Updates

We publish updates related to business here regularly. Please check for up-to-date information related to your business.

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To encourage tax payers with offshore investments to voluntarily make a full disclosure, the ATO had launched the Project DO it, which offers the incentive of reducing tax penalties to a very low rate of 10% along with the added advantage of just being assessed over the past 4 years. The ATO is also ready […]

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Recently, a range of inquiries had been received regarding investments in some of Australia’s largest listed companies, who had been featured in the press lately on their policy on special dividends and capital distributions. It is important to note that private companies should develop their own capital management strategy, for both the short and long […]

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For those of you who had committed to lodge and pay your tax every quarter, the ATO activity statement is due on 28 October 2014. It is good to carefully consider how these first quarter statements are submitted as this is your chance to choose the most appropriate PAYG instalment payment method. Take note that, […]

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Super planning

01/09/2014

It is always an advantage to plan ahead and make sure you have checked on the following before 30 June 2015: If you have opted for the salary sacrificing scheme into super, make sure you have not breached the $25,000 employer contributions limit (or $35,000, if you are over 60 years old) If you are […]

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Public examinations are usually conducted by insolvency practitioners, and considered as a powerful tool to investigate company officers or other relevant persons who might have information relating to a company’s affairs. This examination is particularly useful when company officers are not keen to cooperate, or where more detailed information is required. The public examination process […]

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In the case of those who works from home, even if it is not exactly a home-based business, occupancy expenses includes costs that you pay to either own, rent and other related expenses, which typically include: Rent, or mortgage interest Council Rates Water Rates Land Taxes House insurance premiums To be eligible to benefit from […]

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It has been found that 80% of property investors failed to take full advantage of tax depreciation, according to a survey conducted by one of the leading Tax Depreciation Specialists. This figure only takes into account the investors whose savings potentially gained from deductions exceeds the cost of ordering the preparation of a tax depreciation […]

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The media had widely publicised the government’s spending cuts in the recent Federal Budget announcement. However, there are also several tax and superannuation issues that should be highlighted for your attention.   Personal Taxation Here are two major aspects where changes had been announced. We offer some recommendations to help you determine the potential impacts […]

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SuperStream

28/07/2014

SuperStream is a newly introduced standard to improve the efficiency of the existing superannuation system. Naturally, this standard also applies to all other superannuation funds including self managed super funds (SMSFs), in which contributions should be paid electronically as according to this standard. Important timelines and activities to remember: From 1 July 2014 From 1 […]

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In case you are not aware of it, Small Business Assist is a user-friendly tool provided by the ATO as a FAQ platform on topics related to small business tax and superannuation. The tool is available online, and can be assessed any time, and it collates and tailors information sourced from a range of websites […]

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