Garnishee orders may bring home the bacon

A garnish is an enhancer, something to dress up a plate – think of a sprig of parsley. A garnishee is something entirely different, although it can enhance an otherwise dire situation for a creditor and bring home the bacon. It’s a third party who is ordered by the court to release money to remedy […]

Why Do you Need to Lodge a Tax Return? 2018

  If any of the following applies to you then you must lodge a tax return. Reason 1 During 2017–18, you were an Australian resident and you: paid tax under the pay as you go (PAYG) withholding or instalment system, or had tax withheld from payments made to you (excluding mining payments). Reason 2 You […]

Prepare for Tax Time

To prepare for tax time, we recommend the following Update your client list – It is important that you undertake regular reviews of your client list to add any new clients and to remove those you no longer represent. Lodging a final return or advising a further return is not necessary does not remove the client […]

5 Ways to Stop Living from Paycheque to Paycheque!

Living from paycheque to paycheque is very overwhelming! It’s a never-ending cycle.  Check out this 5 ways to stop living from paycheque to paycheque! Change the Way you Think about Money Our relationship with money is one of the biggest factors why we continue to live from paycheque to paycheque. This is the first and most crucial […]

Non-commercial losses

 Non-commercial losses at the Commissioner’s discretion Division 35 of ITAA 1997 deals with the non-commercial loss provisions for an individual or partnership in a tax year. Under the Act, an individual can offset their business or partnership loss if it is deemed to be a commercial loss.    For a loss to be a commercial […]

Increased scrutiny for cash businesses

Increased scrutiny for cash businesses The ATO has recently stated that they will be undertaking increased scrutiny for businesses that are “cash only”. This scrutiny may include unannounced visits from field officers. The best course of action to stay clear of the ATO is to stay within the acceptable small business benchmarks. If a business […]

Changes to the PPSR Rules

Changes to the PPSR for your business Recently the federal government introduced legislation which will change the criteria for registering leases on the Personal Property Securities Register. The change will mean that no registration is required unless the lease is for over two years. Also, for leases that are on an indefinite basis, two years […]

Main residence exemption for deceased estates

Extending the two year main residence exemption When Tax Laws Amendment (2011 Measures No 9) Bill 2011 was given royal assent on 21 March 2012, it allowed certain discretions to the Commissioner of Taxation. One such discretion under ITAA 1997 s 118-195 allowed an extension of time for capital gains tax exemption for a dwellings […]

Transfer pricing record-keeping

Transfer pricing record-keeping made simple Companies, trusts and partnerships can simplify their transfer pricing record-keeping requirements if any of following options applies: Small taxpayers with turnover under $25m for the year for their “Australian economic group” (see below) Materiality. Total international related-party dealings represent not more than 2.5% of the total turnover for the Australian […]