The ATO receives around 20,000 reports each year from people who believe their employer has either not paid or underpaid compulsory superannuation guarantee (SG). In 2015-16 the ATO investigated 21,000 cases raising $670 million in SG and penalties.
The issue of Director’s fees often comes up – should we pay directors, how to pay, and if we do pay fees how should they be paid? We answer the common questions for private companies.
Does superannuation offer an avenue to help downsizers and first home savers? The Government seems to think so. Late last month the detail of the housing initiatives announced in the Federal Budget were released for consultation. We explore what’s on offer and the implications.
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.
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.
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:
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!
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.
The 2017 Federal Budget was handed down in Canberra on Tuesday night (9 May) and as always, opinions are mixed about what it means for Australia.
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.
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.
Nearly 12 months ago, LMP's Jon Moller put out the call - help him raise enough money for JDRF Australia and he would don a parachute and jump out of a plane!
Well we are delighted to report that not only did he raise enough to meet the challenge....he raised so much that he was able to convince his wife Rose to join him!
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.
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.
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.
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
Do you have a real understanding of what it means to be a company officeholder? How do you stay compliant, or make sure your company details are up to date and that you’re paying your annual statement on time.
The sly, underhanded activities Australia’s illegal phoenix and tax avoidance schemes are being exposed and systematically shut down by a new alliance that involves the Australian Taxation Office (ATO) and Australian Securities and Investments Commission (ASIC).
Let’s face it, thinking and talking about death and what happens there after can be a pretty morbid affair…but what if you don’t?
LMP are once again excited be supporting the Ultimate Treadmill Challenge in 2016!
The Ultimate Treadmill Challenge started in 2007 when Jane Kilkenny started with 6 treadmills and a dream to raise money for charity. The event sees the treadmills running constantly for 24 hours.