The ATO has appealed to the Full Federal Court against the Federal Court decision in Addy v FC of T 2019 ATC ¶20-719 ; [2019] FCA 1768. This decision relates to whether a working holiday maker was required to pay tax at the minimum of 15% applying to the working holiday maker income or at …
Small employers who have not yet switched to Single Touch Payroll (STP) are urged to get in touch with the ATO if they need help to transition. Small employers with 19 employees or fewer are now required to start reporting through STP. The three possible pathways for those who are not sure where to start …
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 …
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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The Currency (Restrictions on the Use of Cash) Bill 2019 has been passed by the House of Representatives. The Bill establishes the cash payment limit and introduces offences for entities that make or accept cash payments of $10,000 or more from 1 January 2020. These offences protect the integrity of the taxation law and other …
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 …
Housing affordability bill introduced – foreign resident cgt main residence exemption Read More »
What is a BAS? You have probably found that running a business means learning a lot of new acronyms, one of the most common being a BAS. This is a Business Activity Statement which issued monthly or quarterly, so you can report on Goods and Services Tax (GST), Pay As You Go (PAYG) instalments, …
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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As easy as it is to do your books with MYOB software, sometimes help is needed. Or maybe you’d rather relax with a cold one after a long day rather than spend time on your numbers. Either way, shelling out for a whip-smart accountant or bookkeeper can be the best investment you’ve ever made. The …
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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 …
Reasons to outsource your Accounting & Bookkeeping Requirements Read More »