Entries by Juilee Sathe

Explanatory Memorandum – August 2019

ATO will inform certain tax agent clients their information is “Tax ready” If tax agent clients’ employers report through Single Touch Payroll (STP) and the clients are linked to ATO online services through myGov, the ATO will send them a myGov Inbox message to let them know: their end of year payment summary (income statement) […]

Client Alert – August 2019

ATO will inform certain tax agent clients their information is “Tax ready” If tax agent clients’ employers report through Single Touch Payroll (STP) and the clients are linked to ATO online services through myGov, the ATO will send them a myGov Inbox message to let them know that their end of year payment summary (income […]

Tax Time 2019: Your Payment Summary Is Changing

If you’re an employee, there are a few things you need to know this tax time about the ATO’s new “Single Touch Payroll” (STP) system. This system requires employers to report information like salaries, wages, allowances, PAYG withholding and superannuation contributions to the ATO electronically every time they pay their employees. You’ve probably still been receiving […]

Why didn’t my SMSF auditor check that?

SMSF auditors are the last link in a long superannuation chain before the annual return gets lodged. And when things go wrong, SMSF auditors can often be an easy target to blame. But not everything is as simple as it seems because it’s the auditing standards and SIS legislation that dictate the extent of the […]

Corporate Tax Rates: Recent Changes Give Certainty

There are two categories of companies when it comes to the corporate tax rate. The two categories are determined by turnover and business activity. The rate of 27.5% applies to corporate tax entities known as “base rate entities”. What is a base rate entity? Put simply, it is a company which carries on a business and […]

Still Unsure About The Instant Asset Write-Off?

If you’re thinking about purchasing some new equipment for your business, it may make sense to bring forward that purchase in order to take advantage of the “instant asset write-off” available until 30 June 2020. The write-off allows small and medium businesses (with turnover up to $50 million) to claim a full deduction for any depreciating […]

Tax Tips for Small Business

PRE-1 JULY 2019 TO-DO LIST Make trust resolutions Document the streaming of trust capital gains and franked dividends Review private company loans Consider deferring certain income, and bringing forward certain deductible expenses Write-off bad debts Pay employee bonuses and employee superannuation entitlements RECORD-KEEPING TIPS Record cash income and expenses Account for personal drawings Record goods […]

TAX TIPS FOR INVESTORS

RENTAL PROPERTIES The ATO has received a large boost in funding to close the $8.7 billion individuals tax gap. Part of its focus is to ensure taxpayers are returning all rental income as well as claiming only the rental property expenses to which they are entitled. Some of this additional funding will go to improving […]