Overview The 2017 Federal Government Mid-Year Economic and Fiscal Outlook (MYEFO) announced that from 1 July 2017, the Government will allow the ATO to disclose tax […]
Pursuant to the Corporations Act, a creditor that is owed more than $2,000 is eligible to issue a statutory demand against a company requiring it to […]
For every property transaction that you make there may be a GST consequence you need to consider. If you are making transactions involving property you […]
The ATO’s Project DO IT (Disclose Offshore Income Today) offers taxpayers with unreported income from offshore investments, the opportunity to make a full voluntary disclosure. In […]
Recent press coverage of special dividends and capital distributions from some of Australia’s largest listed companies has prompted a range of inquiries from clients who have […]
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. […]
For businesses in Australia, providing fringe benefits to employees can be a valuable way to attract and retain talent, as well as incentivise performance. However, employers […]
As retirement looms, ensuring a comfortable and secure future becomes a top priority for many individuals. One essential aspect of this preparation is maximising superannuation contributions. […]
Strategic planning for businesses ensures resilience and continuity in adversity. While businesses often focus on growth and expansion, preparing for potential disruptions and emergencies that could […]
The Federal Budget was handed down on 14 May 2024, and has outlined a number of changes that impact businesses, tax & superannuation. Instant Asset Write-Off […]
With the latest Budget announcement, the Instant Asset Write-Off extends into another financial year, offering continued benefits for small businesses. Businesses with an aggregated turnover of […]
Another significant announcement arising from the 2024-25 Budget involves integrating superannuation with government-funded parental leave. To bolster Australia’s government-funded Paid Parental Leave (PPL) scheme and enhance […]
The Australian Taxation Office (ATO) is cautioning rental property owners about accurately claiming deductions on their tax returns this year, particularly with regard to maintenance claims. […]
Changes are being made to trust administration as a part of the Modernisation of Trust Administration Systems project, which will impact the way in which you […]