News

ATO set to issue excess super contribution determinations

            The Australian Taxation Office has started issuing excess concessional contributions (ECC) determinations for the 2017–2018 financial year. Superannuation fund members will receive these ECC determinations if they have made super contributions above the concessional cap amount for 2017–2018. “Concessional” contributions are taxed at the reduced rate of 15% in […]

How’s Australia going as we approach the election?

            One great source of data about Australia. Become better acquainted with the country we love. An up-to-date snapshot of Australia's vital statistics.   Please click on the following link to see all this interesting information. The areas covered are: Overview Markets GDP Labour Prices Money Trade Government Business Consumer Housing […]

Single Touch Payroll (STP) is compulsory for all small businesses.

STP is mandatory for all small Australian businesses with 19 or less employees and it starts on the 1st July 2019.  Are you ready?  Your Accountant can help with any questions you have.

Small business corporate tax rates Bill is now law

              The company tax rate for base rate entities will now reduce from 27.5% to 26% in 2020–2021, and then to 25% for 2021–2022 and later income years. This means eligible corporate taxpayers will pay 25% in 2021–2022, rather than from 2026–2027. The new law also increases the small […]

ATO to double rental deduction audits to 4,500

ATO audits of rental deduction claims will double this tax time as the agency reinforces its claims that nine out of 10 deductions contained an error.

ATO issues warning after ‘unprecedented’ spike in impersonation scams

Over $1 million in losses and more than 40,000 impersonation scams has raised alarm bells at the tax office, with clients warned on impersonated ATO phone numbers and pre-recorded messages.

Crypto transactions in ATO sights with new data-matching program

Up to 1 million taxpayers who have engaged in buying, selling or transferring cryptocurrency will now be subject to ATO scrutiny as it begins a new data-matching program ahead of tax time.

Government to establish $2 billion fund for small business lending

            The Government has announced that it will establish a $2 billion Australian Business Securitisation Fund and an Australian Business Growth Fund to provide longer-term equity funding for small businesses. Small businesses currently find it difficult to obtain finance on competitive terms unless it is secured against real estate. To […]

Limited recourse borrowing arrangements – LRBAs

Transfer of loan amounts flagged as vital compliance step for LRBAs

What a financial planner does to help.

Updated research from Vanguard confirms what previous research found concerning the average value added to clients' long-term wealth by a financial planner.  

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