New laws passed by parliament last month directly target the behaviour of taxpayers that don’t meet their obligations. If taxpayers do not meet their PAYG withholding tax obligations, from 1 July 2019 they will not be able to claim a tax deduction for payments: of salary, wages, commissions, bonuses or allowances to an employee; of…
In January 2019, security interests which were originally registered on the Personal Property Securities Register upon the commencement of the Personal Property Securities Act 2009 (Cth) (PPSA) for a period of seven years will expire. If your business registered seven year security interests on the commencement of the PPSA in January 2012 and the security…
Although tax time 2018 is over, the ATO has warned taxpayers and their agents to remain on high alert for tax scams. Assistant Commissioner Kath Anderson has said scammers are growing increasingly sophisticated and hope to exploit vulnerable people, often using aggressive tactics to swindle people out of their money or personal information. The ATO…
The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades. The ATO is accessing more than 500 million records detailing price, quantity and time of individual trades dating back to 2014. The information complements information that the ATO already holds from brokers, share…
From 1 July 2017, new rules came into effect that prevent taxpayers claiming a deduction for expenses they incur travelling to and from their residential investment property. The Government has restricted travel deductions to curb “widespread abuse around excessive travel expense claims relating to residential investment properties… This will stop residential property investors from using…
For a while now, the Australian Taxation Office (ATO) has been concerned about the tax deductions individuals have been claiming for a whole host of expenses. The latest on their ‘hit list’ are home office expenses. We guide you through what you can and can’t claim if you work from home. Last financial year, 6.7…
The Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2018 has now passed through both houses of Parliament without amendment. The Bill makes changes to the tax law to extend by 12 months the period during which small businesses can access expanded accelerated depreciation rules for assets that cost less than $20,000. The…
Whatever your definition of business success may be, there’s no getting away from the importance of having a firm grasp of your numbers. As simple as it may sound, understanding your numbers generates significant benefits for a business owner, including the ability for you to make the type of strong and well-informed decisions that underpin…
When someone inherits a dwelling there are some special rules contained within the main residence exemption provisions that can provide a full exemption if certain conditions are met. If the conditions are not met, the beneficiary might face a nasty capital gains tax (CGT) bill for their good fortune. In some cases, these conditions require…
Legislation passed by Parliament late last month introduces a new test that will restrict some companies from accessing the lower company tax rate from the 2017-18 financial year. Across a three-year period, the company tax and franking rate changed, then the definition of what is a small business entity changed (from a $2 million to…
The Australian Taxation Office (ATO) has announced a new data-matching program targeting taxpayers earning income from the exploding popularity of short-term rentals available on platforms like Airbnb and Stayz. Utilising information from online platform sharing sites matched to information from financial institutions, the ATO is targeting 190,000 individuals to make sure they have not failed…
Navigating the complexities of business, regulation and legislation is extremely challenging without qualified advice, and this can make a huge difference to how you feel about being in business. If #1 is to understand your numbers and #2 is to develop strategy, #3 is to access qualified business advisory services for the support you need…
The new Labour Licensing Act 2017 (QLD) deadline is 15 June 2018. This broad legislation introduces a mandatory licence scheme: All labour hire providers in Queensland who carry on a business of supplying workers to work for any other person must have applied for a licence before 15 June 2018; and All users of labour…
The 2018-19 Federal Budget announcements were wide-ranging and much of the detail has not yet been released. Announcements include: $20K accelerated depreciation extended until 30 June 2019 for SMEs Introduction of a three-year cycle for SMSF audits for compliant funds Seven year personal tax cut plan For further details, please refer to our concise and…
P+Y offers a number of tax planning solutions designed to cater for your varying needs. As discussed in our earlier article on tax planning, now is the time to put your tax planning strategy in place to ensure you achieve the best outcome possible. Contact us now to arrange your tax planning strategy on (07)…
P+Y offers a number of tax planning solutions designed to cater for your varying needs. As discussed in our earlier article on tax planning, now is the time to put your tax planning strategy in place to ensure you achieve the best outcome possible. Option 1: Trust Basic – Resolution Preparation Each trustee must document…
Let’s be frank, paying more tax than you need to will never make anyone happy. The happiest business owners begin their tax planning in July… at the very beginning of the financial year. However, if that ship has sailed, your next best opportunity is now, at the end of April. With two months left until…
Single Touch Payroll (STP) is a reporting change for employers. Employers will report payments such as salaries and wages, PAYG withholding and super information directly to the ATO from their payroll solution at the time they pay their employees. STP will become mandatory on 1 July 2018 for employers with 20 or more employees. If…
Being happy in business has 3 foundations. Having understood #1 the numbers, you next need the insights necessary for developing #2 strategy for achieving your business and personal goals. Business ownership can be multi-faceted and complex, so #3 accessing qualified business advisory services will deliver the support you need for achieving your business and personal goals. #2 Strategy &…
On 26 February 2018, the Small Business Superannuation Clearing House (SBSCH) service will join the ATO’s online services Business Portal. If you use the SBSCH, important action must be taken prior to 3pm AEDT Monday, 19 February 2018. Read more from the ATO’s News service. We help professionals and enterprising business owners by getting the numbers right, adding strategy and insights to maximise business growth,…
As a business owner, having confidence in your numbers delivers the sense of control and clarity you need for achieving business as well as personal goals. Being happy in business has 3 foundations: #1 is to clearly understanding the numbers, #2 is developing a strategy for achieving your business and personal goals, and #3 is accessing qualified business…
At P+Y Accountants and Business Advisors, we are known for expanding the possibilities for professionals and enterprising business owners. We do this by getting the numbers right, adding strategy and insights to maximise business growth, and consider our clients’ diverse business interests and financial goals to provide specialist advice. We make the positive difference that…
