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Business Owners

Self Managed Superannuation Fund (SMSF) Contraventions identified by the ATO

The ATO has advised that is has received a total of 16,909 regulatory contraventions in relation to 8,215 SMSF’s in the 2018 financial year. The ATO has identified the most common contraventions are : Related Party Loans; Loans to Members;…

ATO Audits and the Importance of Documentation

Increasing digitisation of data and hence increased sophistication and speed of data matching, has allowed the ATO to have greater visibility of taxpayer’s transaction history, opening up the risk of audits should red flags pop up on your account. The…

ATO to Double Rental Deduction Audits

The ATO has warned taxpayers with rental properties that they are a “top priority” for tax time 2019 after finding that 9 out of 10 tax returns with rental deductions contained an error. Taxpayers can expect audits to more than…

Personal

ATO Raises Alarm on SMSF Property Investment Activity

Research conducted by the Australian Securities and Investments Commission (ASIC) about the why people chose to set up an SMSF, indicated that property investment as the sole or predominant purposes continues to be an ongoing issue for SMSF’s. Many people…

The power of business insights

Most businesses don’t actually make the most use of their financial data because they simply don’t understand it. The numbers can tell a story if properly presented. However, typical financial statements can only tell you a story about what happened…

Tax Changes on the Horizon with returned Morrison Government

The return of the Scott Morison led Liberal government signals a raft of new tax changes on the horizon. Fortunately the majority will be for the positive, as opposed to the Labour party alternative which would have sent shockwaves through…

Finance

Changes to Instant Asset Write-Off

New laws have now been passed to give effect to the federal budget announcement to increase the instant asset write-off threshold to $30,000. The amendments mean there will be three tiers within the 2019 financial year for businesses with turnover…

How to Avoid Fake Invoice Scams

According to ACCC’s Scamwatch, Australian businesses lost $2.8 million to fake invoices in 2017, and almost $5 million in 2018, showing this type of scam is on the rise. A fake invoice works because it usually includes all the information…

Are You Getting Ready For Tax Time?

Getting ready for tax time can be daunting for any business, be it small or large. A little preparation before the end of the financial year can save time (and money) when it comes to preparing year-end accounts and tax…

Useful Resources

Regular contact with an accountant is vital for business owners.

A recent survey carried out by Xero found that 56% of business owners were actively looking for a new adviser due to lack of contact or poor level of service from their current adviser or accountant. Half of the 1,226…

Single Touch Payroll – What if I have Outstanding Superannuation

With mandatory Single Touch Payroll (STP) reporting coming into effect from 1 July 2019, business owners should be aware that this will result in increased transparency and access to information for the Tax Office, and your employees. From 1 July…

Single Touch Payroll to Come into Effect from 1 July 2019

Single Touch Payroll (STP) will change the way employers report their employee’s tax and superannuation information to the ATO. You will need to ensure your accounting software, or payroll software offers STP so that it sends your employees’ tax and…

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