Trading names are being retired

The Australian Business Register (ABR) is working with Australian Securities & Investments Commission (ASIC) in preparation for the retirement of trading names. The national Business Names Register was introduced in 2012, but during a…

New ATO Powers - International Exchange of Tax Information

We urge all of our clients to ensure you carefully check and disclose all foreign income (both here and abroad), now that new global reporting standards have recently commenced. The Common Reporting Standard (CRS) is the single global…

Beware bitcoin tax scammers

The ATO has issued a warning to beware of scammers impersonating the ATO and demanding Bitcoin or other cryptocurrency as a form of payment for fake tax debts, with over $50,000 already paid in Bitcoin to scammers claiming fake ATO tax debts. Because…

Tips for clients during WORK RELATED CAR EXPENSES crackdown

The ATO has warned that they will be paying close attention to claims for work-related car expenses this year and is reminding people to keep appropriate records. It reports that over 3.75 million people made a work-related car expense claim…

NOT A SCAM OR HOAX – recent Super alert from ATO

If you have recently received correspondence from the ATO regarding unclaimed Super, most likely it is not a hoax or scam. The ATO may have recently contacted you by email, SMS or letter, as part of a nationwide unclaimed superannuation campaign. It…

Property investors on notice after ATO spots false claims

Rental property owners who use their own property for personal holidays will be the subject of increased focus by the ATO due to a large number of mistakes, errors and false claims in recent years. We remind clients that you cannot claim…

ATO says BITCOIN is not money – it is….

The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on the blockchain. Cryptocurrency generally operates independently…

Superannuation Guarantee (SG) Amnesty

The Government has introduced new legislation that provides a one-off 12-month amnesty to encourage employers to voluntarily disclose historical Superannuation Guarantee (SG) non-compliance. It applies to previously undeclared SG shortfalls…

Wait! Don't sell your home to downsize yet.

You could enhance your retirement outcome by using downsizer contributions. Legislation has passed enabling individuals to contribute the proceeds from the sale of one eligible property into Superannuation, without needing to satisfy the…

Personal deductible contribution opportunity deadline looming

Just a reminder that if you are an employee, you can now make a personal contribution to Superannuation from your cash savings and claim a tax deduction, hence you still have a few days left in this financial year. But be aware of what you…

Super Opportunities prior to 30 June

Are you eligible for the Government’s co-contribution? If your income is below $36,813, you may be eligible for $500 co-contribution (phases out up to $51,813). If you're a low or middle-income earner and make personal (after-tax) contributions…
Business person working

The New Simpler BAS not delivering time and cost savings yet

The ATO has done small businesses a favour by releasing Simpler BAS. But does it really live up to its promise of time and cost savings for businesses? The New Simpler BAS Businesses with turnover under $10 million can take advantage of…
People walking to work

ATO given increased powers to enforce employer superannuation obligations

The ATO recently announced that the Superannuation Guarantee gap - the difference between what employers should be paying employees and what they actually are paying - was $2.85 billion for the 2014-15 financial year. Reports also suggested…
Director Penalty Notice part 3

How to avoid a Director Penalty Notice from the ATO (Part 3 in a series)

This is part 3 of a 3 part series on director penalty notices. You can read Part 1 here and Part 2 here. How do you avoid Director Penalty Notice liability? The steps below outline the best way to go about NOT receiving a Director Penalty…
Director penalty notice what can happen

Received a Director Penalty Notice from the ATO? Here’s what can happen (Part 2 in a series)

This is part 2 of a 3 part series on director penalty notices. You can read Part 1 here and Part 3 here. The Australian Taxation Office (ATO) can issue a company director with a Director Penalty Notice to recover the company’s unpaid…
Director penalty notice part 1

ATO Director Penalty Notices (Part 1 in a series)

This is part 1 of a 3 part series on director penalty notices. You can read Part 2 here and Part 3 here. ATO Director Penalty Notice The Australian Taxation Office (ATO) is able to recover a company’s unpaid PAYG Tax and superannuation from…

ATO warning: work-related car expense claims

  Do you often claim work-related car expenses as part of your tax returns? If so, it's important to be aware that the ATO will be paying particular attention to such claims this year. The ATO said recently that in the 2015/16 financial…
woman working at home

Practical tips for setting and managing your budget

  We're well into the new financial year, and perhaps you were very organised and set yourself some financial and budgetary goals for the year. Or, maybe you're like many people and keep meaning to set goals, but just can't seem to find…
Man standing in his own shop

As a business owner, have you considered your 'end game'?

Why do you own a business? It's an interesting question. And sometimes we're surprised by the number of business owners who haven't taken the time to consider this fundamental question: why are you in business? What's your end game? From…

Final tax planning tips for EOFY 2017

While the end of the financial year is almost upon us, there are still a few things you can do to minimise your tax obligations. Let’s focus on three different ways. 1. Make a large Superannuation contribution The law has changed quite significantly…