Tax and Accounting

The ATO has deferred the requirement for large companies and corporate groups to lodge their Reportable tax position (RTP)[1]  until the 2020-2021 financial year. This has been done after consultation and support from private groups stewardship group.
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On 24 May 2018 the government announced a one off 12-month superannuation “amnesty” guarantee which gives employers one off opportunities to disclose any errors in superannuation guarantees to the ATO without the risk of bring penalized. This bill was reintroduced on 18 September 2019 with an amnesty beginning on 24 May 2019.
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In 2017, The government announced changes to deny foreign residents’ access to the capital gains tax (CGT) main residence exemption.
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The government has introduced a housing affordability bill where CGT main residence exemptions will come in to place for foreign residents. Schedule 1  of the bill amends ITAA 97  which will:
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A new bill will come into effect from 1st January 2020 which imposes a restriction on entities dealing with cash transactions. Important highlights from the bill are as follows:
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Super guarantee opt-out for high income earners now law From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap.
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$30,000 instant asset write-off The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off.
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“Outrageous” deductions rejected The ATO has published some of the most unusual claims that they disallowed last financial year.
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Tax cuts become law The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low income tax offset from $645 to $700 in 2022/23.
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‘Cash in hand’ payments to workers no longer tax deductible The ATO has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible. ‘Cash in hand’ refers to cash payments to employees that do not comply with pay as you go (‘PAYG’) withholding obligations.
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Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax.   Traditionally, year-end tax planning for small businesses is based around two simple concepts – i.e., accelerating business deductions and deferring income.
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Tax saving strategies prior to 1 July 2019 A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. The tax rates for resident (adult) individual taxpayers for the 2018/19 income year are as follows:
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Single Touch Payroll Update Employers with 19 or fewer employees are required to start reporting through Single Touch Payroll (‘STP’) from 1 July 2019. The ATO will be working with employers to support them as they transition to STP, including allowing small employers to start reporting any time from 1 July to 30 September (and…
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Federal Election called! The Federal Election has been called for Saturday 18 May 2019, and the Governor-General has ‘prorogued’ the Parliament from 11 April 2019 until 18 May 2019, and dissolved the House of Representatives.
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