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The Federal Budget. There have been many strong opinions shared as to whether or not it is good for the economy and every day Australians. In Summary, the good out weighs the bad. There has been much hype and spin about what this year’s Federal Budget was and wasn’t going to contain and how measures…
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The National Commission of Audit has been released with 64 recommendations having been put to the Government. Debate will rage in the media and social media about the strengths and weaknesses of the recommendations. We would like to hear your thoughts Recommendations we like include: Putting more money aside to fund currently unfunded future government…
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The ATO is implementing a new standard for how employers communicate with superannuation funds. The aim is to simplify the process but is it really simpler? Depending on the size of your business, from either 1 July 2014 or 1 July 2015, how you communication with superannuation funds to make contributions on behalf of your…
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What’s up with America? We’ll try and make some sense of it for you. In short, most countries have a limit to which their government is able to borrow without permission from the parliament. When the limit is reached it needs to be increased by the parliament or the government needs to reduce its spending.…
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Thinking of buying a car in a company or salary packaging? The Prime Minister has today announced changes which if ever passed into law would effectively mean for many this legitimate planning strategy and business management strategy is near useless. Our advice is not to buy non-commercial vehicles via a company and/or trust until this…
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There appears to be a feeling amongst Australians that we are taxed far too much and that our tax rates do not allow enough reward for effort and encouragement to increase our incomes. Is this really right? There is more than enough economic data released around the world showing that our tax rates are significantly…
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The Federal Government has introduced legislation designed to strengthen Director’s obligations to protect Government revenue and worker’s entitlements. Currently, the ATO is able to issue a Director Penalty Notice to directors of a company if there are outstanding PAYG Withholding obligations for an extended period of time. This works by the ATO sending a notice…
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At this time of year one of the things foremost on the minds of business owners and managers is “What can I do before 30 June to save tax”? To answer this we have compiled a list of five (5) simple things every business can do. Before making any decision to follow these tips, please…
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Last night saw the Federal Treasurer hand down this year’s Federal Budget. There will be lots of dicussion throughout the media as to who are the winners and losers and what it all means but what are the key points? The standard work-related expenses deduction which was announced 2 years ago will not proceed. It…
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At the end of June and early July the ATO wrote to those taxpayers they believe to be exempt from the flood levy. The letters served two (2) purposes: to let people know they are exempt from the levy provide information as to how to let your employer know if you are exempt The flood…
