Large Proprietary Company Thresholds to Double

Written by Jayson Palomaria: The financial reporting requirement for large proprietary companies to lodge their annual audited financial reports was introduced back in 1995 aimed at regulating the reporting of financial activities of proprietary companies which have a significant economic influence. The proprietary company reporting threshold contained in section 45A of the Corporations Act 2001, […]

2019 Year End Tips

The 2019 financial year is quickly drawing to a close and we believe it is important that all our clients are informed of changes to the tax system and strategies to potentially reduce costs and taxes. The purpose of this is to make you aware of these important changes however the articles are for general advice and […]

Tax Implications when you dispose of Cryptocurrencies

Written by Emily Baulderstone: Have you been taking part in the cryptocurrency market in recent years? If so, are you aware of the tax consequences of these transactions and what records you need to keep? The ATO have recently announced that they will be collecting data from cryptocurrency digital exchanges and data matching this with […]

Tax Planning 2019

30th June 2019 is rapidly approaching, so now is the time for business owners to talk to their Accountants to look at tax planning.  Tax planning enables taxpayers to consider a range of strategies which could help to effectively manage and plan for their taxation liabilities.   There are some common and simple strategies that […]

2019 Federal Budget Breakdown

On the 2 April 2019, Treasurer Josh Frydenberg handed down his maiden budget. In what was clearly an election year budget, the Treasurer announced significant personal tax cuts to be delivered over the next five years, while simultaneously announcing a forecast budget surplus of $7.1 billion for 2019-20, and a big focus on healthcare, education […]

Private Use of Work Vehicles

Written by Nick Fedele:  During the last Fringe Benefits Tax (FBT) year, the Australian Taxation Office (ATO) released guidance outlining their compliance approach when determining whether the private use of eligible vehicles meet the requirements of the FBT car-related exemptions.  Following public consultation, the ATO further strengthened its position by releasing updated guidance (PCG 2018/3) […]

Reporting obligations of ACNC registered companies to ASIC

Since the introduction of the Australian Charities and Not-for-profits Commission (ACNC) in December 2012 we often receive queries from confused clients on their reporting obligations to other regulators. This is particularly the case for charitable companies limited by guarantee, often made worse by the tiered ACNC financial reporting requirements. A company limited by guarantee is […]

Changes to Payroll Tax from 1 January 2019

From 1 January 2019, businesses with annual taxable Australia wide wages of up to $1.5 million are not required to pay payroll tax, and the payroll tax rate for taxable wages between $1.5 million and $1.7 million will be entitled to a reduced payroll tax rate. For businesses grouped for payroll tax, the $1.5 million […]

ATO target FBT on luxury cars in businesses

We are seeing increased audit activity in regards to the Fringe Benefits Tax treatment of luxury cars held in entities. The ATO has a national special task force accessing registration records of entities to seek out those holding luxury cars. We have been advised by the ATO that entities with one or more high value vehicles are […]

Are You Providing Fringe Benefits?

Written by Sarah Riccio: What is a Fringe Benefit A fringe benefit is a ‘payment’ to an employee provided in a different form to salary or wages. For example, a fringe benefit may be provided when an employer:        allows an employee to use a work car for private purposes        pays an employee’s gym […]