In an effort to drive innovation, the Australian Government offers an R&D tax incentive to companies who invest in research and development (R&D). However, according to a recent submission by CPA Australia, only 11,935 companies out of 1 million corporate taxpayers, claimed R&D tax offsets in the 2016 – 17 financial year. Based on their…
As a business owner, you could be liable for fringe benefits tax by providing benefits to your employees, or even to yourself. While this is one of the best ways to reward and acknowledge their contributions to your business, if you’re going to provide fringe benefits to your staff or yourself, there’s some vital information…
With claims that the 2020-21 federal budget is the most significant budget in decades, it’s crucial to understand how it will affect you and where you can save. This year’s budget has a heavy focus on encouraging spending on multiple levels, as well as a range of tax-related measures that will affect not only businesses…
The ATO has announced that it will be actively reviewing entitlements by conducting cashflow boost audits and JobKeeper audits. At our accounting firm, we’ve seen this happen with several clients despite meeting eligible obligations, which has signalled that the ATO is very stringent on businesses meeting their obligations to receive the cashflow boost. Using Single…
JobKeeper audits will form a big focus for the ATO as JobKeeper 1.0 comes to an end. The ATO has assigned 3,000 staff to the review process of JobKeeper and Cashflow Boost with many accountants (including ourselves) expecting there to be some significant requests to prove eligibility for the program further. As the Federal Government…
Family trust benefits can have significant positive impacts on your family group finances for some individual situations. In the most recent study on trusts by RMIT University, it was reported that there were nearly 850,000 trusts during the 2015 – 16 financial year in Australia – that’s one trust for every 29 people at the…
So, you may have recently switched accountants, or you may have just started a new business venture. Perhaps you’ve just figured that you should start taking advantage of the fact that you have an accountant and you need to get your business affairs in order. Choosing the right questions to ask your accountant can be…
Understanding how to calculate capital gains tax is incredibly useful in all stages of owning an asset whether it’s looking to purchase and disposing an asset and figuring out how long you are looking to hold onto the asset for. This because capital gains tax calculations factor in many of these factors to determine if…
Updated: 14 July 2020 If you’re a sole trader or in a partnership, you’re likely assessing Pty Ltd Company advantages and whether setting up a Pty Ltd Company would be suitable for your situation. Many clients ask me why they should set up a Pty Ltd company. The answer to that is – it depends….
So you or your accountant has been notified that an ATO review and/or an ATO audit will take place on your tax return. What do you do? Facing an ATO audit is unwelcome scrutiny that no taxpayers would like to be subjected to. Not only that, they can wind up costing you a significant amount…
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