1 July changes GST applies to digital products & services imported by consumers Small business $20k instant asset write-off extended until 30 June 2018 Company tax rate reduction to 27.5% for entities with an aggregated turnover of less than $25m (companies with a turnover of less than $10m have been subject to this tax rate…
200 Outlaw Motor Cycle Gang members served notices by ATO for failing to comply with tax obligations. We hope for the sake of theAustralian Taxation Office (ATO) staff the notices were delivered by mail! There are not a lot of details about exactly what type of income the ATO is targeting but tax law does…
To keep a healthy bottom line, businesses need to be smarter and sharper every financial year. It’s a good time to discuss ATO tax deductions – especially those deductions often missed. 1. Prepay expenses With tax deductions, every little bit counts. Prepaying your expenses can attract a tax deduction that is commonly overlooked. You can…
We have seen a number of measures over the years restricting access to tax concessions for foreign investors, particularly for residential property investments. The recent Federal Budget goes one step further, restricting access to tax concessions, increasing taxes, and penalising investors who leave property vacant. Measures include: Charge for leaving properties vacant Foreign owners of…
Wide-ranging super reforms come into effect on 1 July 2017 With the changes come a series of issues that Trustees need to be across, even if they don’t immediately affect you or your fund: Understand the value of assets at 30 June At 30 June 2017, SMSF Trustees will need to know the total superannuation…
Anyone with investment property in Australia is probably feeling a little edgy with all the recent media attention on deductions, affordable housing, and negative gearing. We take a look at some of the key tax issues for investors pre and post 30 June: No more deductions for travelling to and from your investment property The…
There’s not a single small business owner who would prefer doing data entry over actually working on their business. However, small business owners have spent way too much time in the past hunched over a laptop instead of doing anything else with their time. With the smart tools available in your online accounting software, it’s…
It can be tough to make it in the hospitality industry, but technology is helping improve the odds by improving efficiency and customer experience. Adopting the right technology in your hospitality business can be a game-changer, and the industry is catching on. From cloud-based accounting tools and new ways to think about customer loyalty programs,…
Budget Balancing Act The problems that any Australian Government is expected to resolve and the wish list they are supposed to fulfil is extensive regardless of which party is in power. As author John Lydgate wrote: “You can please some of the people all of the time, you can please all of the people some…
You can run a profitable business but, unless you have cash flow under control, the odds are against you. According to Dun and Bradstreet, 90 percent of small business failures are caused by poor cash flow management. Want to make sure you’re not just another statistic? Here are seven tips to set you on the…