Hot Election Topic explained – Franking Credits Proposal What is the proposal? The House of Representatives Standing Committee on economics has announced an inquiry in the implications of removing refundable franking credits. The inquiry is going to report on the use of franking credits and who franking credits support and who would be impacted if
Merry Christmas – Staff Bonuses If you are considering paying your staff a bonus before Christmas keep in mind tax on the bonus will need to be calculated manually. If you allow your software to calculate the tax it won’t be able to differentiate between a bonus and weekly wage, hence the need to calculate
Australian Taxation Office Text Messages Over the last week we have been contacted by some concerned clients who have received ATO text messages. The ATO recently advised they will contact taxpayers via text message for overdue form lodgements or overdue payments of GST or Income Tax. However, the ATO will never ask you to respond via
With the banking review performed in March 2018 Lending rules have tightened. As part of this if any of you are considering applying for finance keep the below in mind: Finance applications are not being approved as quickly as they have been historically; Current financial information is required, this means current year tax returns and
Over the years we have witnessed first-hand what can happen when a client’s Estate Plan hasn’t been structured correctly. We think it’s important to preserve the Family Wealth and pass assets onto future generations, below are 5 key points to think about and act on.
When Benjamin Franklin said that the only things certain in life were “death and taxes” most people didn’t consider that they may be closely linked. But problems with taxes can lead to the death of your small business unless you take steps to keep the taxman off your back.
In order to claim superannuation contributions as a tax deduction your payment to super has to be made and cleared within the superannuation fund by 30th June 2018.
Over the years the Australian Taxation Office have continued to wise up and reduce or completely remove previously available deductions. Years ago when year end approached it was a crazy shuffle of money, cheques and paperwork. The Australian Taxation Office has sealed a lot of the old cracks, but there are still a few legitimate