Accountancy News, Updates and Insights

29 10, 2018

Superannuation: Australia braces SMSF member limit increase

In late April 2018, then federal minister for revenue and financial services Kelly O'Dwyer issued an announcement [1] declaring an expansion of the limit on the maximum number of members that are able to comprise a self-managed superannuation fund (SMSF). The raise – from four to six – was implemented by the then Turnbull Government

11 10, 2018

Xerocon 2018 Summary

This year Ashfords sent five attendees to represent the firm at Xerocon in Brisbane. This was an exciting time for the team to meet with a range of different add on software providers within the app marketplace, and network with other professionals and share experiences. The Xerocon experience in Brisbane was actioned packed! Our team

5 10, 2018

Notice of Pricing Adjustments – Xero Subscriptions

Xero has informed us new prices will take effect on 28 September 2018. They reflect the improved value Xero is delivering and the rising cost to serve larger businesses on a per-employee basis. Most subscribers will see no change in price. Many will find their plan has extra features at no added expense. Xero held

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