ATO Data Matching Program The ATO has advised that it will request and collect records relating to approximately 600,000 individuals  receiving ‘Carer Allowance’ or ‘Carer Allowance Healthcare Card Only’ from the ‘Department of Human Services – Centrelink program’, to ensure that claims for the Dependent (invalid and carer) tax offset are being made correctly.   […]

ATO to target work-related expense claims This year the ATO is paying particular attention to a range of industries and occupations including:  building and construction project managers and supervisors; building and construction labourers; and  sales and marketing managers. The ATO says that it is also looking closely at: overnight travel expense claims; and claims for […]

Update on issues affecting SMSFs ASIC has warned the real estate industry that agents recommending investors use a SMSF to invest in property must ensure they are appropriately licensed to provide such advice. Real estate agents may not realise they are providing ‘financial product advice’ and need an Australian financial services (AFS) licence when making […]

Update on issues affecting SMSFs The breaches most commonly reported to the ATO by SMSF auditors are trustees investing in, or transacting with, related parties in breach of the rules.  This can include providing a loan or other financial assistance to a member or relative, which is prohibited. Further, it is also common when there […]

SMSF compliance level At a compliance level, the ATO says that it is focusing on: engaging with new trustees to ensure they can operate their SMSF and are not seeking illegal early access to their retirement benefits; ensuring that trustees understand their obligations and that, although their tax agent or accountant will assist trustees to […]

Tax changes under the new government The new government has identified 92 announced but still unlegislated and unresolved tax and superannuation changes. Of these, the government stated it will proceed with 18 initiatives, a further three initiatives will be significantly amended, and it will not proceed with seven initiatives.  The remaining announced changes will be […]

Family Business The federal court has today banned Bob Jane (the man) from selling tyres or wheels using his name. This comes after a long running battle with his son Rodney Jane. Bob had successfully ran the company from 1965 – 2011 which is when he had a falling out with his son. This ruling […]

Paid Parental Leave Scheme The Federal government today has released changes to the paid parental leave scheme, which no longer include the employer having to pay the employee their paid parental leave. The current scheme sees the Family Assistance Office pay employers a lump sum of money to then be distributed to the employee in […]

Australian Manufacturing Australian Manufacturing Workers Union has warned that shutting down some of Australia’s car manufacturing sites will cost 50,000 jobs and wipe $21 billion from the Australian economy. The newly elected federal government is vowing to cut $500 million in handouts to the car manufacturing industry, which is leaving the Holden car assembly line […]

Xero Xero is a cloud-based accounting software which has now been dubbed the “Apple of Accounting”. Xero is growing so rapidly that the company signs up to 40 accountants and bookkeepers a week, and if that isn’t enough, the company is now recruiting financial planners in a bid to move $30 million of revenue by […]

Becoming an early bird If you find yourself struggling to get out of bed and off to work every morning then try these tips.   Go to sleep earlier Start your day with some light exercise Switch off your phone and all electronics before hopping into bed Prepare for the day. Have your lunch prepared […]

Tips to beat procrastination Below are a few great tips to beat procrastination and help keep you productive throughout your day. Keep your work space tidy and clutter-free Create a to-do list and prioritise each task on it Set a goal for each day Reduce distractions as much a possible Interested in joining our team? […]

Spending  Rio Tinto will be spending $400 million to grow it iron ore production in the West Australian region of the Pilbara to 360 million Tonnes per annum. This will increase the mine production capacity to more than 60 Million tonnes a year in 2014 – 2017. This expansion is expected to work by boosting […]

Grain Corp Sale The Australian Government has prohibited the sale of Australian agricultural company GrainCorp to US food giant Archer Daniel Midland’s. This is the only rejection out of 131 proposals brought forward by foreign companies that are investing in the Australian marketplace. The Australian treasurer Joe Hockey knocked back the offer of $3.4 Billion […]

Retail Major Retail companies are suggesting to make the most of your online purchases this Christmas, due to the fact that next year you may be paying 10% more for the same item. State government and Australian retailers believe that the federal government will introduce the GST on purchases as low as $20.00, the current […]