Five things that will make or break your business this Christmas
Busy period or not, Christmas causes a period of dislocation and volatility for most businesses. This means that it is not ‘business as
usual’ and for many, and it is the change that causes the problem.
Are you paying your staff correctly? Woolworth's $200 Million cautionary tale
Woolworths is the latest company to face fallout for underpaying their staff. In what is believed to be the largest remediation of its kind,
with remediation expected to be in the range of $200m to $300m before tax.
"Mum & Dad" property developers: No more tax deductions for vacant land
Previously, if you bought vacant land with the intent to build a rental property on it, you may have been able to claim tax deductions for
expenses. New laws, aimed predominantly at "Mum & Dads", prevent these deductions from being claimed.
Can the ATO just take money out of my bank account?
You might have seen the recent spate of media freedom advertisements as part of the Your
Right to Know
campaign. The prime-time advertising states that the Australian Tax Office (ATO) can take money from your account without you knowing. Do you
really know what powers the ATO have?
'Tis (almost) the season! Dates and details for our final events for 2019, including our Christmas Party and Social Impact Business Lunch.
Plus, important news if you're putting on your own staff Christmas Party this year.
New legislation for labour hire providers in Victoria will take effect on 30th October 2019. There are big penalties involved so make sure
you're up to date on your obligations! are significant penalties for non-compliance by both the provider of labour and the host
Planning a Staff Christmas Party? How to avoid The Christmas Party Tax!
The Christmas Party Tax is a real Grinch, but ignoring it could land you owing even more money! This is a quick guide on how to factor in
(or what to avoid) when it comes to FBT on your staff Christmas Party this festive season.
Don't assume that just because your foreign income has already been taxed overseas or qualifies for an exemption overseas that it is not
also taxable in Australia! Make sure you're reporting any overseas income correctly!
Rental property expenses - what you can and can’t claim
It’s not uncommon for landlords to be confused about what they can and can’t claim for their rental properties. What often seems to make
perfect sense in the real world does not always make sense for the ATO.
Tax return for low income earners - when do you need to lodge one?
There are a lot of common misconceptions about low income and tax returns. There are many reasons why someone under the tax-free threshold
may need to lodge a tax return. Make sure you talk with a registered tax agent to make sure you're meeting all your tax obligations.
Investment strategies of SMSFs are under scrutiny from the ATO, who are concerned that “a lack of diversification can expose the SMSF and
its members to unnecessary risk if a significant investment fails".
Record keeping is a crucial part of any business. In addition to meeting your tax and superannuation obligations, having good records will
give you a more accurate picture of your business to help you understand how you are doing, so you can spot potential problems sooner rather
Super, insurance and exit fees: changes from 1 July 2019
From 1 July 2019, new laws prevent superannuation funds from eroding member balances with unwanted or unnecessary insurance and exit fees.
Plus, inactive accounts with low balances will be moved to the ATO to try and unite the unclaimed super with its owner.