Year: 2019

ATO support for taxpayers affected by bushfires

ATO support for taxpayers affected by bushfiresWith devastating bushfires burning across large parts of New South Wales and Queensland, the ATO has advised that it doesn’t want taxpayers to be concerned about their tax affairs if they’ve been impacted. The ATO says it will help taxpayers sort out their tax affairs later. Taxpayers affected by this disaster …

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Accountants warned on rising bankruptcies linked to Division 7A

A spike in bankruptcies as a direct result of director loans has led to concerns that clients may not fully understand their obligations with Division 7A loan accounts, an insolvency firm has warned. Jirsch Sutherland partner Stewart Free said he has seen a recent increase in bankruptcies directly related to Division 7A loans. “Many business …

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Housing affordability bill introduced – foreign resident cgt main residence exemption

The government has introduced Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 to implement capital gains tax (CGT) measures aimed at improving housing affordability, including the removal of the CGT main residence exemption for foreign residents. These measures were first announced in the 2017/18 Federal Budget and were contained in a 2018 …

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Benefits of Making the Move from Paper Accounting to Digital

​Here are some other key reasons to move from paper to digital. Creating a Streamlined System When your accounting books are only on paper, it can take hours to put together a report or retrieve very specific information about transactions or your financial history. Maintaining digital records helps you create a streamlined system in which …

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Reasons to outsource your Accounting & Bookkeeping Requirements

Outsourcing your accounting & bookkeeping can save time, money and stress.  ​ Here are some of the top reasons why many small & medium businesses now outsource their bookkeeping to experts: ​ 1. ALLOWS YOU TO FOCUS ON CORE STRENGTHS Bookkeeping is time consuming, and unless you’re a qualified accounting expert you’re probably not the …

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