even passport fees made up the fineprint of the mid-year economic update.

As a business owner, managing your debtors and improving your cash flow are crucial to the success of your business.

The taxation of digital assets used for lending and borrowing would benefit from clear-sighted guidelines.

Parliament, the FWO, unions, employees and employers alike grappled with the ever-complex Fair Work Act in 2023. 

Spending by associated entities or activities conducted overseas will be subject to increased scrutiny, the Tax Office says.

Spending by associated entities or activities conducted overseas will be subject to increased scrutiny, the Tax Office says.

If you are an owner of commercial property, it is important to understand commercial leases well.

There are different types of small business benchmarks that help compare your business' performance.

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Today, data is an important product for all types of organisations.

UPDATED: Hardworking Australians deserve higher wages, the Treasurer says.

UPDATED: The end of LMITO and revised WFH rules have taken billions out of refunds, ATO figures reveal.

Come back each day and click on the next date for more inspirational and Christmas quotes.

The latest CreditorWatch data shows small businesses are being hardest hit by rising prices and interest rates.  

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Accounting firm William Buck warns most owners are “flying blind” when it comes to maximising the value of their business at the point of sale.

Selling a business involves several steps, moving parts and legal documents.

Did you know that your clients aged between 35-44 are the most likely to pay money to a scammer?

The cents per kilometre method is a simple way to work out how much you can deduct for car-related work or business expenses.

Many small business-owners experience this feeling when they look at their books.  You work hard, money comes in but it all just seems to disappear.  Why?  

Repelling attacks is just the start – businesses must demonstrate an ability to respond or the board will be held accountable, the regulator says.

The ATO has extended its motor vehicles data matching program for 2022–2023 to 2024–2025 financial years.

ATO issues warning over prohibited SMSF loans Loans to members continue to be the highest reported contravention of the superannuation laws by SMSFs, says the ATO. The ATO claimed that these loans comprise 16 per cent of all breaches in auditor contravention reports lodged by SMSF auditors between 2019–2022. It reminded SMSF trustees that they […]

Billions in collectable debt mean the Tax Office is working to shorter time frames and responding more quickly to inaction. Small businesses will witness more action from the ATO over outstanding lodgements and debt collection as it targets the $50.2 billion in collectable debt owed by the sector, according to a specialist in business restructuring […]

  The Australian Government is assisting older Australians to work, if they are able and wish to do so, by allowing them to keep more of their pension when they have income from work.  

The amendment will hold off the threshold reverting to $1,000 until June 30 next year.  

  There are three main areas of significant change: Transition from stamp duty to annual property tax for commercial and industrial property. This will apply to commercial and industrial properties acquired on or after 1 July 2024. (existing owners of properties purchased before 1 July 2024 will not be affected).  Once a property enters the […]

Imagine you think up a fantastic name for your business and are ready to start operating. You have set up your website and begin advertising online using the business name and logo you have designed.

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SMBs can be particularly vulnerable to cyber security risks, with limited resources, expertise, and infrastructure all contributing factors as well as lack of awareness and training.

The revised procedure will encompass an additional 1.7 million entities from 13 November.  

Improving cash flow is the no. 1 challenge for most family businesses, according to a new survey. 

The general and shortfall rates for late tax payments rise for the eighth quarter in a row.  

As flagged earlier in the year when the announcement was made, the Federal Government recently released a consultation paper on its proposal to reduce super tax concessions for individuals with super balances over $3 million, including those with self-managed super funds (SMSFs). 

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  Small businesses are the engine room of our economy  

  A change to contract law you might not be away of but need to be. It is essential to understand the unfair contract terms (UCT) regime and how it affects your rights and responsibilities. Otherwise, you may face serious consequences.   

  Individual property investors should be aware that the Australian Taxation Office (ATO) has announced a new data matching program that will obtain data from various financial institutions for the 2021–2022 to 2025–2026 income years  

  For years now, Australians have been hacked, scammed, contaminated by viruses, and spammed.   

  Australia’s future to 2063.  

  In February 2022, the High Court handed down a landmark decision in ZG Operations v Jamsek, which clarified the test for determining whether a worker is an employee or an independent contractor.  

  The deadline for submitting this report is the 28th August 2023.  While it may be difficult sometimes to differentiate between an employee and a contractor the form still has to be submitted.  Your accounting software can most likely help.  

Set out below are some key considerations to utilise when negotiating and trying to resolve a dispute. 

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Did you know that  in 2022 almost 30% of all Australian businesses with a registered trade mark were in Victoria?

The Australian Taxation Office has warned content creators that they need to be aware of their income tax and GST obligations.

Continuing its theme of closing the tax gap of individuals for budget repair, the ATO has notified the public of the extension of an existing data-matching program on ride-sourcing.

The SMSFA has renewed its call for a more equitable and less costly approach to the federal government’s proposed new tax on superannuation balances exceeding $3 million.

The ATO has provided some insights to the areas it will be focusing on consisting of rental property deductions, work-related expenses, and capital gains tax.

  Fewer taxpayers have raced to file an early return and the total paid out in refunds is already down by $1.7 billion.  

  UPDATED: This budget measure waives fines for late lodgment of income, BAS and FBT returns due during the pandemic.  

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The scamming industry is creative – different opening lines via telephone and emails appear daily. 

Small Business tax debt is estimated at $29m plus at 30 June 2022

These changes will affect almost everyone, including families, workers, business owners and retirees.  

Australia has a relatively high level of financial literacy when ranked globally. In a study of 140 economies, Australia ranked in the top 10 countries for financial literacy.

If you performed some of your work from your home office during the 2022-2023 financial year, you may be able to claim a deduction for the costs you incurred, even if the space  you used is not set aside solely for work-related purposes.  

Our website includes a number of tools and resource that will help us work more closely as well as help you find information needed to keep on top of tax and superannuation issues and changes.  

Engaging overseas contractors can be an effective way for businesses to respond to their business needs. However, while there are many advantages to hiring overseas contractors, you must consider this against legal risks, such as the risk of sharing the personal information of Australian individuals with overseas parties.

Recent Issues and changes that could effect you

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The RBA expects that inflation will return to target in mid 2025 but rising unit labour unit costs presents a significant risk for inflation.

The multi-agency operation found documents that allegedly showed the employment of unlawful non-citizens.

As a business, you may consider installing video surveillance on your premises to discourage theft or ensure the safety of your customers and personnel. However, your business may suffer significant legal implications if you do not adhere to legal requirements around filming or recording customers that enter your store.

Key Tax Time Strategies  

Many Australians own a holiday home, but according to the Australian Taxation Office, there are a small number of holiday home owners who, on average claim deductions that are six times higher than income earned from the property.

The fine tuning of Single Touch Payroll is now endeavouring to disguise family violence leave.

Small business will need to race to beat the cut-off date for the instant asset write-off scheme, says a tax principal at RSM Australia, or become ensnared in “significant red tape” once more onerous rules came back into force.

Firms confront too much information but insufficient practical guidance when it comes to digital lockdown, says COSBOA.

New workplace changes to paid parental leave, and workplace sexual harassment laws.

  The following are all the links to the federal government's description of its 2023 Budget.  At the bottom are the Budget Documents for those that love to get into the fine detail of a Budget.  

  Federal Budgets can involve a lot of content.  The following are a quick summary of the main issues.  The other related article has more detail.

Here's how long you'd live consuming only this liquid, and nothing else.

Tough conversations and engaging clients proactively will be key to minimising fallout, say insolvency specialists.

Stay ahead of changing tax laws with ChangeGPS TaxPlan Advanced tools and upcoming webinar series.

Electric vehicles become exempt from the levy for the first time and Mazars expects an influx of salary packaging requests.

From 30 March 2022 to 28 September 2022, businesses that acquired fuel for use in heavy vehicles for travelling on public roads couldn’t claim fuel tax credits.

Tax and small business

Computer hacking has been around for as long as there have been computers. Once it used to be computer geeks showing the world how smart they were. Now it's become very serious with almost any person, company or Government at risk from these criminal activities.

Revised rules require fresh advice but clients often blame their tax professional, says Tim Munro.  

ATO brings in changes for calculating working from home deductions.

The labour shortage and increased workplace flexibility has seen potential retirees remain in the workforce for longer, says KPMG.

As a part of the Federal Government’s strategy to combat the tax compliance risks posed by the sharing economy, it has passed into law new requirements for operators of electronic distribution platforms to provide information to the Australian Taxation Office on transactions made through their platforms.

The proposed tax on earnings calculation for balances exceeding $3 million will see some members paying tax on unrealised earnings, says the SMSF Association.

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You may need to report money and assets taken from your company or trust as income in your tax return.

How to calculate capital gains tax (CGT) on your assets, assets that are affected, and the CGT discount.

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As part of the government’s intention to “strengthen” the ABN system, Treasury has released draft legislation to imposing new compliance obligations for ABN holders to retain their ABN.

The Federal Government has released a consultation paper seeking views on options to regulate the “buy now, pay later” (BNPL) market.

Don’t clean out the garage. Forget that lapsed gym membership. Here are 5 new year’s resolutions to keep if you want to stay on top of your tax and super in 2023.

After the Christmas and new year break, it is quite possible that some employers may have missed the due date for the December 2022 quarter superannuation guarantee contributions (SCG) payment of 29th January 2023.

  The latest figures from the ABS reveal economic growth last year and show inflation coming off its peak.  

  Around 100,000 SMSF directors still need to apply for their director ID despite the deadline passing two months ago.  Extensions are available for legitimate reasons.  

  The largest portion of the SMSF investment pool is held in domestic shares, according to a recent survey.      

If you rent out property, you need to:

After a slow start in May, figures show how the office went up through the gears with director penalty notices.

With illegal early access schemes on the rise, the Tax Office has issued a fact sheet warning super members about the promoters of these schemes.

The ATO fails to resolve the key question of what constitutes “ordinary family and commercial dealing”, tax professionals say.

Charges are pending following an operation with the Australian Federal Police (AFP) that uncovered 70 sales systems using suppression technology.

With the eligibility age for downsizer contributions now age 55, the SMSF Association has highlighted some important considerations for younger clients looking to use the measure.

  More demanding record-keeping requirements in the November draft have been in place since 1 January.  

  Loans to members and financial assistance continues to be the most commonly reported type of contravention based on ATO statistics.  

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You and your business can still be held responsible for injuries that happen in the home while carrying out work-related duties.

We see common behaviours among small businesses that get their tax right. These tips will help you to pay the right tax.

Thousands of dollars in claims “that would fail the pub test” contribute to $1.6bn tax shortfall, assistant commissioner says.

Lending digital currency can be viewed as disposal while losses from the recent downturn may offer little relief from previous capital gains.

Assistant Treasurer guarantees dividend imputation scheme but says off-market share buybacks exploit a loophole that must be closed.

A cash flow forecast is a vital business tool you can use to work out whether you have enough cash to run or expand your business

Just seven companies paid 40 per cent of the $69 billion income tax reaped from 2,500 large corporations.

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Interest rates have been on the rise in Australia, and this has caused a lot of concern among consumers. Many people are worried that they will not be able to afford their monthly mortgage payments, and some are even considering selling their homes.

If you're looking to purchase a car, you may be wondering what the differences are between leasing and a hire purchase. Both can offer different financial benefits and drawbacks depending on your needs. 

Come back each day and click on the next date for more inspirational and Christmas quotes.

Christmas will be crunch time for the economy because an end-of-year bonanza would add fuel to the inflation fire, says HLB Mann Judd.

Small business has shot to the top of the ATO’s hit list because it emerged from COVID-19 responsible for the biggest tax gap and almost two-thirds of the $37 billion tax debt, a commissioner says.

Rising costs and extra paperwork has hit work-life balance for independent earners, specialist accountancy says.

A rundown of the main measures that will impact accountants and small business.

All the detail for those who like to better understand the fine print.

After 10 years out of government, Treasurer Jim Chalmers has delivered Labor's first budget since its election victory in May.

The Federal Government is to continue spending more than it earns for at least the next two years at least.

Small businesses are again in the ATO’s sights this tax time. 

The ATO is urging SMSFs to get their asset valuations done before their annual audit to help avoid delays and late lodgements.

With COVID-19 lockdowns and restrictions in the rear-view mirrors of most of the country, the ATO is also beginning to resume ordinary compliance activity levels.

The ATO has raised both its general interest charge (GIC) rate and shortfall interest charge (SIC) rate for the next quarter, increasing both by more than 1 per cent. 

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There are better ways to handle a director penalty notice than leaving the letter unopened.

A boiler room operation in the Philippines has been raided following investigations into a sophisticated scam targeting SMSF money.

Proposed measures for a bonus 20 per cent tax deduction to incentivise spending on training and digital uptake are back on track.

Off-the-books transactions and side hustles have a habit of showing up the ATO’s tracing technology, says Assistant Commissioner.

Small businesses are again in the ATO’s sights this tax time, with a focus on stamping out deductions not related to business income, overclaiming of expenses, omission of business income and insufficient records to substantiate claims.

In the 2019–20 Budget, the government announced that Single Touch Payroll (STP) would be expanded to include additional information.

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If you operate some or all of your business from your home, you may be able to claim tax deductions.

To avoid additional costs (including the superannuation guarantee charge (SGC)), you must pay the right amount of super for all your eligible employees by the quarterly due date.

The government has revived two initiatives that give small businesses 120 per cent tax deductions for spending on training and digital uptake which were first announced in the March budget.

In light of the recent Optus data breach, we thought it timely to provide a list of things you should consider to help protect your identity

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Cyber crime and data breaches are rated higher as threats by executives in the Asia Pacific than by their global counterparts, with more than half saying security risks had risen over the past 12 months.

A reminder regarding rules for allowing eligible people to claim tax deductions for the unused portion of their super concessional contributions caps from prior years.

Many small businesses employ workers on a verbal agreement. But what happens if a dispute arises over the terms and conditions of someone’s employment – and there is nothing in writing?

See which country lead the worlds natural gas production at certain times in the last 50 years.

SMSFs have been warned on some of the challenges in proving ownership of crypto assets, with only certain exchanges allowing SMSF accounts to be registered.

Commissions, investment earnings, gratuities and more must be included to be assessed, the office warns.

The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage continued national hardships.

The step should help promote transparency and fairness, says IPA. The ATO has begun disclosing tax debts of sole traders to credit reporting bureaus (CRBs) if they meet its criteria for referral.

  Wayward habits accentuated by the pandemic will be a compliance focus.  

  Thorough documentation can help mitigate the risk of crypto assets going missing in situations like divorce, says a specialist lawyer.  

With property deductions a big focus for the ATO this tax time, SMSFs have been warned on some of the pitfalls in this area that can land them in trouble.

Tax benefits attract miscreants, but non-arm’s length rules should allow minor transgressions to be fixed, says CA ANZ.

With interest-only loans no longer an option the commercial incentive for sub-trusts ends, says the Tax Institute.

Search through the data collected by the Australian Bureau of Statistics, and find interesting facts about how the country is changing.

ATO update on trust distributions outlines key features of low and high-risk arrangements.

A written business plan is essential to help you start and grow your business

Beneficiaries are urged to understand the tax effect of entitlements in the wake of a recent High Court decision.

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First update was in January 2022, now phase 2.

The more detail you can give your accountant the quicker your tax return can be processed and, usually, the better the outcome. The following will help.

  The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage the impact of yet further national hardships.  

The ATO’s 100A draft ruling on trusts has turned the logic of “tax avoidance” on its head and may be fundamentally flawed, according to tax law specialist Ron Jorgensen.

  Working from home because of COVID-19 means most will have more deductions than in a normal year. These checklists will help your tax agent ensure you don't miss any deductions. Simply print, complete and return. Please click on the following links to access the checklists most appropriate to your needs. Individuals Company Trust Partnership Superannuation […]

More than a third of businesses expect to impose larger-than-usual price rises in the next three months, the latest Australian Bureau of Statistics data found.

Humour has become the weapon of choice for CPA Australia when it comes to raising awareness of accountants at tax time.

The Tax Office has revealed its priority areas for this year’s returns.

The ATO understands the past few years have been difficult, with floods, bushfires, and COVID-19 affecting many businesses. The ATO wants to help make it easier for businesses impacted by these events, and so have developed a practical compliance guideline (PCG) that may assist. The ATO develops PCGs to address the practical implications of tax laws and outline our administrative approach.

A cash flow forecast is the most important business tool for every business.

Global data, analytics and technology company Equifax has signed an agreement with the ATO to receive commercial tax default data so that it can be displayed in credit reports.

Businesses that need a little more financial help will have one last opportunity to claim the loss carry-back in their 2021–2022 income tax returns.

Digitising billing systems would save almost $130 million annually in carbon emissions

The ATO says the best protection is “knowledge defence”. 

In 2004 there less than 1,000 electric vehicles in use around the world.  Click on the video below to watch how that number grew over the next 15 years.

Increased sales take Xero index into positive territory.

A data matching program designed to identify and address non-compliance with tax and super obligations is under way in relation to government payments for the 2018–2019 to 2022–2023 income years. It covers most services that the Commonwealth Government pays third-party program providers to deliver.  

The ATO is sending its strongest message on debt enforcement since the pandemic, says Grant Thornton.

  The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage the impact of yet further national hardships.  

With a federal election only a couple of months away, find out who's getting a cash boost — and who's not — in Treasurer Josh Frydenberg's latest budget.

  Anybody who has a Fringe Benefits Tax obligation should take an odometer reading of motor vehicles  

  There are hundreds of pages and summaries you can read about this year's Federal Budget but this video is the only comprehensive option you can watch.  

  Part 2:  The second half of a detailed breakdown of last night’s Federal Budget.  Also included are the budget documents themselves for those who like their information to be as granular as possible.  Part 2 is set out in this way to help quickly find information that affects you, your family, and your region.  

  The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage the impact of yet further national hardships.  

  Part 1:  Any government Budget consists of information about all areas the respective government manages for the tax payer.  The Federal Budget is no exception and set out below are half of the areas this year's Budget covered.  It is set out in this way to help quickly find information that effects you, your family and your region.  

  The following is a breakdown of the major parts of the Federal Budget delivered last night by the Treasurer, Josh Frydenberg.   

  Between the 1st of July 2022 to the 1st of July 2026 there will be five SG increases.  

The Federal Court are satisfied with asset betterment principles – a controversial approach the Australian Taxation Office (ATO) takes to determine undisclosed income.

It’s helpful to keep the distinction between burnout and stress clear so as not to burden individuals with responsibility for fixing workplace issues that require management attention, writes Dr Karen Morley.

The accounting profession is being encouraged to aid small businesses through their digital transformation journey, with the Morrison government making a $2.8 million commitment to streamline electronic transactions.

ATO has embarked on a new campaign to target private wealth groups withholding tax on overseas royalties.

The ATO has released a suite of new guidance products that is set to have a major change on family trust distributions and tax arrangements.

61.4% of the world population has received at least one dose of a COVID-19 vaccine. 10.2 billion doses have been administered globally, and 18.22 million are now administered each day. Only 10% of people in low-income countries have received at least one dose.

  Given the enormity of Russia's decision to invade Ukraine, this note provides a short update on the potential market implications.  

CPA Australia says the legislative reforms under the Better Advice Bill do not meet the intent of Recommendation 7.1 of the Tax Practitioners Board Review and should be included in the Quality of Advice Review.

  In line with our ongoing theme of videos concerning global trends and statistics, this video looks at life expectancy over two hundred years.  

For eligible individuals who make contributions above the annual non-concessional contributions cap, the bring-forward arrangement allows them to access future years caps and make extra non-concessional contributions without having to pay extra tax.

Accountants and business leaders who hold equity positions in their firms and split profits between personal income and associated entities, have been urged to consider whether the arrangements put them in the path of the ATO.

  Since the arrival of COVID-19, small businesses have been faced with challenges but there are opportunities to pivot and survive.  Here are 6 tips to help.  

The temporary reduction in superannuation minimum drawdown rates (due to covid impact on earnings)has been extended to 30 June 2022.

ATO and the Tax Practitioners Board have developed new client verification guidelines for tax practitioners, with criminals using increasingly sophisticated attempts to steal taxpayer identities.  

The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage the impact of yet more COVID-19 restrictions.

  ATO second commissioner Jeremy Hirschhorn has outlined the Tax Office’s commitment to ensuring a business-led recovery continues in the Australian market in the 2022 calendar year.  

  Single Touch Payroll will be expanded from 1st January 2022, with additional requirements.  

  On 1 July 2021, the maximum number of allowable members within an SMSF increased from four people to six people.  

  A very interesting, graphical, summary of the monsters of our global economy.  Fascinating stuff!!  

  The number of SMEs struggling due to late payments is still being felt, according to new research.  

  The ATO and the SMSF Association have clarified some of the areas of confusion with respect to the director identification number process and outlined some of the ATO’s longer-term plans.  

  Imagine this scenario: George, who lives in Melbourne and is aged 23, gets a call from his grandmother in Athens. Grandma says she is going to give him $100,000 for Christmas. George is ecstatic. With profuse thankfulness, George gives Grandma the bank details.  

The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage the impact of yet more COVID-19 restrictions.

The growth trajectory of more Millennial SMSFs is set to continue in the years to come, according to the chief executive of Smarter SMSF.

As we fly into our second pandemic-impacted festive season, many employers are now, more than ever, looking to bring a little bit of cheer to their employees.

And the winners are.. Cuisine on Bowen Gift Vouchers $50 Gift Voucher WINNER — Sue King (Client since 2005) $50 Gift Voucher WINNER — Kevin Oorschot (Business Client since 2010) www.cuisineonbowen.com.au   Coffee Works Gift Packs Chocolate Gift Pack WINNER — Trevor Cheney (Business Client since 2015) Chocolate Gift Pack WINNER — Judith Forster (Client since 2005) Coffee Liqueur Gift Box WINNER […]

With the recent pandemic, there have been more conversations and questions over the role of the employer in supporting the wellbeing of their employees.

  The following are some of the links to information on a number of State and Federal initiatives that might help your business through these tough times.  

The ATO says it will be focusing on accessing new third-party data, automating audit processes, increasing its access to high-quality data and preventative strategies in order to drive down the overall tax gap.

Come back each day and click on the next date for another inspirational quote or poem from some of the greatest writers and poets.

Come back each day and click on the next date for another inspirational quote or poem from some of the greatest writers and poets.

Enter the Coutts Redington 2021 Christmas Giveaway now! Prizes are drawn on Friday December 17th, so be sure to get your entry in today! Merry Christmas from Coutts Redington The way you spend Christmas is far more important than how much you spend. Henry David Thoreau What a year it has been!  The chaos of […]

The surge in the residential property market continues to attract buyers and sellers, many involving the family home. This article considers the common myths and misconceptions when it comes to being eligible for the main residence exemption.

The carry-forward rules are often overlooked by eligible individuals who do not use the full amount of their concessional contributions (CCs) cap in a particular financial year.

One changes in this area.

The government is finally delivering on its budget promise to remove the $450 per month superannuation guarantee threshold.

Business valuation is often described as a dark art. Indeed, get three different valuers to value the same asset and you will likely end up with three very different results. But this doesn’t need to be the case.  

  A director identification number (director ID) is a unique identifier you will keep forever. It will help to prevent the use of false or fraudulent director identities.  

If your business is experiencing financial difficulties from the many lockdowns, the Australian Taxation Office (ATO) may be able to help by processing the tax return faster, if you are due a refund. 

While there is a very rapid escalation with watching and monitoring the economies of Asia, especially China, it is always interesting to look back over time, in this case 60 years, to see how they have evolved. Doing so adds great perspective.

This is pretty technical but might require us all to look at a future with rising interest rates, and it could happen sooner than expected. The RBA met on Tuesday this week and decided to:  Maintain the cash rate target at 10 basis points or 0.1% Continue the purchase of $4 billion of Government securities per week until […]

The ATO has long held firm on the principle that rent payments (being a form of occupancy costs) are generally outgoings “of a private or domestic nature” and therefore not deductible, even where part of the rented home is used as a home office. However, it has been accepted that in some circumstances, a rent deduction may be claimed if a part of the home is used exclusively for income-producing activities and there is no alternative place of business provided by the taxpayer’s employer.

Under the COVID-19 early release measures, individuals could apply to have up to $10,000 of their super released during the 2019–2020 financial year and another $10,000 released between 1 July and 31 December 2020. 

Australian employers will now have two more months to transition to the second phase of Single Touch Payroll as the ATO announces a blanket deferral in light of the current business environment.

The government’s long-slated “flexibility in superannuation” legislation is finally law.

The revenue thresholds defining small, medium and large charities are set to be raised, saving over 5,000 charities the need to produce reviewed or audited financial statements.

The ATO has made an extension to several COVID-19 compliance relief for SMSFs to cover the 2021-22 financial year.

  With all the news and focus now on getting to high vaccination rates before Australia can re-start its economy, how are other countries doing?     Vaccinations by Country A PDF covering all countries and the differences are marked.   Click here to download PDF   Vaccination rates by country income level Share of […]

You and your business can still be held responsible for injuries that happen in the home while carrying out work-related duties.   So, just as you audit your workplace for OHS issues, you must audit any home workspace used by you or your employees. In most instances employees can do their own home OHS checks […]

  Businesses that didn’t previously receive JobKeeper will now be eligible for loans of up to $5 million under the scheme, which will be made available through select lenders until 31 December.  

Since its introduction, a number of taxpayers have fallen foul of the ATO in its administration of the research and development (R&D) tax incentive scheme under the Income Tax Assessment Act 1997 (Cth) (ITAA) for failing to have claimed an offset for an activity that strictly complies with the relevant tests.  

  Most new employees are eligible to choose the super fund you pay their super guarantee contributions to.  

  A surge in first-time investors trading shares and exchange-traded funds (ETF) has prompted the ATO to issue a warning on share tax treatment and the behaviour that raises red flags.  

  The latest round of employment data shows the unemployment rate fell by 0.3 of a percentage point to 4.6 per cent through July. But the 12-year low might not signify labour market strength, experts say.  

  The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage the impact of yet more COVID-19 restrictions.  

  A combination of information from the 13-7-21 and the 26-7-21.  

  The current superannuation guarantee rates for employees has increased to 10% rate from pay periods ending after 1st July 2021.  This has changed from the 9.5% superannuation guarantee rate used since 2014.  

  The recent ruling on non-arm’s length income (NALI) in super funds by the ATO will have far-reaching consequences for the superannuation sector, according to industry experts.  

  The ATO provides information on a large number of business related topics, issues, rules and regulations.  We hope this article will help quickly you keep up to date.  

  If your business is experiencing financial difficulties due to the latest lockdowns, the Australian Taxation Office (ATO) may be able to help by processing your tax return faster and expediting the release of any refund to you.  

Adding a slice of interesting trivia is a great way to offer something or those clients who don’t want to read, and September is no exception.  What we add is great for trivia competitions, especially if you get to draft the questions.  

  Share economy participants will no longer be able to evade their tax obligations as the government looks to legislate a new compulsory reporting regime.  

  Prime Minister Scott Morrison has declared that COVID-19 disaster payments will now be tax-free, a policy change that will have ramifications for accountants and their clients, say tax experts.  

  The Australian economy is predicted to grow “slower than previously thought” over the next 40 years, as the nation grapples with a tax mix that relies heavily on income tax despite an ageing population.  

  If you are working two or more jobs casually or have overlapping contract work, you need to be careful to avoid an unexpected end of financial year tax debt.  

  The Tax Office has extended relief for taxpayers who are unable to meet the minimum yearly repayments on Division 7A loans due to COVID-19.  

  This year will be the first indexation increase of the $1.6 million pension limit.  

  Employers have been given additional time to complete their Single Touch Payroll finalisation declaration this year as the ATO recognises the ongoing impacts of COVID-19.  

  In a Covid-ravaged financial year, small business owners need consider what actions now can benefit in saving income tax. Taxpayers with the best records often have the best deductions.  

  Tax time is here again and pressure is mounting.  

  Working from home because of COVID-19 means most will have more deductions than in a normal year.  These checklists will help your tax agent ensure you don't miss any deductions.  Simply print, complete and return.  

Whether starting a new business or re-planning an existing one, a business plan is always a good idea.  Getting professional help drafting you plan is another good idea because planning a business’s future should be done in the best manner possible.     Benefits of a business plan Your business plan outlines: your vision for […]

  The federal budget 2021–22 was handed down by the Treasurer, the Hon Josh Frydenberg MP, on 11 May 2021. This article considers the key issues as we wait for the legislative amendments to give effect to the budget measures.  

  The Tax Office has urged advisers and taxpayers alike to heed its guidance on accounting for cryptocurrency come tax time, when it will be looking to ensure that all capital gains events are accurately reported — not just gains.  

How countries have evolved during this 65 year period is fascinating stuff to watch.  This chart is based on IMF Reports. Click on the following image to watch this evolution taking place, ending in how it will most likely look in 2025.        https://www.youtube.com/watch?v=KnKg27S7Ob4

  The ATO provides information on a large number of business related topics, issues, rules and regulations.  We hope this article will help quickly you keep up to date.  

  Often watching a short video is a quicker way to understand what can otherwise be quite confusing. The following titles have just been added to our website and can be accessed at any time and by anyone.  

  Small employers with closely held payees have been exempt from reporting through single touch payroll (STP).  

  With the end of the financial year approaching there may be some valuable opportunities worth discussing for you or your family, depending on your personal circumstances.  

  Business leaders should turn their attention to how they plan on managing the government’s increase to the superannuation guarantee, set to come into effect from 1 July, to avoid penalties, says one tax expert.  

  While there are many aspects of our life covered in this year's Budget the following focuses on the issues related to Health.  

  In this Budget, the Government is taking decisive action to build our economic resilience to deal with future shocks.  

  The following links to the ABC where a brief overview of the Winners and Losers from this year's Federal Budget.  

  As tax time looms, the ATO has pointed to four key ineligible work-from-home claims it will be watching closely as taxpayers look to make the most of flexible working arrangements.  

  Moore Australia has called for taxpayers to keep a diligent log of the hours worked from home this financial year as tax time looms.  

  While less than two out of 10 businesses are recording a dip in revenue, nearly two-thirds of them are still feeling the impact of COVID-safe controls, according to new data from the Australian Bureau of Statistics.  

  The measures from 1st January 2021 apply to incorporated companies with liabilities less than $1 million.  

  Businesses struggling with tax debts have been urged to re-engage with the ATO as it pledges not to “destroy the very thing that [it has] been trying to support” throughout the pandemic.  

The information in this chart is fascinating from both an historical perspective as well as what it predicts. It also guarantees you’ll be the breakfast table expert every time.   Please click on the following image to view how the world has changed in the past 220 years and how it is expected to change […]

  The ATO has warned businesses to come clean on $172 billion worth of payments to contractors as it cracks down on non-compliance with the taxable payments reporting system.  

  Data collected will be used to identify compliance issues in relation to JobMaker.  

  If you own a small business still recovering from the COVID-19 induced downturn, remember that you can take advantage of FBT concessions to lower the amount of FBT you may need to pay.   

  These calculators, along with videos that explain accounting ideas, latest news articles, an easy to use file transfer system, and a portfolio management portal make our website a great place to keep up-to-date and obtain help on many of your financial questions. *  

As Australian businesses implement work from home arrangements as part of their business contingency plans, managers need to consider how to accommodate telecommuting arrangements without sacrificing productivity and team dynamics, says one recruitment firm.

  Help to keep up with the ATO.  

  Taxpayers falling behind on tax debts and lodgement obligations can soon expect contact from the ATO as it confirms the resumption of its compliance activities in the wake of JobKeeper ending.  

  In the next few months, businesses that are seeking to employ additional workers but still need a bit of help can now apply for the JobMaker Hiring Credit Scheme.   

  The ATO has maintained its good-faith approach to the accounting of cryptocurrencies, though it isn’t expected to last much longer, says a national tax and accounting network.  

  Will 2020 Crisis Continue in 2021?  2020 was hard on small businesses worldwide.  

  Help to keep up with the ATO.  

  Although 2020 saw a temporary lull in the ATO and State Revenue Office’s usual activity level due to the COVID-19 pandemic, 2021 is already set to be as busy as ever when it comes to audits and reviews initiated by government revenue authorities.  

  The cost of retirement for Australians has gone up, with the increases in health insurance and domestic holiday prices, according to the Association of Superannuation Funds of Australia’s (ASFA) latest figures.  

  The Tax Office has released long-awaited partnership profit guidelines, three years after it first commenced a review of how professional firms engage in income splitting.  

  With JobKeeper ending in four weeks, small businesses have been urged to “act early” on exploring their insolvency options before the ATO moves on recouping debts.  

  Superannuation remains the best available form of an individual retirement savings plan, in spite of continuing government changes.  

  The information in this chart is fascinating from both an historical perspective as well as what it predicts.  It also guarantees you'll be the BBQ expert every time.  

  A HECS-style loan scheme for businesses, currently being considered by the Treasury, would provide a lifeline for many industries recovering from the economic shock of COVID-19, says the small business ombudsman.  

  The Tax Office has agreed to push back the start date for the second phase of Single Touch Payroll after intense pressure from all corners of the profession.  

  The latest report from the Australian Prudential Regulation Authority (APRA) has revealed that workers withdrew more than $36 billion from retirement funds through the early release of super.  

  The first claim period for the JobMaker Hiring Credit scheme is now underway, with the ATO reminding employers that they could receive up to $10,400 for each eligible employee hired.  

  The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell says it is essential for small business owners to secure their assets and business loans, with economists predicting a steep rise in insolvencies this year.  

  The corporate regulator has warned of a rise in scammers targeting Australian investors by pretending to be associated with well-known domestic and international financial service firms.  

  All our key resources for the JobMaker Hiring Credit scheme.  Included are a User Guide, four Factsheets, Information, a Payment Estimator, and a video.    

  Taxpayers continuing to work from home in the new year will be allowed to continue using the simplified working-from-home deduction method following a third extension by the ATO.  

  The Japanese car manufacturer has confirmed it has approached the ATO to return more than $18 million in JobKeeper payments after a spike in sales towards the end of last year.  

  COVID-19 has completely, and mercilessly, dictated the direction of economies and financial markets through most of this year. So, as we rapidly approach the end of an extremely unpredictable and volatile year, what's in store for 2021?  

Making our website into a valuable resource for our clients is very important to us.  There are more tools and resources available when compared to almost anywhere else and this month we highlight our educational videos.  We hope you enjoy these 'extras' and if you have any question then click on the Contact Us button  and ask.   

  Brazen scams continue.  Police have issued a warning after a Sydney woman fell prey to an elaborate ATO scam that cost her $22,000.  

  The JobKeeper program moves into its final phase from Monday, with payment rates set to be reduced.  

  With thousands of Australian expats still hoping to return home following COVID-19, a mid-tier firm has highlighted some important tax implications and considerations, including the foreign pension transfers.  

  A new resource is now available that shows the rates per country of COVID-19 vaccinations.  We all suffered in many ways as COVID number increased, now, as expected, let's watch them start to drop.  

  Some fireworks and a great Advent Calendar to help you celebrate.  On behalf of all our staff we wish our clients and their families a Merry Christmas, a Happy New Year and a great holiday period.  

  JobKeeper deadlines for the second extension period have now been extended by the ATO ahead of the festive season.  

  A new bill that ensures state and territory grants issued in response to the coronavirus pandemic are not subject to income tax has now been introduced.  

  New research has offered insight into how Australians intend to save the gains generated from income tax cuts rolled out in this year’s federal budget.  

  An interesting finding in the federal government's Retirement Income Review report is that many Australians are dying with the majority of the wealth they had when they retired.  

  A Senate committee has recommended that the JobMaker hiring credit legislation be passed, despite concerns over its narrow eligibility and lack of protection for older workers.  

  The response by our Governments to the COVID-19 crisis has been a very good one.  Following is a comprehensive listing of links to important Federal and State initiatives and programs since the pandemic began.    

  The ATO has warned businesses not staying up to date with their obligations that it may impact their eligibility for future stimulus measures, as the Tax Office readies to recommence its work to address key risks to the tax and super system.  

  The 2020 Federal Budget was one of the most far reaching and complex ever brought in.  This is the first of three articles to remind us of important topics the budget addressed.   

  Accountants assisting clients with the JobKeeper extension have been urged to pay close attention to the actual decline in turnover test, with the ATO unable to offer leeway for those who come just shy of the requirements.  

  The 2020 Federal Budget was one of the most far reaching and complex ever brought in.  This is the second of three articles to remind us of important topics the budget addressed.   

  The Australia Taxation Office has cautioned businesses against taking advantage of the government’s most recent expanded asset write-off scheme and the new loss carry-back provision.  

  The 2020 Federal Budget was one of the most far reaching and complex ever brought in.  This is the first of three articles to remind us of important topics the budget addressed.   

  About $120 million in JobKeeper payments have been recovered by the ATO due to businesses making deliberate or reckless mistakes, as fresh guidance on its JobKeeper extension compliance focus lands.  

  The following 35 links break the 2020 Federal Budget down into bite size bits.  

  The following links are to Fact Sheets that describe in detail how the Federal Government feels the 2020 Budget will impact you.  

  These three areas cover all you will need to know but the accompanying two articles cover more specific topics and they might help you better understand how the Budget affects you.  

  The 80 cents per hour work-from-home deduction method has now been extended for a further three months to the end of the year.  

  The legislative instrument implementing the changes to the JobKeeper scheme over the extended period was registered on 15 September 2020.  

  Although JobKeeper has been in place for many months and is now scaling back, all eligible participants may not have enrolled. The program is targeted to workers in the broad sense.  

  The Commissioner of Taxation has now released the updated alternative decline in turnover tests for the JobKeeper extension.  

  The first instalment of 2021 income tax, due for quarterly taxpayers on 28th October may be varied down.  

  A warning to taxpayers who may be considering cancelling private health insurance because of higher premiums starting for many on 1st October 2020.  

  With the ending of a number of the original COVID-19 relief and stimulus initiatives, August and the beginning of September has seen the release of new plans to move into the post-September period. Links to these updates and changes are listed below.  

  The Tax Office has published preliminary guidance on the extension of JobKeeper as the profession continues to wait on the amended rules to be registered.  

  One of the conditions of deductibility of travel expenses, is that the expense is not a private or domestic nature.