Accountancy News, Updates and Insights

19 09, 2018

Downsizing Contribution to Super

The Federal Government recently announced that, as of 1 July 2018, downsizers aged 65 years or older may opt to contribute proceeds from the sale of their home (up to a total of $300,000 each) toward their super fund(s). Referred to as a downsizer contribution, it is treated as being non-concessional; existing in addition to

11 09, 2018

From the CEO’s Desk: Australian Banks Hike Mortgage Rates

From the CEO’s Desk: Australian Banks Hike Mortgage Rates Be it certain members of the big four banks, or various other lower-tier lenders, the decision to increase variable mortgage interest rates has been prevalent among Australia’s banking industry in mid-2018. As commentators continue to declare the end of Australia’s property boom, how much will these

23 08, 2018

Are Your Travel Expenses Actually Deductible?

Working out what can be claimed as travel deductions is an area many taxpayers find confusing. To obtain a deduction three “golden rules” need to be considered and met: the expense must be spent, and not been reimbursed; it must be work related; and you must be able to substantiate the expenditure. The most common

8 08, 2018

ATO to Target Lax Tax Agents, Australian Taxpayers After $8.7b Tax Gap Blight

Small business owners. Rogue tax practitioners. Uninformed taxpayers. Rental property owners. Such taxpayers have long managed to avoid consequence for partially-correct tax returns. Finally, it seems the Australian government has acknowledged the extent to which individuals are undermining its principal revenue collection agency – the Australian Taxation Office (ATO) Fresh off a funding windfall from

23 07, 2018

Taxable Payments Annual Reporting: Building & Construction Industry

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If your business primarily operates in the Building and Construction Industry, and makes payments to contractors, you are required to complete and lodge a “Taxable Payments Annual Report (TPAR)’ with the Australian Taxation Office each year. Businesses primarily in the building and construction industry need to report to the ATO the total payments they make

4 07, 2018

Australia as a Foreign Investment Destination – Can it Last?

Over recent decades, Australia has benefitted immensely from society having become increasingly globalized and interconnected. The nation has evolved into a popular destination for foreign direct investment (FDI) – a minimum ownership stake of 10 percent in a foreign-based enterprise – and is now positioned as the world’s eighth largest recipient of inbound FDI, according

28 06, 2018

Understanding Single Touch Payroll “STP”

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Single Touch Payroll (STP) is being introduced by the ATO from 1st July 2018 for businesses with 20 or more employees (per head count on 1 April 2018). The introduction date for those employers with 19 or less employees is extended by 12 months to 1 July 2019. Instead of reporting payroll at end of year

13 06, 2018

Why Australia’s Audit Insurance Market Won’t Stop Growing

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The Australian Taxation Office (ATO) and other government revenue agencies continue to be allocated an ever-increasing amount of the federal budget. And so, it is unsurprising to learn that taxpayers – be they businesses, individuals, or Self-Managed Superannuation Funds (SMSFs) – are more likely than ever to become subject to official audits, enquiries, investigations, or