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ATO’S $13,200 FINE FACING COMPANY DIRECTORS

The deadline to have a Director ID is 30th November 2022. Please apply for it URGENTLY to avoid the hefty penalties. It is free to apply and obtain a Director ID. The quickest way to lodge an application is online using the myGovID app. See and follow the link: https://www.abrs.gov.au/director-identification-number/apply-director-identification-number Remember that the website tend…

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Why Am I Paying Medicare Levy Excess

We recently got asked this question by a client who wanted to understand Private Health Insurance (PHI) and the Medicare Levy. Let us take it back to basics. Medicare levy Most Australians pay the Medicare levy of 2% of their taxable income as part of their tax to help fund some of Australia’s public health…

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ATO extends simplified working from home deductions

The ATO has extended its temporary arrangements to enable employees to use a simplified method of calculating deduction for working from home.   Maja Garaca Djurdjevic October 02, 2020 Employees working from home as a result of the COVID pandemic can continue to claim a rate of 80 cents per hour by keeping a record of the number…

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COVID-19 Australian Bank Assistance

Darren Stacey , National Leader, Finance Solutions Executive Director, Debt Advisory BDO Australia Given the significant market disruptions now becoming apparent across the country, the major Australian banks have announced how they will assist their impacted business customers. While many individuals are rightly focussing on the health and wellbeing of their own family, the impacts on…

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Government Stimulus Plan In Response To COVID 19 Including Tax Measures

On 12 March 2020, the Australian Government announced its economic response to the coronavirus (COVID-19). The ATO also released a series of administrative concessions for taxpayers. The Federal Government has announced a further $66 billion package not listed here. Tax incentives for business investment Instant asset write- off Depreciation Rebate Subsidies Increased threshold from $30,000 to $150,000 Accelerated depreciation to…

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Your Business Survival Checklist for Covid 19, Coronavirus

We live in unprecedented times physically, socially and as businesses: financially and economically. We are phasing an unknown enemy: COVID-19 and how your business will adapt and emerge at the end of this turmoil is tied up to your response, leadership and planning in the time you have NOW. Below are some of the strategies…

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TAX AGENT IMPERSONATORS CONNING VICTIMS TO PAY FAKE DEBTS

TAX AGENT IMPERSONATORS CONNING VICTIMS TO PAY FAKE DEBTS By Emma Koehn (Fairfax Media) Tax agents are being forced to fight fraudsters who are impersonating  tax professionals to con victims into paying fake debts. The Australian Taxation Office advised tax agents this week to inform their clients that scammers may be trying to spoof them. In a…

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TAX-EFFECTIVE INVESTMENT BONDS

Most investors consider superannuation for long term tax-effective savings and despite all the changes over the years, maximising the superannuation rules is paramount in all client’s retirement plans. Both the Government and the Opposition are now targeting its concessions in this area and have placed limits on wealth creation and estate planning in superannuation. Investors…

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INHERITANCE, CENTRELINK AND WILLS

By the pure nature of it, receiving an inheritance tends to come at a time when we are grieving, and at this distressing time, we need to understand whether the inheritance itself impacts a Centrelink aged pension benefit. The key to this is the size of the inheritance, and is dependent on one’s existing wealth…

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Do you import goods worth A$1,000 or less?

Do you import goods worth A$1,000 or less?   From 1 July 2018 overseas businesses that meet the GST registration threshold of A$75,000 will need to charge GST on goods that are: less than A$1,000 (low value) imported into Australia not GST-free (such as most basic food, alcohol, tobacco, or tobacco products). How will this…

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THE AUSTRALIAN DOLLAR JUST FELL TO ITS LOWEST LEVEL IN 2018

Selling the Australian dollar one indicator that expresses a view the world is a riskier place today than it was yesterday. Judging by the heavy selling over the past few months this is currently the case. In mid-June 2018 the Australian dollar was trading at around its lowest level in more than a year, falling…

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More Australians entitled to payments from July 2018

In March, July and September of each year, the federal government changes the rules for claiming the Age usually for the better! Currently, the Age Pension income test thresholds and the Age Pension assets test thresholds are adjusted three times a year in line with increases in the Consumer Price Index. Effective from 1 July…

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Are You A Company Director?

Most people do not realise that they can potentially be held personally liable for the debts of their company during the time they are directors – even if they are silent directors, or later leave the company. That’s why it is important to know your responsibilities and obligations as a company director.

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SMEs Protecting Against Online Scams & Cyber-Attacks

SME owners must not overlook cyber security since they are vulnerable to the same scams and cyber-attacks that prey on individuals. SMEs may suffer severe ramifications from a significant security breach, which may even hamper businesses’ ability to continue operating.

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