09
Jul 2019
Tax Office priorities for 2019 tax returns
While it’s still keeping a firm eye on work-related expenses, the Australian Taxation Office’s (ATO) top priority this tax year is rental deductions, reveals the ATO assistant commissioner Karen Foat. “We expect to double the number of in-depth audits we conduct to 4500 this year, with a specific focus on over-claimed interest, capital works claimed as repairs, incorrect apportionment of expenses for holiday homes let out to others, and omitted income from
Be sure to keep these common mistakes top of mind as you develop your trust accounting policies and procedures to minimise the possibility of error – the penalties for which can be as severe as losing your licence! 1. Not reconciling daily One of the most common trust accounting mistakes property managers make is not reconciling frequently. You should make sure your accounts are balanced every day if possible, so
Be sure to keep these common mistakes top of mind as you develop your trust accounting policies and procedures to minimise the possibility of error – the penalties for which can be as severe as losing your licence! 1. Not reconciling daily One of the most common trust accounting mistakes property managers make is not reconciling frequently. You should make sure your accounts are balanced every day if possible, so
There is no worse feeling then meeting directors and telling them they have a very large personal liability they never knew about. What follows are question like: “do I lose my home?”, “will I go bankrupt? I have children”, and so on. Unfortunately, I do this too often. Most directors (and professionals) in Australia know very little about director penalty notices (DPNs) and how they operate. Thousands of directors are
A number of employment related monetary thresholds are indexed annually on 1 July. Detailed below is a checklist of the key changes effective from 1 July 2019. Federal Minimum Wage (excluding statutory superannuation) 2018/2019 Financial Year 2019/2020 Financial Year $719.20 per week or $18.93 per hour $740.80 per week or $19.49 per hour Modern Awards Wage increase 2018/2019 Financial Year 2019/2020 Financial Year Increased by 3.5% Increased by 3% High
he term family trust refers to a discretionary trust set up to hold a family’s assets or to conduct a family business. Generally, they are established for asset protection or tax purposes. The importance of Family Trust Elections are explained below under the heading “Family trust elections — a word from the ATO on income distributions”. What is a Family Trust in Australia? An Australian family trust: is generally established by a family member
02
Jul 2019
Minimum wage rises effective 1 July 2019
The Fair Work Commission’s Wage Review Panel handed down its 2018/19 minimum wage review on 30 May, awarding a 3% increase in the minimum wage and in modern award rates of pay effective from 1 July 2019 New national minimum wage The national minimum wage (NMW) will increase to $19.49 per hour or $740.80 per week (previously $18.93 per hour or $719.20 per week), a rise of $21.60 per week.
29
Mar 2019
Single Touch Payroll To Affect All Employers
Single Touch Payroll (also called STP or one touch payroll), is an initiative from the ATO to encourage frequent salary reporting. This means you’ll be required to report salaries and wages, PAYG withholdings, and superannuation, every time you pay your permanent employees. From 1 July 2018, STP became mandatory for employers with 20 or more employees, and from 1 July 2019, all small business owners are required to report their payroll
13
Feb 2019
Fuel tax credit rates have increased
Fuel tax credit rates change regularly. They are indexed twice a year (in February and August), in line with the consumer price index (CPI). Rates may also change in July for fuel used in a heavy vehicle for travelling on public roads. This is due to changes to the road user charge, which is reviewed annually. In July, rates also change due to an annual increase in excise duty rates
13
Feb 2019
Fuel tax credit rates have increased
Fuel tax credit rates change regularly. They are indexed twice a year (in February and August), in line with the consumer price index (CPI). Rates may also change in July for fuel used in a heavy vehicle for travelling on public roads. This is due to changes to the road user charge, which is reviewed annually. In July, rates also change due to an annual increase in excise duty rates