The Latest News

If you are undertaking R&D that is eligible under the R&D Tax Incentive (R&DTI) program, you can claim a refund from the Australian Government. But how do you know if you have eligible R&D? This is actually trickier than it sounds because you need to recognise that you have a potentially eligible piece of R&D…
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With the rise of cloud products and services, there has been a shift in how businesses handle their processes, especially accounting. Modern cloud-based accounting software can easily be installed and used by SMEs and their accounting firm servicing them. What is Cloud Based Accounting Software Cloud accounting is like traditional accounting but all your business…
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Australian Study Requirement Updated   The Australian Study requirement that is relevant in relation to various independent skilled visas, has recently been updated to take into account travel results caused by the Covid pandemic:
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Changes to STP reporting concessions from 1 July 2021   Small employers (19 or fewer employees) are  currently exempt from reporting ‘closely held’ payees through Single Touch Payroll (‘STP’).  Also, a quarterly STP reporting option applies to micro employers (four or fewer employees).  These concessions will end on 30 June 2021.
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What is it? The R&D Tax Incentive (R&DTI) is a self-assessed Australian Government assistance program aimed at encouraging companies to undertake R&D in Australia that might otherwise have been considered too risky to do without the financial support provided by the program. The R&DTI is jointly administered by AusIndustry and by the Australian Taxation Office…
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What is a freight forwarder? Simply, the middleman between you as the shipper or consignee (person or company receiving the product) and the Airline or Shipping Line and road/rail transport.
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Inventory management software is the new digital replacement for old hard copy record books and inventory sheets, but with modern solutions it can be so much more. Because inventory management software is such an essential part of running a successful business there are thousands of solutions to manage your inventory data. But with so many…
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COVID Concessions Extended to Additional Visa Subclasses   1. Offshore Partner and other visas do not require the visa applicant to be outside Australia at time of visa grant, from 27th February 2021:
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New measures applying from 1 January 2021   The Government has provided an update of a number of new measures which came into effect from 1 January 2021, including (among others):
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The Covid-19 pandemic has had a global impact on all economies. Colombia is not an exception and is experiencing its first recession since 1999. According to the IMF the Colombian economy contracted 8.1% in 2020. The most affected industries were construction, mining and trading with an annualised rate of contraction of 26.2%, 19.1%, and 20.01%…
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JobKeeper comes to an end   The ATO has advised that the final JobKeeper payment will be processed in April 2021.
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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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