CGT and the family home: Expats and foreign residents beware The family home of foreign residents and expats may be taxed if legislation before Parliament is passed by the Senate. If you are a foreign resident living in Australia or an Australian working overseas who owns residential property in Australia, this reform potentially has serious [...]
In the news Tampon Tax The Labor Party has taken a pre-election strike by promising to remove the GST on tampons if they are elected. At present, tampons and other sanitary products, like razors for shaving and nappies, are considered consumables and GST applies. Incontinence pads however, because they are required for a medical issue, [...]
Super Guarantee – What happens when you get it wrong The ATO receives around 20,000 reports each year from people who believe their employer has either not paid or underpaid compulsory superannuation guarantee (SG). In 2015-16 the ATO investigated 21,000 cases raising $670 million in SG and penalties. The ATO’s own risk assessments suggest that [...]
Tax Deductions: the danger zones A recent Parliamentary Inquiry into Tax Deductions created some fairly sensational headlines about what and how deductions are being claimed - $22 billion worth to be exact. In Australia, tax deductions are available for expenses incurred in producing assessable income. These are generally work-related deductions or investment related deductions. And, [...]
Should you use the new super measures when you buy/sell your home? From 1 July 2018, new laws come into effect allowing first home buyers to use their super to help buy a home, and at the other end of the spectrum, downsizers to contribute proceeds from the sale of their home to super without [...]
Single Touch Payroll: what you need to know 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 [...]
Audit activity is on the rise and anyone can be targeted. Are you protected by our Audit Shield service? What is audit activity? Audit activity includes any audit, enquiry, investigation or review which is instigated by the Australian Taxation Office (ATO) and other relevant government agencies to ensure compliance with various tax and legislative requirements. How common [...]
Santa’s Tax Crises A light-hearted look at the complexity of Australian taxation laws. Dear Santa, Thank you for the opportunity to provide tax advice for your operation. We are pleased you have initiated this advice as the Australian Taxation Office (ATO) is looking closely at any business or individual that operates within Australia but has [...]
ASIC targets growing companies in audit crackdown ASIC is in the midst of a concerted campaign targeting private companies that have outgrown the reporting exemptions. ASIC requires companies to prepare and lodge a financial report and a directors’ report each financial year, and have the accounts audited unless the company is exempt. Most small companies [...]
Directors Fees: What and How To Pay Them The issue of Directors fees often comes up – should we pay directors, how to pay, and if we do pay fees how should they be paid? We answer the common questions for private companies. Can you pay a Director? Directors who work in the company, executive [...]
