ATO take ‘gloves off’ on overseas income
The ATO has again flagged that underreporting of foreign income is an issue, but this time the gloves are off.
The $11.1bn small business tax shortfall
New figures give visibility to tax compliance issues within small business sector and indicate where ATO expects resources to be focussed now and in the future. Read our 4 tips to make your business ATO-proof.
Estate planning what ifs
Life does not always go to plan While we logically know that, most of us don’t plan for the worst – it’s all a bit morbid and time-consuming. The downside of not planning is the potential for hard-earned assets to be squandered, family fall-outs, and money handed to the Government that could have been distributed…
ATO cryptocurrency guidelines
Cryptocurrency guidelines updated The Australian Tax Office (ATO) has updated their guidelines on the tax treatment of cryptocurrencies, following community consultation in 2018. The updated guidelines help you learn more about the tax implications of cryptocurrency, including the practical issues of exchanging one cryptocurrency for another and associated record-keeping requirements. If you have purchased, traded…
$20k accelerated deductions extension
$20k accelerated deductions for small business extended another year The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended for another 12 months until 30 June 2019. From 1 July 2019, the immediate deduction threshold will reduce back to $1,000. There are no limits to…
17 commonly overlooked ATO tax deductions
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…
Super Reform: What SMSFs absolutely need to consider before 30 June
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…
Why now’s a perfect time to upgrade your equipment
The $20,000 tax break for small and medium business has been popular, but it’s not guaranteed to survive the next Budget – so best get in now. In 2015 the federal government announced that it would put a $20,000 immediate tax deduction in place for depreciating assets for companies with a turnover up to of…
Capital Gains Tax (CGT) relief
CGT relief The new rules include CGT relief for those who will be required to unwind existing pension arrangements. The CGT provisions effectively deem a disposal and reacquisition as at 30 June 2017, meaning any unrealised gains on existing pension assets will generally not be taxed on a disposal following commencement of the new rules.…