Following a number of recent cases involving directors claiming that penalties under the director penalty regime should not apply to them, the ATO has released an update to counteract any misunderstandings. Directors have a legal responsibility of ensuring that their company meet PAYG withholding and SGC obligations, which is why... read more →
Jul
30
Jul
28
Due to rising house prices, the humble granny flat has become a popular investment property strategy for homeowners and investors seeking to maximise returns on existing properties. However, there are Capital Gains Tax (CGT) implications associated with such arrangements. In a basic scenario where the granny flat is occupied by... read more →
Jul
24
The Commissioner of Taxation is encouraging taxpayers to declare tax shortfalls at their own discretion. Usually, an underpayment in tax will incur a serious penalty on top of interest. However, taxpayers who disclose shortfalls without any prompting from the ATO will attract favourable concessional treatment for both tax penalties and... read more →
Jul
21
There is nothing more tedious for rental property owners than dealing with the tax implications of property damage. Over the past year, natural disasters have severely impacted areas throughout Australia, leaving rental property owners especially feeling the brunt of these disasters through costly repair bills and loss of rental income.... read more →
Jul
16
The fuel tax credit scheme plays a vital role in sustaining the production of goods and services in regional Australia by providing a credit for the tax included in the price of fuel. From 2 February 2015 fuel tax credit rates increased due to a rise in the ATO’s Consumer... read more →
Jul
13
Most small business owners would love to be able to offer their more valuable employees a pay raise. Increasing an employee’s pay is likely to reduce staff turnover, increase job satisfaction and boost productivity by raising motivation and commitment. Unfortunately, most business owners are simply not in a position to... read more →
Jul
08
In this current economic climate, many small businesses have seen a change in their ability to borrow funds from their bank. With banks conducting careful research to determine a business’ risk factor it is more important than ever for businesses to maintain a good relationship with their bank in order... read more →
Jul
05
The ATO has announced that one of its compliance focuses for the upcoming year will be GST compliance. The program will involve a combination of compliance and education to help business owners understand what is involved in meeting their obligations. Key areas of GST compliance focus will be registration, accuracy... read more →
Jul
02
Are you considering winding down your business? There are many reasons that business owners may decide to exit their business, but in every case there are tax and superannuation considerations that should be taken into account. It pays to be aware of the regulations that surround moving on from a... read more →
Jun
30
When most people think about financial planning they tend to focus on the wealth creation side of things, but often forget about the wealth protection. Building a financial plan without adequate insurance is like building a house on flimsy foundations. Comprehensive insurance cover can be a significant expense; however these... read more →