Get up-to-speed on all the latest developments in the financial and accounting industry to help you get ahead.
Our news section is full of useful tips and advice to help you make informed decisions about your financial future.
ATO (Transfer Balance Account Report) TBAR Reporting Requirements
Do you have over 1.6 million per member in your superfund and are over 65? If so then there are new reporting requirements to the ATO for certain events that happen during the year.
Builders, GST and Sales Contracts
From 1 July 2018 there’s been major changes to the way the ATO collect GST from the sale of new homes. If you’re a home builder who constructs and sells new homes, then these changes will have an impact….
What’s in a name?
Do you operate a business that trades under a business name? If you do and you haven’t registered that name, then the new legislation affects you.
Anyone who operates a business knows how valuable a business name can be. Therefore, it makes sense……
Recent changes in the Realm of Liquidation
There have been some major changes recently that may alter the outcome if a business was to enter voluntary administration.
The first change is the introduction of ‘Safe Harbour’. The idea of the new safe harbour provision is to protect the directors of companies that go into……
Australian Residents for Tax Purposes & the Tax Free-Threshold
Most people who come to Australia for a working holiday or visit are not Australian residents. This includes travellers on 417 or 462 visas (such as backpackers). This is because most backpackers, consistent with their visa requirements, do not intend to stay in Australia, but only intend to have a holiday….
What’s New in the Accounting & Taxation World?
Changes, updates and things to know for September 2018 New Education Requirements for Existing & New Advisers There has been a huge reform in regards to the education requirements of existing and new accountants and financial advisers who provide financial advice. Under the new laws…….
Where is my tax refund!?
For some people the wait for their expected tax refund can seem to drag out! Many people are under the impression that once their tax return has been lodged via their tax agent that the refund is immediate, unfortunately this is not the case. We are seeing the ATO take…….
Australian Taxation Office Rulings
As of 1 July 2018, the Commissioner of Taxation has determined that the rate for work-related car expenses to be 68 cents per kilometre. The new rate remains applicable to subsequent income years until such time as the Commissioner determines that it should be varied. This determination applies to…
Did you know…..??
Like you, our clients, Initiative also has to meet specific lodgement targets with the ATO. These targets are reported to us by the ATO and outline our performance for the year. The most important thing to our tax agent status is our clients’…….
Xero Tips & Tricks
Here at initiative we are all about working smarter not harder. One way we do that is by embracing
cloud-based technology, like accounting/bookkeeping software Xero. Here are our top 5 tips……
