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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
In an interview with Acuity, Australian Tax Commissioner Chris Jordan FCA spells out his new agenda for 2018, where he sets small business and big spenders in his sights. In Brief ATO Commissioner Chris Jordan gives Acuity the first detailed explanation of his 2018 tax “hit list”. The hit list focuses on small businesses and […]
Whether you use a tax agent or choose to lodge your tax return yourself, avoiding these common mistakes will save you time and money. The Australian Taxation Office has published the following list. Keeping the right records You must have evidence of your income and expenses so you can claim everything you are entitled to. […]
In one of the most dramatic changes to property depreciation legislation in more than 15 years, Parliament has passed the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 as at Wednesday 15th November 2017, with the Bill now legislation. The new legislation means owners of second-hand residential properties (where contracts exchanged after 7:30pm on the […]