Many Australians have chosen to setup a myGov account as part of the Governments program to enable access to various services…..
Small Business Concessions
There are 4 small business concessions available to help offset capital gains made by small business but only if 3 basic conditions are satisfied.
ATO Lodgement Due Dates
We are just about at the end of the 2019 Financial Year and as such we thought we would provide some insight into lodgement due dates.
Pensions
After a lifetime of work, retirement is the reward. If self-funding, retiring before pension age or saving to meet retirement financial goals, you will need to have a strategy in place to ensure your retirement is all that you’d hoped for.
2018-19 ATO Crackdown
Hundreds of thousands of Aussies are expected to receive “please explain” letters this year amid a dramatic escalation in the ATO’s crackdown on the $8.7 billion “tax gap”.
Work-related claims like dry cleaning and car expenses
Back to basics: Franking Accounts, Credits & Dividends
A franking account records the amount of tax paid that a franking entity can pass on to its members/shareholders as a franking credit. Each entity that is, or has ever been, a corporate tax entity has a franking account.
Division 7A Loans – What they are, who they apply to & how to reduce them?
Division 7A is a section of the Tax Act that contains anti-avoidance provisions which are aimed at preventing private company owners and their associates from avoiding dividend taxation by trying to access company profits in another form besides…..
Xero…..the cloud beater
We have been asked by our clients, to share the preferred bookkeeping software recommended to our clients, especially with the fast-approaching mandatory Single Touch Payroll reporting.
Individual tax rates – changes are coming
If re-elected the Liberal party have promised to simplify the current tax levels imposed on individual tax payers. They have also proposed to increase the eligibility for the low-income tax offset. The changes to the low-income tax offset would see taxpayers…..
Self Funded Retirees and super – opposites collide
The Liberal party couldn’t be more opposite to the much-publicised Labor policy in regard to franking credits. Unless you’ve been living under a rock, many self-funded retirees should now be aware of the potential loss of franking…..
