Your practice

Relevant and practical knowledge and tools to build your business

Key changes for Tax Time 2016: An overview

The ATO has issued some brief guidance on the key changes and new measures to be aware of when completing tax returns. Some of the changes of note include the tax concessions for small business, changes to gender identifiers, the new tax system for managed investment trusts and increasing access to company losses. Simplified depreciation

[ Read More ]

Attention: BAS agents! An extension of services

Attention: BAS agents! An extension of services. If you are a BAS agent registered with the Tax Practitioners Board (TPB), you should be aware that you can provide services in the areas of FBT, GST/BAS and PAYG. From 1 June 2016, the TPB has now extended the definition of a BAS service to enhance your

[ Read More ]

Tax transactions in technology’s fast lane

Tax transactions in technology’s fast lane The move from lodging on paper to the technology-driven Australian Business Register program is saving an estimated $1.2 billion for the 2015-16 financial year, according to a recent study by accounting firm Deloitte. Commissioned by the ATO, the research study notes that the savings in the five years leading

[ Read More ]

Internal tax documents released — a peek into court interpretations

The ATO has released on its legal database a series of what until recently have been internal ATO documents. Internal tax documents released — a peek into court interpretations The release of these documents in an initiative that the ATO has labelled “interpretation NOW!” and is, according to assistant commissioner Gordon Brysland, “a reinvention initiative

[ Read More ]

Hired a “contractor” who is really an employee? There are consequences

If your business is looking to put on more staff, first of all: congratulations. But secondly, a warning. The engagement status of workers is an important distinction – whether they are employees or independent contractors – and has consequences that can get many employers into unforeseen hot water. Hired a “contractor” who is really an

[ Read More ]