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What everyone selling a property valued at $750k or more needs to know

What everyone selling a property valued at $750k or more needs to know

Every vendor selling a property needs to prove that they are a resident of Australia for tax purposes unless they are happy for the purchaser to withhold a 12.5% withholding tax. From 1 July 2017, every individual selling a property with a sale value of $750,000 or more is affected.

The growing issue of Cyber Security for small businesses

The growing issue of Cyber Security for small businesses

Every day we read in the news, hear on the radio, about the growing rate of cyber crime in Australia. From pensioners being targeted to huge corporations being hacked, it appears no one is safe and the threat is becoming more and more sophisticated.

Things to think about this tax time

Things to think about this tax time

It is that time of the year – yep…tax time.

Whilst many of us put off the inevitable, we thought it would be worthwhile pointing out a few things that you should consider when preparing your information for your accountant at tax time:

It's tax time - check out our taxation check lists to make life easier!

It's tax time - check out our taxation check lists to make life easier!

Taxation can be a major cost to you and/or your business. To make your life easier we have provided the following checklists that you can download. For individuals, download and complete the various fields; for businesses, this is a reminder checklist so you can be sure to be organised!

Tax write offs for small business explained

Tax write offs for small business explained

Small business tax write-off measures that were introduced in a previous Federal Budget allowing small businesses with a turnover up to $2million to immediately deduct assets of up to $20,000 per item, instead of having to claim deductions over a number of years has been proposed to be extended until 30 June 2018.  

BEWARE: ASIC email scam the latest to hit your inbox

BEWARE: ASIC email scam the latest to hit your inbox

People are being warned that the latest email scam doing the rounds -claiming to be an email from ASIC around your company details - actually hides malicious malware that paves the way for ransonware to be executed on your computer remotely. 

The proposed increase to small business tax offset

The proposed increase to small business tax offset

You may or may not be aware that the Government announced in the 2016-17 Federal Budget that the small business tax offset rate would incrementally increase from 5% to 16% over a 10 year period.

New options for Small Business GST Reporting

New options for Small Business GST Reporting

Planning to start a small business in 2017? Take note!

From 19 January 19 2017, newly registered small businesses will be provided with the option to report less GST information on a simpler BAS.

Superannuation reform and its impact on you

Superannuation reform and its impact on you

The wide ranging superannuation reforms originally announced in the 2016-17 Federal Budget have passed Parliament.

As the majority of the reforms start from 1 July 2017, it’s important to consider how these might impact on you and whether you need to take any action before then.

Changes to Superannuation from 1 July 2017

Changes to Superannuation from 1 July 2017

In the Federal budget handed down in May 2016, the government heralded significant changes to superannuation that will come into effect from 1 July 2017.

Although the government is still to finalise the exact details, it is a good idea to plan ahead, and to be aware of the major changes that will apply from next year.

Whaling and spear phishing and bank change notice scams. Are you protected?

Whaling and spear phishing and bank change notice scams. Are you protected?

In a recent article that appeared in the itnews.com.au, financial scams have been brought squarely into the spotlight again.

It was reported that in South Australia, police have recently issued a warning to companies after a local business was scammed out of $1.5 million by offshore attackers masquerading as a supplier, having obtained sensitive business information through a targeted phishing campaign

Beware! If the ATO or the Sheriff calls you....it is probably a scam!

Beware! If the ATO or the Sheriff calls you....it is probably a scam!

It’s tax time…..and we all know what that means! Yes, it’s time to get the shoebox out, sort the receipts and get organised for your dreaded tax return.

But the start of a new financial year also tends to bring another issue altogether….scammers who are keen to cash in on peoples confusion and lack of time when it comes to filing their return.

Extension to SuperStream Deadline

Extension to SuperStream Deadline

The Australian Tax Office (ATO) has given small businesses some breathing space by extending the deadline for compliance with the new SuperSteam to October 28 this year.

Foreign Resident Capital Gains Tax Withholding Payments

Foreign Resident Capital Gains Tax Withholding Payments

On 13 May 2013 the Federal government announced that it would introduce a 10% withholding tax on payments made to foreign residents who dispose of certain taxable Australian property. Do you know what this means and does it affect you?

The MyGov Portal and ATO Correspondence

The MyGov Portal and ATO Correspondence

Please be aware that if you have created a MyGov account and linked it to MyTax, the Australian Taxation Office (ATO) has advised that any assessments or other important information will be delivered to your MyGov inbox and not directly to us as it has been in the past.

Super Stream – will your business be compliant by 1 July?

Super Stream – will your business be compliant by 1 July?

SuperStream is a new initiative introduced by the Australian Taxation Office (ATO) designed to standardise processing of superannuation data and payments electronically, allowing the process of employers paying superannuation entitlements to employees more streamlined.