Happy New Year – Important Information.
As another financial year has come to a close, there are some important matters that should be addressed sooner rather than later.
To take the guesswork out of it, we’ve compiled a list of things you may need to action during July 2016. Full Article
Accessing Global Markets
We would like to take this opportunity to thank our clients, associates and Guest Presenters for attendance at our recent Seminar on Accessing Global Markets. We appreciate your time and the wealth of knowledge that came out of the event.
Please see below a copy of the presentation from the night, we also encourage you to visit EFIC and Austrade Websites for further information.
Blog – New Restructuring for Businesses
From 1st July 2016 small businesses, defined as those with a turnover under $2m in the prior year, current year, or following year, have a new tax rollover available when restructuring. Should the Turnbull government be able to get key parts of their budget passed by Parliament qualification for this rollover increases to $10m turnover entities. Known as the “Small Business Restructure Roll-over”, it allows the transfer of assets used in connection with business from one entity-type to another without triggering the usual capital gains tax implications.
Whilst there are existing rollovers and small business CGT concessions, these aren’t always accessible and don’t always create the desired outcome.
To view the full article click here.
The Challenges of being an employer can be a Minefield – An article from Employsure
Most workplace issues occur due to employers not knowing their obligations. As an employer, you are responsible for ensuring your employees receive their correct entitlements under Australia’s workplace legislation.
Navigating workplace regulations can be confusing, with many employers wanting to do the right thing, but unsure how. The main causes of employer headaches often come from trying to make heads or tails of the minimum wage they are required to pay their employees. With the Fair Work Commission’s minimum wage increase coming into effect from the first pay period after 1 July 2016, even more employers are left scratching their heads. Full Article
Tax Time 2016: Take Care with Work and Rental Property Claims
Tax time is upon us again! The ATO is encouraging people to check which work-related expenses they are entitled to claim as deductions and make sure they understand what records they need to keep. Full Article
ATO Powers in Response to SMSF Contraventions
Trustees of SMSFs (self-managed super funds) should be aware of the range of treatments available to the ATO for potential contraventions of the superannuation law. The remedies aim to be proportional to the misconduct. Trustees should also be aware that the ATO may rank SMSFs for compliance risk based on auditor contraventions reports. Full Article
Ten Simple Techniques to Enhance Profits
Boosting pre-tax profit just ten percent could have a significant effect on your company’s earnings. And it may not be that difficult to do. Here is a list of ten ways to help cut costs, change procedures and watch your business’s profits grow. The list is based on the concept that tweaking small expenses can add up to large savings. Full Article
Disclaimer of Liability
Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.