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,…
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…
$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…
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…
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…
ATO's 2018 hit list targets smaller tax avoiders
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…
Top 10 tips to help rental property owners avoid common tax mistakes
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…
New depreciation legislation for Australian property investors – Second-hand residential properties
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.
…
Client Alert Explanatory Memorandum (December 2017)
Consultation paper: combating phoenix activities
The Federal Government has released a consultation paper on company and tax law reforms to combat phoenix activities. Phoenixing occurs when individuals or entities strip assets from an indebted…
Client Alert (December 2017)
Consultation paper: combating phoenix activities
The Federal Government has released a consultation paper proposing company and tax law reforms to combat phoenix activities.
Phoenix activities involve stripping assets from a company that’s…