By: Steve Burnham The ATO says that it has “listened to the concerns of small businesses, tax professionals, industry associations and software providers”, and is working towards reducing GST compliance costs for small businesses. “We are reducing the amount of GST information required for the business activity statement (BAS) to simplify GST bookkeeping and reporting […]
By: Steve Burnhum The ATO says that it has “listened to the concerns of small businesses, tax professionals, industry associations and software providers”, and is working towards reducing GST compliance costs for small businesses. “We are reducing the amount of GST information required for the business activity statement (BAS) to simplify GST bookkeeping and reporting […]
By: Thuy Ong Superannuation funds returned average growth around 7.2 per cent in the 2016 calendar year, the fifth positive year in a row, helped by a Santa/Trump rally boost of 2.1 per cent in December, according to a report by independent researcher SuperRatings. The research firm said the gains were made despite concerns about low […]
By: Steve Burnham New research from Roy Morgan has found that in the six months to last November, overall satisfaction with the financial performance of superannuation was 58.4%, unchanged from October but down by 0.9% points over the year. However, only 18.5% of fund members said that they were “very satisfied”, down from 19% a year […]
By: Steve Burnham The changes to the super system, announced by the government in the 2016–17 federal budget, have now been passed by Parliament. Overview of superannuation system changes for SMSFs. As reflected in the name of the legislation, the Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016, these changes were designed to improve […]
By: Steve Burnham Putting your money into bricks and mortar has been a traditional stalwart of investing for generations of Australians, and continues to be viewed as a solid place to park spare cash and build wealth in the long term. For many years a lot of us seem to have heeded the quote attributed […]
By: Steve Burnham Recent legislation has introduced several superannuation rule changes. Among them is a new “transfer balance account”, which each recipient of a superannuation pension will be required to have. In other words, individuals receiving superannuation income stream benefits will need to keep a transfer balance account. The use of “accounts” for tax law purposes […]
By Antony Ting When introducing the draft legislation for the diverted profits or so-called “Google tax”, Federal Treasurer Scott Morrison claimed it would: “reinforce Australia’s position as having amongst the toughest laws in the world to combat corporate tax avoidance.” Australia is the second country to introduce this type of tax, after the UK in April […]
Quick guide for good record keeping… It’s never too late to start a good record keeping system for your business. It’s an important part of being a small business owner and to ensure you’re meeting your tax obligations. Benefits of record keeping While it can be tedious, there are many benefits to keeping good […]
By: Steve Burnham Including a car in a salary package is a popular remuneration arrangement, and doing so as part of a salary sacrifice package will often give rise the a “novated lease”. Costs in operating the vehicle can also be salary sacrificed. This is typically referred to a fully novated lease. A novated lease […]
