In the realm of primary production and farming, the ability to make swift decisions is a crucial skill. The ever-changing nature of agricultural landscapes demands quick thinking and adaptability. However, the pressure to make timely choices can often be accompanied by feelings of guilt or uncertainty.
Adding to your super through voluntary contributions can help grow your retirement savings, however, if you add too much in a single financial year, you may be penalised. That's why it's important to know the various caps on how much you can contribute, and what's counted towards those limits. Remember to talk to an accountant to find out about your tax implications.
Here's what we know so far about the Federal Budget 2023-24:
Ultimately, the choice is either to hold onto the farm until you die, and pass it on through your estate or to transfer it when you are alive. Transferring the farm while you are alive has some advantages.
The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions – changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups will pay higher taxes because of the ATO’s more aggressive approach.
New Year's resolutions are a time-honored tradition, and for many businesses, it's a time to set goals and plan for the year ahead.
Being prepared for the unexpected is a crucial aspect of running a successful business. The ability to adapt and overcome unforeseen obstacles can mean the difference between success and failure. Here are a few key tips for being prepared for unexpected events in your business.
Farm succession planning is an important process for ensuring the long-term sustainability and financial security of a farm and its family.
A Farm Management Deposit (FMD) is tool to help primary producers deal with uneven profit and is a bank account similar to a term deposit, but what happens when you cease to be a primary producer?
There are few things worse than needing to claim on your life insurance and discovering your policy doesn’t provide sufficient cover.
With the current land prices we are finding that there is a significant and increasing disparity between original cost bases and current values. What are you doing to understand this situation?
If you run a business, the chances are, you would have created invoices. This can be a time-consuming activity, however with the advances of electronic invoicing (e-Invoicing), the task can be much more efficient.
As the name suggests, a self-managed super fund (or SMSF) is a private superannuation fund that individuals manage themselves.
Have you ever wondered how some people manage to keep bouncing back from adverse events? How they just keep on keeping on no matter what gets in their way?
The new domain name category, could leave your business or organisation open to fraudulent cyber activity. Register your .au domain name before it becomes available to the general public.
Everyone knows you don’t pay tax on your family home when you sell it…right?
Insurance coverage provides you with peace of mind. It aims to remove or reduce the financial stress that inevitably occurs as a result of these events.
What’s the difference and how can you tell? Defining “primary production” and “business” is no problem. Figuring out if a business of primary production is being carried on is not so easy and you may need to seek professional advice.
To ensure you are in the best position possible, please find in our blog some tax planning tips and tricks.
A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up.
How many horror stories have you heard about farming families getting torn apart when the farm-owner dies?
The next round of the Business Basics grants program will open at 9am on Wednesday 4 May 2022.
From 1 July 2022, there will be some changes made to super to make it easier for people to grow their retirement savings.
"Innovation is driving the next wave of agricultural productivity," Mr Littleproud said.
In line with the temporary halving of fuel excise rates from 30 March 2022, so too have the FTC rates been reduced.
The 2022-23 Federal Budget is very much an election year budget that has avoided any significant measures aimed at budget repair and reform of the tax system.
The way in which you choose to hold the title of your property will have an impact in the event of the death of a joint owner, as these two options have significantly different outcomes.
In response to further devastating floods and storms in Queensland and NSW, more financial tax relief measures have been announced by the State and Federal Governments.
There are limits that restrict the amount you can contribute to superannuation in any particular year before incurring additional tax.
Succession planning for the family farm can be highly complex and emotional. The retiring family members have likely invested significant time and money into the property, and it can be hard to let go.
This is a pretty complex question, as there are a few variables, the very short answer is, yes – most likely.
The Treasurer has announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits
tax (FBT) for employers if purchased for work purposes.
Contracting has emerged as an alternative to the traditional employment relationship. However telling the difference between an employee and an independent contractor can be complex.
Eligible primary producers impacted by the recent unprecedented rainfall from ex-Tropical Cyclone Seth across the Wide Bay-Burnett region may be able to access financial assistance.
Touted as the most significant reform of drought programs in a generation, the state government have revealed its new assistance plans for farmers.
We're all about supporting and empowering our client with the knowledge to improve their financial wellbeing, which is why we want to help you protect yourself and your finances online.
Christmas is nearly here and given how hard this year has been for many business, is a hint of excitement against the bleak run of COVID-19 months. You know your employees have worked extra hard this year to get you through and you want to thank them for their hard work and sacrifices. Planning your Christmas party now, COVID-19 safe of course, with a little knowledge of the tax deductions you’ll be able to claim, can make this year’s party extra sweet.
While it might not seem important at the time, the choice of purchasing entity is critical.
All Australian company directors will be required to have a unique Director Identification Number (Director ID).
Fair Work Commission has increased the National Minimum Wage by 2.5%.
In today’s digital age it has become quite normal for people to spend some of their time working from home. It pays to know what you can claim as a deduction on your tax return.
Generally, if you rent out part or all of your home, the rent money you receive is assessable...
You’ll have an extra step to take if you have new employees who start from 1 November 2021 and they don’t choose a super fund.
By 27 September 2021, employers (other than small businesses) need to assess whether their existing casuals are eligible to be offered
permanent employment...
The 2021 Budget threw in a few perks for businesses but the one that around 10 million taxpayers will appreciate is the decision to continue the tax offset for low and middle income earners...
Applications for the 2021 COVID-19 Business Support Grants opened at 12pm (midday), 16 August 2021.
The truth is, there are a few common finance mistakes that cost farmers a heap of money every year at tax time...
On 31 July 2021, eleven Queensland local government areas were declared a Commonwealth hotspot. If you are impacted by the lockdown, there is assistance available to you or your business.
The ATO will acquire lifestyle assets data from insurance policies for 2020–21 through to 2022–23 for the following assets where the value is equal to or exceeds nominated thresholds...
July officially marks the start of the new financial year. That makes it the perfect time to start tackling your new year’s business goals.
Building a great small business team is crucial, and very important. Even the most innovative entrepreneurs cannot scale from an idea to success without the help of a team.
The end of financial year is quickly approaching. While you want to make sure you have covered all your bases correctly, it does not have to be a stressful time – as long as you plan ahead and get your business ready.
To lead your business through the transition from subsidy support to financial independence, we have the following guidance to help you.
There may come a time for every business when the only way to grow your business is to hire more employees and build a team. If you employ people, you must follow various commonwealth workplace laws and are subject to certain record-keeping and payslip obligations.
The Treasury Laws Amendment Bill 2019 was passed in June 2020 and requires all new and current directors of Australian companies to hold a unique Director Identification Number (DIN)...
Tax planning can have some great benefits for businesses, large or small. It involves evaluating the business’s current financial situation, estimating probable profit or loss for the next quarter, and drawing up strategies to minimise tax while maximising the value of the business.
The wage subsidy scheme for apprentices and trainees has officially been extended by another year, a move that is expected to generate around 70,000 new apprentice and trainee places.
Ensure you understand the record-keeping requirements for your business and make it a priority to keep accurate and complete records.
Performing due diligence is a necessary step involved in buying or investing money into farmland or any agriculture business. The process serves to validate the details and information given by the vendor or investment partner. It also helps to ensure your decisions are made with full knowledge of any and all issues, risks, or other potential outcomes.
Feeling overwhelmed with your receipts? Not sure where to start or what the most effective way to manage them?
The Australian Government has introduced the JobMaker Hiring Credit. The payment provides an incentive for employers to hire young job seekers.
The Government will introduce a JobMaker Hiring Credit to incentivise businesses to take on additional young job seekers.
The government have announced the much anticipated instant asset write-off changes
The Government has announced that it will bring forward changes to the personal income tax rates in the 2021 Financial Year.
In a decision of the Administrative Appeals Tribunal, a taxpayer, was a denied a deduction of work-related vehicle expenses...
Broadly, JobKeeper Payments received by an employer are assessable income to the employer...
Regulations that extend the time frame of the special condition of release have been formally registered.
With Xero being cloud-based it means you can work how, where, and when you desire...
Additional recently implemented JobKeeper changes mean more employees will qualify for JobKeeper payments from 3 August 2020...
On 21 July 2020, the Government announced that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021...
the superannuation guarantee rate is currently set to increase...
Back in April 2020 the ATO announced that a 'shortcut' method was to be made available to use from 1 March 2020 until 30 June 2020 for individuals claiming home office expenses...
The ATO has announced some limited relief for private companies that have loans to their shareholders or related parties...
The federal government has registered the Superannuation Guarantee (Administration) Amendment (Jobkeeper) Payment Regulations 2020...
Treasury Laws Amendment (2020 Measures No 3) Bill 2020 has passed both Houses of Parliament...
It is expected that there will be changes to what people in many industries claim in their 2019–20 tax return.
The ATO has issued guidance to help employers reporting eligible employees and JobKeeper top-up payments through Single Touch Payroll (‘STP’)...
The ATO has issued a reminder to employers who report through Single Touch Payroll (‘STP’)...
A new ‘vacant land’ measure limits the deductibility of costs incurred on or after 1 July 2019...
The government recently passed new legislation designed to strengthen laws...
The ATO will implement a series of measures to assist Australians experiencing financial difficulty due to COVID-19...
Do work-related expense become deductible because the employer specifically requires the employee to incur the expense?
The Government recently tabled legislation, making its second attempt to deny access to the CGT main residence exemption for individuals who are foreign residents...
As an employer, you have the responsibility of paying your employees at the correct rate...
The beginning of the year is a great time to reflect on the past twelve months and prepare for the next...
If you’re involved in the administration of fringe benefits tax (FBT) for your organisation, be sure to plan ahead...
The ATO is paying close attention to Capital Gains Tax this tax time...
From 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgment due date and hasn't requested a lodgment deferral, the ATO will change their status on Super Fund Lookup...
The ATO has provided reasons for businesses to update their ABN details..
From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee...
Every day cybercriminals steal the online identities of people just like you. Find out how to take control of your online identity here...
Do you use AUSkey or myGov to access the Business Portal?
The ATO will match the data provided by the State and Territory motor vehicle registering authorities against the ATO’s taxpayer records...
The ATO has published some of the most unusual claims that they disallowed last financial year...
The ATO is conducting a data matching program for the 2019/20, 2020/21 and 2021/22 financial years.
Small business often ask questions during tax time. Whether you use a registered tax agent or lodge your own tax return, here are the ATO's answers to some common questions asked each year.
It pays to learn what you can claim for clothing and laundry at tax time...
It pays to know what you can and can't claim when it comes to car expenses at tax time...
The ATO is currently reviewing adherence to certain trustee obligations...
The ATO has released a reminder to tax payers regarding division 293 election...
The ATO has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible.
End of the financial year is an important time for small businesses, completing bookkeeping, tax returns and planning for the new financial year. ..
The ATO has reminded businesses that provide road freight, information technology (‘IT’), security, investigation, or surveillance services that they need to lodge a Taxable payments annual reports (‘TPAR’) each year to tell the ATO about the payments they make to contractors who use an Australian business number (ABN) (even if these services are only part of
The Government handed down the 2019/20 Federal Budget on Tuesday 2 April 2019. Some of the important proposals include: – Increasing and expanding access to the instant asset write-off from 7:30pm (AEDT) on 2 April 2019. (i.e. ‘Budget night’) until 30 June 2020, as follows: Increasing the instant asset write-off threshold from $25,000 to $30,000.
When can you withdraw money from your Super? You can withdraw money from your superannuation when you reach preservation age, which is anywhere between 55-60, depending on when you were born. A key point to note is that the preservation age in increasing to 60 by 2024. Once you have reached the preservation age and
The ATO has noticed some common errors made in activity statements since the introduction of ‘GST at settlement’ on 1 July 2018. These new laws require purchasers to withhold GST on settlement (and pay it to the ATO directly) generally when buying ‘new residential premises’ from developers. In particular, the new ‘GST at settlement’ law does […]
The small business income tax offset (also known as the unincorporated small business tax discount) can reduce the tax you pay by up to $1,000 each year. The offset is worked out on the proportion of tax payable on your business income. To be eligible for the offset, you must be carrying on a small […]
On Tuesday 2 April, the Federal Government handed down its Budget for the 2019-20 financial year. This is the first Budget delivered by Treasurer Josh Frydenberg and will be the final Budget before the next Federal Election. The theme of this year’s Budget is ‘A stronger economy and a secure future’. According to the Treasurer, […]
Single Touch Payroll is a way of sending tax and super information to the Australian Taxation Office (ATO) from your payroll or accounting software each time you pay your employees. What are the changes? Legislation to extend Single Touch Payroll to include employers with 19 or less employees from 1 July 2019 was passed by […]
The rules for claiming deductions for payments to workers are changing. From 1 July 2019, businesses can only claim deductions for certain payments made to workers where they’ve met the Pay As You Go (‘PAYG’) withholding obligation for that payment. Specifically, a business can only claim a deduction for the following payments if it complies […]
Recently the Treasury released a consultation paper proposing changes to the treatment of complying Debit Loans to Shareholders in a Company (Division 7A loans). The recommendation is that the proposed changes will come into effect on 1 July 2019. Division 7A is part of the Income tax Assessment Act 1936 and is intended to prevent […]
The ATO has updated the hourly rate taxpayers can use to determine deductions for home office expenses from 45 cents to 52 cents per hour for individual taxpayers, effective 1 July 2018 (i.e., from the 2019 income year). According to the ATO’s recently updated PS LA 2001/6, individual taxpayers who claim deductions for either work […]
The Government has released a consultation paper with respect to the implementation of the 2018/19 Federal Budget announcement relating to the direct taxation of an individual’s fame or image at their marginal tax rates. The proposed reform aims to ensure that all remuneration (including both cash and non-cash benefits) provided for the commercial exploitation of […]
Choose a schedule which covers all scenarios Capital Gains Tax (CGT) has always been a complicated topic for property investors to understand...
I remember receiving my first pay packet. I rushed home and counted out the total, immediately putting some aside for spending, some for saving and unfortunately, some went to my parents for my first ‘rent’ payment. The act of handing money made me aware of how much I had at all times. The balance each […]
Do a financial health-check of your business January is a good time to check the financial health of your business. Reviewing your financial statements and doing some basic calculations on liquidity, solvency, profitability and return on investment, and comparing these results with previous annual figures and similar businesses in your industry will help you identify […]
What is depreciation? As a building gets older and items within it wear out, they depreciate in value. The Australian Taxation Office (ATO) allows property investors to claim a deduction relating to the building and fixtures it contains. Depreciation can be claimed by any owner of an income producing property. This deduction essentially reduces the […]
The Government has released a consultation paper outlining proposed reforms to ‘simplify’ the loan agreements that are generally required when a shareholder (or their associate) borrows funds (or receives a payment) from a related company. Broadly, where a private company makes a payment or loans funds to a shareholder and/or their associate, the amount will […]
The ATO has recently advised that it will be contacting taxpayers (and tax agents on behalf of their clients) that have been identified as having cars registered in their business name who have not lodged an FBT return. The ATO has reminded businesses that: a car fringe benefit will occur when a business owns or […]
The ATO has extended its data matching program, this time focusing on share data. The ATO will continue to receive share data from ASIC, including details of the price, quantity and time of individual trades dating back to 2014, with more than 500 million records obtained. The ATO will use the information to identify taxpayers […]
The ability to make ‘downsizer contributions’ effectively commenced on 1 July 2018, prompting the ATO to release further guidance with respect to this new superannuation contribution classification. This new measure will be of most assistance for individuals approaching retirement, where they dispose of their family home in an effort to ‘downsize’ and they want to […]
‘Tis the season to be jolly! If you’re involved in the administration of fringe benefits tax (FBT) for your organisation, be sure to plan ahead this festive season. When rewarding employees with gifts or parties at Christmas, FBT may apply. Even if your organisation is exempt from income tax, providing food and drink could constitute […]
If you use your business vehicle for travel between work and home and the business vehicle is available for private use, it is considered a fringe benefit. This will apply to employees and directors. The ATO will be in contact with us, as your tax agent, to check that you are lodging the necessary paperwork. […]
It has never been easier to find lost super! You might not even think it is lost, but if you moved and forgot to update your address on a super fund that an old employer had used, it might be considered lost from the super fund’s perspective. Maybe you’re happily letting a super account grow […]
Does the idea of buying commercial property instead of renting your current business premises appeal to you? Or are you undecided whether to purchase a commercial investment over a residential property for your portfolio? It can be hard to understand the tax depreciation allowances that are available for investors of commercial property over those found […]
As part of the next phase of its drought assistance policy (which includes various other measures), the Government announced that farmers will be able to immediately deduct the cost of fodder storage assets. Previously, these types of assets (such as silos and hay sheds used to store grain and other animal feed storage) were required […]
Legislation has been passed by Parliament to implement the Private Health Insurance (‘PHI’) reforms announced by the Government in October 2017. The measures are designed to simplify PHI and make it more affordable for consumers by improving the value of PHI either in the form of lower premiums and/or improved cover for certain benefits. Of […]
The Government has announced a package of reforms to tackle illegal phoenix behaviour. By way of background, phoenixing occurs when the controllers of a company strip the company’s assets and transfer them to another company, to avoid paying the original company’s debts. The proposed measures will deter and disrupt the core behaviours of phoenix operators […]
Recently issued draft legislation has focused on introducing new measures to manage the growing cash economy (i.e., the ‘black economy’) in light of the Black Economy Taskforce recommendations and recent Federal Budget announcements. Two of these key recommendations are outlined below. Removing tax deductions for PAYG failure The Government is currently considering removing tax deductions […]
The Australian Business Register (ABR) is working with Australian Securities & Investments Commission (ASIC) in preparation for the retirement of trading names. To continue trading under a specific name, you need to register it as a business name. After a business name is successfully registered it will appear on ASIC’s business names register and the […]
Are you an investor who’s heard about the benefits of depreciation and have decided to start claiming? That’s great news for your investment. Claiming depreciation will help you maximise the cash return from your investment property. As a non-cash deduction, depreciation is a quick win for investors and requires minimal effort on the owner’s end. […]
As Tax Time 2018 has ‘kicked off’, the ATO has profiled the five most common mistakes they see, including taxpayers who are: leaving out some of their income (e.g., forgetting a temp or cash job, capital gains on cryptocurrency, or money earned from the sharing economy); claiming deductions for personal expenses (e.g., home to work […]
Single Touch Payroll (STP) officially commenced for larger employers on 1 July 2018, and the ATO has provided some further guidance for affected entities. The ATO is writing to employers who started reporting through STP before 1 July 2018, providing them with information about how their employees’ payment summary for 2017/18 may change with STP, […]
The ATO says the top five mistakes made in individual tax returns are: leaving out some of their income – maybe forgetting a temporary job or money earned from the sharing economy claiming deductions for personal expenses – home to work travel, normal clothes or personal phone calls forgetting to keep receipts or records of their […]
When you think of how much you do online or on your phone, there is always a real threat that there is someone out there trying to find ways to take your hard-earned dollar or steal valuable information. The facts are simple; if you use the internet, there is a good chance your data is […]
The ATO claims that it is committed to supporting small businesses and making it as easy as possible for them to understand and meet their tax obligations at tax time. Consequently, Assistant Commissioner Mathew Umina has some tips to help small business in the lead up to and during tax time, including: keeping up-to-date records, […]
From 1 July 2018, responsibility for the administration of the early release of superannuation benefits on compassionate grounds will be transferred from the Department of Human Services (DHS) to the ATO. Since the ATO is responsible for most of an individual’s interactions with the superannuation system, this change will enable the ATO to build on […]
In the 2017/18 year, minors (under 18 at 30 June) can receive investment income (including trust distributions) of up to $416 without paying tax. Any income earned above this amount is taxed at penalty rates. Income received by a family trust should be allocated amongst the various beneficiaries by 30 June each year and documented […]
The security of your data is under constant attack. These attacks are often creative and hard to identify so it is crucial to be on guard. Here are 12 things you want every employee in your business to know: 1. Passwords Passwords often contain children’s names, pet names, middle names, streets, birthdates and years. Most […]
On Tuesday 8 May, the federal government handed down its Budget for the 2018–19 financial year. This is the third Budget delivered by Treasurer Scott Morrison and is likely to be the final Budget before the next federal election. According to the Treasurer, this year’s Budget measures aim to provide tax relief to ordinary Australians, […]
As we approach the end of the financial year, there are a number of smart strategies you could consider to help you streamline your finances and legitimately save on your tax bill. Insurance premiums Some insurance premiums, such as those for income protection insurance, are generally tax deductible as the proceeds in the event of […]
Employers of 20 or more staff (according to a simple headcount on 1 April 2018) will be required to lodge their payroll figures to the ATO after each payrun from 1 July 2018. This will provide real-time PAYG tax figures to the ATO and remove the need for payment summaries at the end of the […]
Whether it be in your personal or business life most of us require a strong, caring and informed support network around us to guide, help and encourage us. So who do you need on your team and how can they help? When it comes to business and finance there are experts that we can turn […]
Ever wondered why your EOFY tax bill was higher than you expected? It could be because of the Medicare Levy. So what does the levy pay for – and how is it calculated? What is the Medicare Levy? Medicare is Australia’s publicly funded national healthcare system. The federal government funds the system by charging taxpayers […]
Centrelink offers a range of financial benefits to help parents manage the cost of raising kids. And if you’re a single parent, you might even be eligible for additional financial support. This cheat sheet will give you an idea of which benefits you’re entitled to and how much they’re worth. Being a parent is a […]
In a recent case, the Federal Court has agreed with the ATO that ‘ride-sourcing’ (such as that provided using Uber) is ‘taxi travel’ within the meaning of the GST law. The ATO has advised people who are taking up ride-sourcing to earn income should: keep records; have an Australian business number (ABN); register for GST, […]
While most, if not all businesses engage an Accountant to do their Tax Return, Accountants do much much more than this.
The ATO has released a public taxation ruling covering the ATO’s views on the deductibility of expenditure incurred in acquiring, developing, maintaining or modifying a website for use in the carrying on of a business. Importantly, if the expenditure is incurred in maintaining a website, it would be considered ‘revenue’ in nature, and therefore generally […]
The Treasurer has ordered the sale of a further 16 Australian residential properties that have been held by foreign nationals in breach of the foreign investment framework. “The 16 properties were purchased in Victoria, New South Wales, Queensland and Western Australia, with prices ranging from approximately $200,000 to $2 million. “The individuals involved come from […]
In recent years, the ATO has focused on trusts developing and selling properties as part of their normal business...
There are laws protecting consumers from unfair terms in ‘standard form contracts’ where the person has little or no opportunity to negotiate with the business concerned. Businesses use standard form contracts to more efficiently deal with their customers. However, because the business is often in a somewhat superior bargaining position, there are laws in place […]
The ATO has provided the following advice regarding self-managed superannuation funds (SMSFs) applying for an ABN. The guidance is probably most relevant where a person aged over 65, who is not working, wishes to set up a new SMSF and roll over into that SMSF an amount from another fund. If you have any issues, […]
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