Preparing for Single Touch Payroll

on June 8, 2018 General with 0 comments

The Tax Office is urging employers with 20 or more employees to prepare for the introduction of Single Touch Payroll. From 1 July 2018, Single Touch Payroll will be introduced requiring employers to report their employee’s tax and super information to the ATO through Single Touch Payroll approved software. Employers will report each time they…

Read more

Year end 2018 checklist

on June 7, 2018 General with 0 comments

Now is the time to start planning and reviewing your records to maximise your tax deductions for the 2017/18 financial year. Here are our ten top tips for yearend tax planning for businesses and individuals: Businesses Pay quarterly super Super Guarantee (SG) contributions must be paid before 30 June to qualify for a tax deduction…

Read more

YEAR END TAX STRATEGIES

on June 6, 2018 General with 0 comments

PREPARING FOR YEAR END – Tax tips for investment property One of the greatest benefits of owning an investment property (besides the additional income) is your entitlement to tax benefits. Here are some tips to maximise your tax return this 2017/18 financial year:  Expenses you can and cannot claim While your property is rented or…

Read more

End of financial year: super strategies

on June 5, 2018 General with 0 comments

As the end of financial year is fast approaching, it pays to start thinking about how you can grow your superannuation while seeking some generous tax breaks. Spouse contributions The spouse super tax offset allows higher earning taxpayers who contribute super for their non-working or low income earning partners to be eligible for a tax…

Read more

Investing in cryptocurrencies

on June 1, 2018 General with 0 comments

Bitcoin and other cryptocurrencies have become increasingly popular over the past few years. As many keen investors jump on board, the ATO is reminding investors to be aware of the tax consequences. Cryptocurrencies are classified as capital gains  tax (CGT) assets, therefore, upon their disposal they may be subject to capital gains tax (CGT). For…

Read more

SMSF returns due date approaching

on June 1, 2018 General with 0 comments

The Tax Office is reminding individuals with self-managed super funds (SMSF) to prepare their 2016-2017 SMSF annual returns by no later than Monday 2 July 2018. Earlier in the year, the ATO advised they were officially extending the due date to 30 June 2018. However, as this date falls on a Saturday, individuals with SMSFs…

Read more

Corporate vs individual trustee?

on December 8, 2017 General with 0 comments

Setting up a self-managed super fund (SMSF) requires members to choose between using an individual or a corporate trustee. Each trustee structure has varying requirements and implications for the members of the fund, so it is important to understand the differences. Members can choose up to four individual trustees or a corporate trustee, where a…

Read more

Things to consider when buying off-the-plan

on December 8, 2017 General with 0 comments

Buying off-the-plan housing is becoming an increasingly common decision for first home buyers. There are a number of incentives for purchasing off-the-plan but there are also some serious considerations to be made before entering into a contract. Do your research Researching the property itself, the area and the builder/developer are extremely important. Area: make sure…

Read more

The gift of FBT-free giving

on December 8, 2017 General with 0 comments

The holiday season is a time in which many employers look to thank their employees for their hard work throughout the year. Employers will often plan a work Christmas party, or decide to give their staff a Christmas gift to show their appreciation. While throwing a Christmas party is a great end-of-year celebration, employers should…

Read more

tax time

on September 6, 2017 General with 0 comments
Read more