LATEST NEWS & ARTICLES
2019/20 Federal Budget
1. Personal income tax1.1 Changes to personal income tax ratesThe Government has proposed the following changes to the personal income tax rates: From 1 July 2022, the Government will increase the upper threshold of the 19% personal income tax bracket to $45,000. The...
It’s time to get ready for Single Touch Payroll
It's time to get ready for Single Touch Payroll Originally published by ATO.Single Touch Payroll – Are you ready?? From 1 July 2019, there will be major changes in the way all employers report employee obligations to the Australian Taxation Office with the...
Financial Reporting Requirements QBCC Licence
FINANCIAL REPORTING REQUIREMENTS QBCC LICENCE From 1 January 2019, the documents required to fulfil the QBCC licence financial reporting requirements changed. Are you ready? The main QBCC minimum financial reporting requirements changes 2019 are: Businesses with sales...
What is Fringe Benefits Tax – FBT
Fringe benefits tax definition Fringe benefits tax (FBT) is tax levied on employers based on the value of extra payments or benefits provided by employers to employees and their associates over and above wages and superannuation payments. The fringe benefits tax...
Recording the Cash Flow boost in Accounting Systems
HOW TO RECORD THE CASH-FLOW BOOST IN YOUR ACCOUNTING SYSTEM March BAS lodgements will see the first credits and/or cash received for the cash-flow stimulus measures legislated by the Federal Government in relation to COVID-19. These measures reduce the amount of...
JobKeeper – Current information
The Commonwealth Government has announced it will provide a historic wage subsidy to around 6 million workers who will receive a flat payment of $1,500 per fortnight through their employer before tax. The $130 billion JobKeeper payment will help keep Australians in...
Government Stimulus Package – Details
Government Stimulus Package A more detailed explanation of all of the stimulus packages can be found at https://treasury.gov.au/coronavirus/businesses What has been announced and affects most of our client base is as follows: 1. PAYG withholding reductions and...
Wins, Wills and Bankruptcy
When someone becomes bankrupt their ‘divisible’ property vests in their trustee bankruptcy. Divisible property is generally all the bankrupt’s assets, except for certain classes (i.e. non-divisible property) being household items, tools of trade, means of transport to...
Death and Taxes
Australian Estate Taxes - Background Death and Taxes Income tax rules as they apply to deceased Estates can be quite complex so we’ll try to run through them in an easily understandable manner below. When a person dies, their Will controls what happens to their assets...
Tax Entertainment Expenses
Business entertainment tax deduction Back in the late 80’s, the Government became all concerned about the Corporate Fat Cats dining-out and claiming tax deductions in the guise that this was related to marketing and “doing-business”. So, they shut it down. It’s now...
Residential Rental Property Investment Depreciation
From 1 July 2017, the Tax Office introduced new laws limiting investors ability to claim depreciation on investment properties. The laws target ‘previously owned’ equipment (dryers, microwaves etc.), fixtures and fittings (curtains, carpets etc.). Under the new regime...
Superannuation Contributions
Contributions Concessional (tax deductible) superannuation contributions can be claimed as a personal tax deduction or are tax deductable to the employer entity making the payment. Please note, the concessional contribution caps include any salary sacrifice amounts,...
Directors fees, wages, drawings and superannuation
Directors’ Fees, Wages, Drawings and Superannuation Guarantee From 1 July 2019, changes to the law for the tax deductibility of payments of Directors’ fees will take effect. Failure to comply with these changes will prevent the payments from being a tax-deductible...
Car logbook for tax purposes
Car logbook To claim a deduction for motor vehicle expenses the tax office requires substantiation of the business use of the vehicle. This can be documented through a logbook. The percentage of business use determines the tax deductibility of the vehicle expenses....
Taxes for Rental Properties
Taxes for Rental PropertiesIt is a very popular scenario that home owners (called a Principal Place of Residence or PPR for tax) sometimes convert their residence to a rental property and/or use some of the property for income earning activities or that they sometimes...
Instant Asset Write Off
Instant Asset Write Off Assets used in business are usually subject to a tax-deductible depreciation write off over their useful life or at rates set-out by the Australian Tax Office. Assets (including cars) that are available for use and used in businesses with an...
Investment Property Tax
Investment properties are treated differently whether you’re an Australian Tax Resident, or not. Being an Australian Tax Resident doesn’t mean you have to be a Citizen of Australia, it just means your normal place of abode or living arrangements are here. In this...
Claiming Car Expenses
CLAIMING CAR EXPENSES FOR BUSINESSES AND INDIVIDUALS Certain tax advantages can come with cars if they are used for work or employment purposes. For income tax and fringe benefits tax purposes: a “car” is any vehicle principally designed to carry less than 9...
How Downsizer Contribution Works
Many retirees find they want a smaller home, or a home more suited to their empty-nest requirements. For some, selling the family home can be great way to release built-up equity to pay for retirement living expenses or in-home support that will allow them to stay at...
Tax Deductions for Doctors
Tax Deductions For Medical Professionals The tax environment for all professional practices including medical practices can be complicated. Tax deductions generally are expenses directly incurred to earn income or run a business. They can’t be Capital, Private or...
Business Structures
Business Structures When considering going into a new business, buying an existing business or buying into an existing business, the business structure and the business investment structure is critical. This will determine asset protection and tax liabilities. Types...