Entries by Hurley & Co

Small businesses not seeking accountants’ advice

June 2, 2016 in , , /by

Source: http://www.accountantsdaily.com.au/professional-development/9168-sme-missing-out-by-not-seeking-accountants-advice The Voice of Australian Business survey, undertaken by Bentleys, shows SMEs are missing out by not taking advantage of this expert advice. The survey revealed a number of alarming statistics such as less than half of all surveyed businesses used an accountant or financial adviser to review their banking relationship in the last year. […]

Trust Tax Tips 2016

May 25, 2016 in /by

Here are some useful tax tips and reminders concerning trusts: Beneficiaries Trustees should check their trust deed and make sure that they only make distributions to eligible beneficiaries. Only an eligible beneficiary can be presently entitled to income of a trust estate. If distributions are not made to eligible beneficiaries then the net (taxable) income […]

Phone & Internet Claims – Tax Deduction 2016

May 23, 2016 in /by

The ATO has released information on claiming deductions for mobile, home phone and internet expenses for work purposes. The following are some key points made by the ATO. Substantiating claims Taxpayers need to keep records for a four-week representative period in each income year to claim deductions of more than $50. These records may include diary entries, […]

ATO Tax Audits

May 18, 2016 in /by

Voluntary compliance of taxpayers is the ATO’s main goal. However, the ATO also undertakes a range of compliance activities to detect, deter and address non-compliance. If the ATO considers that a taxpayer may not be meeting certain tax obligations, or if it does not believe that a review can be sufficient, it may conduct an […]

Federal Election on 2 July 2016

May 16, 2016 in /by

The Treasurer has handed down his first Budget, an “election Budget”. Labor has made it clear that it will reject some of the key revenue measures announced in the Budget. A number of Bills containing important tax changes have been enacted and some other Bills have lapsed. With less than two months for an election […]

2016 Federal Budget Summary

May 9, 2016 in /by

In this Special Issue we summarise the key announcements of the 2016 Federal Budget.  Personal taxation Personal tax rates: small tax cut from 1 July 2016 From 1 July 2016, the 32.5% personal income tax threshold will increase from $80,000 to $87,000 in an attempt to address tax bracket creep. The Government expects this will stop around […]

Client Alert Explanatory Memorandum (May 2016)

April 29, 2016 in /by

CURRENCY: This issue of Client Alert takes into account all developments up to and including 13 April 2016. Tax planning There are many ways in which entities can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable incomes. Taxpayers should be aware that in order to maximise these […]

Client Alert (May 2016)

April 29, 2016 in /by

Tax planning There are many ways in which entities can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable income. Taxpayers should be aware that they need to start the year-end tax planning process early in order to maximise these opportunities. Of course, those undertaking tax planning should […]