What’s on the cards for 2018? We highlight major changes for 2 financial-year milestones – Jan and July – most of which we covered in 2017. Take a moment to refamiliarise, especially the 10 major changes that kick off from July 2018. 1 January 2018 Vacancy fees for foreign acquisitions of residential land. An annual…
On 26 February, the Small Business Superannuation Clearing House (SBSCH) service will join the ATO’s online services Business Portal. To manage the transition, the SBSCH will be unavailable from Tuesday 20 February 2018 to Sunday 25 February 2018 inclusive. During this time the ATO will be transferring your data across to the new system. Super contribution payments in…
Proposed Transparency of tax debt measure will require new law to allow ATO to report tax debt information of businesses to credit reporting bureaus. The measure will commence when the new law is given royal assent in March 2018. The ATO is currently not allowed to report this information under the confidentiality of taxpayer information…
ACCC gets tough on credit card surcharge The Australian Competition and Consumer Commission (ACCC) has issued a warning to businesses charging excessive credit card fees. One large merchant has already been issued with four infringement notices and has paid $43,200 in penalties! The new rules, which came into effect from 1 September 2017, prevent merchants…
Foreign property owners slapped with fee for vacant property Australia has followed the international trend of penalising foreign owners of Australian residential property who keep their property vacant for extended periods of time. Last November Parliament approved legislation that imposes an annual vacancy fee on foreign owners of residential real estate if the property is not…
The main residence exemption is not the only issue that comes up with property flipping. Tax deductions for rental properties and renovating for profit inside a self-managed super fund (SMSF) are common topics: Can I claim a tax deduction for renovations on my investment property? It is not generally possible to claim an upfront deduction for…
Generally, you do not pay CGT on the sale of your private home. A full exemption should be available if the following conditions are met: You are an individual who is selling a dwelling or an ownership interest in a dwelling; The dwelling has been your home for the entire ownership period; The dwelling has…
Delivering a great customer experience can be as simple as being visible, reputable and reliable But how do you stand out from the pack? Combine visibility with a great customer experience, and you’ll start to get oh-so-valuable referrals, as well as the prospect of repeat business from your happy clients. So how do you make…
Why ‘property flipping’ is the next ATO target The tax law does not allow you to ‘flip’ a property tax-free even if you are living in it. Most people think that they can move into a property, renovate it, and then sell it without paying tax. The main residence exemption – the exemption that protects…
You’ve probably heard about Blockchain and how it’s going to disrupt everything But do you know what it is? It’s a bit difficult to get your head around, but accountants and bookkeepers are uniquely positioned to understand what this emerging technology could do and how it could be useful. You’ve probably seen news reports about Bitcoin…