side-area-logo

Latest News

ATO’s corporate residency guidance cops backlash

The tax office’s new approach to determining whether entities are resident under the central management and control test has drawn flak from industry bodies, noting technical issues with the guidance and disagreeing with the interpretation of the law.

Continue
ATO dispels top tax time myths to clients as clampdown rolls out

Ahead of one of its biggest deductions crackdowns, the tax office has released a series of common mistakes and misunderstandings taxpayers make at tax time.

Continue
NSW Drought Relief

Recently the NSW Government announced additional assistance for all farmers in NSW to prepare for and manage the current severe drought. Some of the new provisions include: A $250m top

Continue
Guidance for SMSFs on transfer balance reporting

          The Australian Taxation Office has released further guidance on when SMSFs need to report events affecting their members’ transfer balance accounts (by making a transfer

Continue
Salary sacrifice integrity

            Legislation has also been introduced to prevent employers from using an employee’s salary sacrifice contributions to reduce the employer’s own minimum SG contributions. Some

Continue
Understanding the evolution of blockchain and cryptocurrencies

While it’s unlikely that traditional accounting will be replaced by a blockchain method in the near future, accountants should keep a keen eye for any developments and be prepared to deal with new standards in accounting for cryptocurrencies.

Continue
Update to Australia’s vital statistics

        Please click on the following link to see all this interesting information. The areas covered are: Overview Markets GDP Labour Prices Money Trade Government Business Consumer

Continue
Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds

It's that time of the year again!  Use the following Checklists to speed up your tax return and to help ensure all deductions are made.

Continue
Tax Office reveals adventurous, dubious claims ahead of tax time

The ATO has released several case studies of adventurous and misguided expenses claims from taxpayers, but some fear they’re being made an example of because the Tax Office cannot “audit their way out” of a large-scale expenses crackdown.

Continue
ATO reveals top tax time mistakes, set to contact 1 million taxpayers

The ATO will be contacting over one million taxpayers either directly or through their tax agent in the coming months as part of its compliance activity, and have revealed the most common trouble spots for taxpayers at tax time. 

Continue