Advice

Advice

 

NEWSFLASH: Single Touch Payroll extended to small employers!

After a long period of uncertainty, the legislation extending the electronic Single Touch Payroll (STP) reporting regime to employers with 19 or fewer employees was agreed to by the Senate on 5 December 2018. There remain some minor amendments to be passed by the House of Representatives but we expect this Bill to become law by the effective date of 1 July 2019.

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Scam warning! Fake ‘ATO’ callers threaten arrest over ‘unpaid tax debts’

We have been alerted to an increased incidence of phone calls from scammers claiming to be Australian Tax Office (‘ATO’) representatives. Whilst this is not a new scam, holiday season is a high risk period and people tend to let their guard down at this time of the year.

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Christmas Parties and Gifts

With the festive season fast approaching it is a good time to revisit the Fringe Benefits Tax (FBT), GST and income tax implications associated with the holiday season, in particular the Christmas functions and gifts that businesses may provide to staff and clients at this time of the year.

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Newsflash: the Government passes the $20,000 asset write-off extension

The legislation extending the $20,000 immediate asset write-off for another year to 30 June 2019 has finally passed both Houses after having been introduced into Parliament in May, following the Federal Budget announcement.

The immediate asset write-off is available for small businesses with aggregated annual turnover under $10 million. Small…

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Travel to inspect residential rental properties

From 1 July 2017, unless one of the exclusions listed below applies, travel expenses incurred in relation to residential rental premises will no longer be deductible, and these expenses will not be added to the cost base of the property for capital gains tax (CGT) purposes either. Effectively, these…

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Changes for foreign residents who own Australian residential property

As part of the package of measures aimed at addressing the housing affordability crisis, the Government also introduced two new measures directed at foreign residents who own Australian residential property.

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Depreciation of plant & equipment in residential rental properties

This change will affect those investors who purchase second-hand residential properties after 7:30 pm on 9 May 2017 by limiting the depreciation they can claim on “previously used” plant and equipment assets (i.e. those already installed on the property at the time of purchase and included in the purchase…

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Downsizing super contributions

One of the ‘housing affordability’ measures that has recently been legislated is the introduction of a new, ‘downsizing’ superannuation contribution type, which allows older Australians to contribute some or all of the proceeds of the sale of their family home to superannuation.

From 1 July 2018, people aged over 65 are able to make an additional…

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