Have you got ATO clearance to sell you house?
Did you know that if you’re selling your home you may need a capital gains withholding clearance certificate from the ATO? If you don’t, you may find a chunk of the sales proceeds from your home going to the tax man. The online process to obtain the certificate is...
Budget 2018: What’s in it for you?
The 2018-19 Budget was handed down on 8 May by Treasurer Scott Morrison who delivered what was widely perceived to be an election Budget with lots of sweeteners for everyone. So what’s in it for you? Businesses: While there were no specific tax cuts for businesses,...
Beware of the Superannuation Death Trap
It is said there are only two things certain in life. Death and Taxes! What happens when they occur at the same time? Death of a loved one is not only a tumultuous time for the deceased family and friends but when the deceased is a member of a self-managed...
Tax gets social: digital marketing and financial incentives for small business
Over the past year we’ve seen a number of tax incentives on offer for small business, including a reduction in the company tax rate, an increase in the instant asset write-off threshold and, in the digital arena, the tax deductibility of expenditure on intangible...
It’s FBT time again
FBT season is in full swing with only a month to go until the due date for the lodgement of the return on 21 May 2018. If you haven’t started getting the required information together, now is the time. Remember if you give benefits to any current, prospective or...
Business cash payments on ATO’s radar
Cash might be king, but the use of cash by businesses is attracting attention from the ATO. It will begin visits of selected businesses to ensure that all tax obligations are met. Third-party data and risk analysis is being used to identify the types of businesses the...
SUPERANNUATION GURANTEED
Paying the right amount of superannuation to your employees can at times be a complex exercise, with the threshold changes in the recent years and the contribution base which changes every year according to indexation factors. With the rise of the gig economy there’s...
Airbnb and home sharing: Tax Implications
Do you rent out a part of your home, or a holiday home, on Airbnb, Stayz or another sharing site? Perhaps you see this as a way of making a little extra income to help the household budget or to save for that holiday. But what you may not be aware of are the long term...
Are you signed up to the ATO’s small business super clearing house?
The ATO's small business superannuation clearing house (SBSCH) is a convenient service that allows a small business to make superannuation contributions for its employees in one single payment. It’s important to know that access to the service has recently changed...
First Home Super Saver Scheme: lay foundations and plan to benefit
Even if you avoid café brunches and keep a close eye on your everyday spending, saving a deposit to buy your first home can be a challenge. The First Home Super Saver Scheme, announced in the 2017–2018 Federal Budget, proposes using the superannuation system to help...