One national accounting network has tipped that SMSF property investment will be a big-ticket item on the compliance agenda in 2016.
Read MorePrime Minister Malcolm Turnbull has attempted to dispel talks that the government is looking to freeze the superannuation guarantee (SG) rate indefinitely at 9.5 per cent in an attempt to boost the federal budget.
Read MoreAs pressure grows for the Federal Government to scrap the superannuation tax concessions, an international survey found most respondents believed tax breaks on long-term savings and retirement products would encourage them to save more for retirement.
Read MoreEach state has a formula prescribing the proportions that spouses and children will receive. They often prescribe that a spouse will receive the first $100,000, and half to one-third of the balance. The children may receive half to the other two thirds. In Tasmania and New South Wales, the spouse often receives everything.
Read MoreIn November 2015, an amendment passed that protects small businesses from ‘unfair’ terms in standard form contracts.
Read MoreFrom 1 January 2016, if you have moved overseas and have a Higher Education Loan Programme (HELP) or Trade Support Loan (TSL) debt, you will have the same repayment obligations as those who live in Australia. This applies if you already live or intend to move overseas for a total of more than six months in any 12-month period.
Read MoreIf you buy tools, equipment or other assets to help earn your income, you can claim a deduction for some or all of the cost.
Read MoreIdentity crime happens when someone uses a stolen, manipulated, or assumed identity to commit fraud or other crimes. It can involve creating a new identity, false identity, or using stolen information to impersonate someone else.
Read MoreIt's important to understand the potential implications of entering into a salary sacrifice arrangement with your employer.
Read MoreFor income years commencing on or after 1 July 2015, the small business company tax rate has been reduced from 30% to 28.5%.
Read MoreFrom 1 July 2015, small businesses are entitled to certain deductions when starting up a small business. The range of deductible start-up costs includes professional, legal and accounting advice and government fees and charges.
Read MoreFrom 12 May 2015, primary producers can immediately deduct the costs of:
- fencing, previously deducted over a period up to 30 years
- water facilities, previously deducted over three years.
This concession allows you to estimate the value of your trading stock at the end of the financial year to report in your tax return. You will need to record how you estimated the value of your stock, but you don't need to notify us that you have chosen to use an estimate.
Read MoreSmall businesses can immediately deduct the business portion of most assets if they cost less than $20,000 and were purchased between 7:30pm 12 May 2015 and 30 June 2017.
Read MoreSmall businesses have access to a range of tax concessions. This applies to sole traders, partnerships, companies or trusts.
Read MoreFraud can have a devastating impact on any business.
Read MoreBush & Campbell Accountants, along with representatives from Bendigo Bank and Ian McLeod Solicitors, will be presenting topics about Tax and Cashflow, Self Managed Superannuation Funds, Testamentary Trusts and Financial Planning services.
Read MoreFraud can have a devastating impact on any business. While high profile cases of external business fraud regularly hit the headlines, internal fraud is far more common than you might expect.
Read MoreThe following table outlines the GST concessions available to charities (with registered tax concessions), deductible gift recipients and government schools:
Read MoreThe accounting treatment of government funding is largely dependent on the conditions stipulated by each funding provider. A common example is the requirement to acquit all funding in full at the end of each year, with any unspent amounts to be repaid or withheld from the next year’s allocation.
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