There has been increased ATO audit activity in the small business sector particularly where the ATO has used small business benchmarking. Benchmarks are financial ratios developed […]
The Australian Tax Office (ATO) has issued draft guidelines for the risk assessment and audit selection for professional practices for compliance reviews related to 2014/2015 […]
SMSFs – SuperStream deferral We sent out a newsflash in March this year regarding the new electronic data and payment requirements of the ‘SuperStream’ system to […]
New appointments We are very pleased to announce the appointment of two new members to the Allworths team, Colleen Hosking and Sophia Tong. Colleen joins us […]
SuperStream is a government reform aimed at improving the efficiency of the superannuation system. Under SuperStream, employers must make super contributions on behalf of their employees […]
Christmas The office will officially close on Friday 20 December 2013, and re-open Monday 6 January 2014. We wish all our clients, colleagues and families all […]
Small business (those with an aggregated annual turnover of less than $2 million), have only 4 weeks to take advantage of tax benefits of the “Instant […]
Tax Office reacts to superannuation funds selling assets after entering pension phase The ATO has issued a Draft Taxation Determination (TD 2013/D7) that self managed superannuation […]
Self-education expenses cap delayed The Government has decided to defer the introduction of the $2,000 cap on work related education expense deductions until 1 July 2015. […]
Private Health Insurance Rebate From 1 July 2012 private insurance premiums are income tested to determine entitlements to the private health insurance rebate. As a result, […]
New taxes may soon apply The United Kingdom is introducing legislation that will from April 2013 inflict an annual property tax on foreigners who own UK […]
New Partner We are very pleased to announce that David Downie has been admitted as a partner of Allworths. David has worked in the accounting profession […]
Since our last Viewpoint it has been a largely rural feel for Allworths. Stephen Armstrong and Craig Duncan visited clients in Albury in June. In August, […]
Non-residents with Australian assets need to consider the impact of the Governments announcement in last weeks Federal Budget of the removal of the 50% CGT discount […]
The quarter just ended This has been another busy quarter for the partners and staff of Allworths. In February, Stephen, Mark and Pasandi visited colleagues […]
Amendments to director penalty regime – draft legislation released Draft legislation has been release by David Bradbury, the Assistant Treasurer that will amend the law ostensibly […]
The ATO has flagged four priority areas this tax season where people are making mistakes. The Australian Taxation Office (ATO) has revealed its four areas of […]
Climate change featured heavily during the election and now the Albanese Government is putting into place some of the promises it made. We look at the […]
New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free. We explore who can access the concession and how. Electric vehicles (EVs) […]
By David Downie, Partner What do you want from your business? What do you want from your investments? What do you want from your job or profession? […]
When it comes to selling a business, there are two key components at play: structuring the transaction; and positioning the business to the market. Both elements […]
Clients with self managed superannuation funds (SMSFs) often ask what assets the SMSF can acquire. Why? The golden rule for acquiring assets inside your SMSF is […]
The Government has reinvigorated the 120% skills training and technology costs deduction for small and medium business. An election ago, the 2022-23 Budget proposed a 120% […]