PM launches $17.6 billion virus stimulus plan
The Prime Minister has announced a stimulus plan to curb the economic impact of the coronavirus and keep “Australians in jobs and businesses in business”.
SG amnesty bill passes Parliament
The long-awaited superannuation guarantee amnesty bill has now passed both houses, with employers set to get six months to disclose historical non-compliance before tougher penalties apply.
Government rules out GST changes following ATO report
The government has turned down suggestions that it is considering broadening the GST base, following reports that the ATO had called for GST to be revisited on certain exempt food items. Reports by The Sydney Morning Herald and The Age have suggested that the ATO was calling for the government to reconsider the GST treatment of certain [...]
LRBAs, guarantees in need of review after property market falls
With property markets taking a tumble in recent times, some SMSF clients may need to review the loan arrangements and guarantees they have, particularly where the loan-to-value ratio has significantly dropped, says an industry lawyer. Speaking in a seminar in Sydney, DBA Lawyers director Daniel Butler said the property market has been under some stress recently, and [...]
Biggest personal tax cuts in a decade a priority for Government
Prime Minister Scott Morrison has signalled that getting his tax changes through parliament will be a top priority for his re-elected government. As per Treasurer Josh Frydenberg’s announcement in the April federal budget, the Liberal Party plans on introducing the biggest round of income tax cuts since the era of John Howard and Peter Costello. Headline tax [...]
ATO clears up FAQs about Single Touch Payroll
Ahead of the 1 July deadline for small business to be compliant with the new Single Touch Payroll (STP) regime, the ATO and professionals alike have cleared up some common points of confusion about associated AUSkey and myGov requirements. The ATO’s project lead for STP, John Shepherd, joined a panel of professionals to discuss the [...]
GST reporting: common errors and how to correct them
Some businesses are making simple mistakes reporting their GST. Common GST reporting errors are: transposition and calculation errors – these mistakes often happen when manually entering amounts, so it’s important to double-check all figures and calculations before submitting your BAS; no tax invoice – you must keep tax invoices to be able to claim GST [...]
Victorian Property Valuation Cycle
Valuations of Victorian properties are now undertaken annually instead of every two years. When you review the council rate notices for Victorian properties, the valuation is likely to be higher for Melbourne properties. No so, in the country. Thereafter a benefit to the revenue of each Melbourne based council. Since this change seems to be [...]
Australian Taxation Office (ATO) expects 200,000 to miss out on refunds by failing to lodge
The ATO expects that 200,000 people could miss out on a tax refund this year because they haven’t lodged a tax return. Many salary and wage earners end up with a tax refund, but some are missing out because they fail to lodge on time. Taxpayers had until 31 October to either lodge their own [...]
Australia – toward EOFY 2019
One great source of data about Australia. Become better acquainted with the country we love. An up-to-date snapshot of Australia's vital statistics. Please click on the following link to see all this interesting information. The areas covered are: Overview Markets GDP Labour Prices Money Trade Government Business Consumer Housing Taxes Climate