News

The dangers of income splitting

  Now and then the ATO issues warnings on how its general anti-avoidance legislation can apply to professional firms that allocate profits to individual professional practitioners with proprietorship in the firm.

Government urged to rectify ‘legislative shortcoming’ with CGT relief

  The Tax Institute has called for an extension of the deadline for applying the CGT relief in respect to the segregated approach, amid concerns some SMSF trustees are at risk of missing out.

Some financial terms explained

  Below are four important financial terms.  They are Transition to Retirement; Pension Phase; Allocated Pensions; and Estate Planning.

Clients failing on depreciation front – property investment

Several tax specialists and national mid-tiers have found clients are struggling to understand their rights and benefits associated with depreciation, ...

Home office deductions: What substantiation will the ATO accept?

  Home office expense claims are subject to the same general substantiation requirements as other deductions – that is, it is a requirement that records should be kept for at least five years.

Areas of key focus for SMSFs in 2017.

  As the new legislative changes to superannuation are rolled out, national law firm Gadens has flagged what key areas professionals will need to act on, with time already “running out” on certain items.

ATO advises accountants on client data swoop

  The ATO is urging accountants to inform clients that it is ramping up its data collection from financial institutions and online selling sites for use in its data-matching programs.

ATO issues stern reminder on new backpacker tax

  Accountants with SME clients should be urging them to recall the new deadlines for employees on working visas to ensure compliance.

Your New Year reading: beyond John Grisham

  Behavioural economist and psychologist Daniel Kahneman has begun 2017 by retaining his place near the top of The New York Times best-seller list, wedged among the latest John Grisham legal thriller, The Whistler, and the psychological thriller The girl on the train by Paula Hawkins.

Debt Recovery

  All is not lost if you have a judgement against a debtor, but you know they have no assets.

Site by AcctWeb