Entries by admin

$20,000 instant asset write-off

This tax time, your small business clients with a turnover of less than $10 million can write off assets costing less than $20,000 each in their 2016-17 return. All simplified depreciation rules will apply to assets when choosing this method. To use simplified depreciation rules correctly you must: write off eligible assets costing less than $20,000 […]

Client Alert Explanatory Memorandum (March 2018)

CURRENCY: This issue of Client Alert takes into account developments up to and including 14 February 2018. Bill to implement housing affordability CGT changes As part of the 2017–2018 Budget, the Federal Government announced a range of reforms intended to reduce pressure on housing affordability. Legislation – the Treasury Laws Amendment (Reducing Pressure on Housing […]

Client Alert (March 2018)

Bill to implement housing affordability CGT changes As part of the 2017–2018 Budget, the Federal Government announced a range of reforms intended to reduce pressure on housing affordability. Legislation has now been introduced into Parliament that proposes to: remove the entitlement to the capital gains tax (CGT) main residence exemption for foreign residents; and modify […]

Law Society External Examiners’ Report

Please note that all the Law Society Trust Account Examiners had to be reaccredited in NSW in order to perform Trust Account Audits by 31st March 2018. Please note that the following extract is from The Law Society of NSW. Please take note that External Examiner’s Reports after 30 June 2017 can only be provided […]

Client Alert Explanatory Memorandum (February 2018)

ATO rethink on guidelines for profit allocation within professional firms In reviewing its guidelines on Everett assignments and the allocation of profits within professional firms, the ATO has become aware that the guidelines are being misinterpreted in relation to certain arrangements that go beyond the guidelines’ scope. The ATO has found a variety of arrangements […]

Client Alert (February 2018)

ATO guidelines: profit allocation within professional firms The ATO has become aware that its guidelines on Everett assignments and the allocation of profits within professional firms are being misinterpreted for some higher-risk arrangements, including the use of related-party financing and self managed superannuation funds (SMSFs). The guidelines have been suspended from 14 December 2017 to […]

Taxable payments annual report

Some businesses and government entities need to report each year the total payments they make for services on the Taxable payments annual report. In addition, some government entities also need to report grants paid. These payments need to be reported to us on the Taxable payments annual report by 28 August each year. Building and construction: Businesses in the […]

$20,000 instant asset write-off

The write-off threshold of $20,000 has been extended to 30 June 2018. If you buy an asset and it costs less than $20,000, you can immediately deduct the business portion in your tax return. The $20,000 threshold applied from 12 May 2015 and will reduce to $1,000 from 1 July 2018. You are eligible to […]

Legislation makes many accountants responsible for the health and safety of the workers in their organizations. How do you ensure your business is safe?

New Zealand’s workplace health and safety records paint a very grim picture. Every year, 50 to 60 people are killed in workplace incidents, and hundreds more die as a result of work-related ill health. New Zealand’s fatality statistics are nearly twice as high as Australia’s, and three times as high as those of the UK. […]

Superannuation downsizing measures to become reality

The government has passed elements of its housing affordability plan, allowing those over the age of 65 to funnel money from the sale of their home into super. As of 1 July 2018, Australians aged 65 and over who are selling a home they’ve owned for at least 10 years will be able to funnel […]