ATO warns partnerships ATO warns partnerships The ATO is reviewing arrangements where a purported partnership with a private company partner is used to enable individuals to access business profits without paying top-up income tax at their marginal rates of tax. According to Deputy Commissioner Michael Cranston: “We’re seeing contrived arrangements where business profits are claimed […]
Increase ‘small lost threshold’ for super
By Bottrell Group on January 29, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, Motivation, The Bottrell Office
Increase ‘small lost threshold’ for super The superannuation (Unclaimed Money and Lost Members) Act 1999 was recently amended* so that, from 31 December 2015, the small lost threshold for super accounts is increasing from $2, 000 to $4, 000. (*) Amended by the tax and superannuation laws amendment (2015 Measures No. 4) Act 2015, which […]
ATO’s Visa Data Matching Program
By Bottrell Group on January 29, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, Motivation, The Bottrell Office
ATO’s Visa Data Matching Program The Department of Immigration and Border Protection will provide the ATO with names, addresses and other details of visa holder, their sponsors and migration agents for the 2013/14 to 2016/17 financial years. The data items that will be provided are: Address and contact history for applicants and sponsors; All visa […]
Security flaw identified
By Bottrell Group on January 29, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, Motivation, The Bottrell Office, Uncategorized
Security flaw identified Security flaw identified Editor: A serious security flaw was recently identified in how the ATO’s online services connect with myGov. Apparently it had something to do with ‘cookies’ in electronic ATO documents that did not expire, meaning the next user of that device who logged into myGov and clicked on a link […]
Claiming website costs
By Bottrell Group on January 29, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, Motivation, The Bottrell Office
Claiming website costs Editor: The ATO is currently developing a public ruling on the deductibility of website development costs. In the meantime, it has provided the following guidance on its website. If a taxpayer incurs expenses creating or maintaining a website for their business, they may be able to claim the coasts as a deduction. […]
Recent advice regarding LRBAs and SMSFs
By Bottrell Group on January 29, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, Motivation, The Bottrell Office, Uncategorized
advice LRBAs SMSFs advice LRBAs SMSFs In a recent meeting of the Superannuation Industry Relationship Network (involving the ATO and others in the industry), it has been reported that the ATO wants all SMSFs with non-commercial related party limited recourse borrowing arrangements (LRBAs) to put them on arm’s length terms as soon as possible, and […]
Accountant jail time
By Bottrell Group on January 29, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, Motivation, Social Media, The Bottrell Office
Accountant jail time Accountant jail time A Sydney accountant has been convicted and sentenced for his role in advising a client on how to hide funds offshore with entities in Hong Kong and Switzerland, resulting in $4.5 million in tax being avoided. He was sentenced to two years’ imprisonment to be released forthwith upon entering […]
Foreign investors: Changes to rules for property investment
By Bottrell Group on January 29, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, Motivation, The Bottrell Office
Foreign investors: Changes to rules for property investment Foreign investors: Changes to rules for property investment Under proposed changes to Australia’s foreign investment rules (anticipated to start on 1 December 2015), foreign investors (including temporary and non-residents) who invested, or plan to invest, in real estate may need to notify the ATO by certain […]
ASIC wins
By Bottrell Group on January 29, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, Motivation, Uncategorized
ASIC wins ASIC wins Editor: ASIC has recently had two wins for different reasons, against companies inappropriately providing services to SMSF’s and their trustees. Property spruiker found to have provided unlawful advice Following ASIC action, the Supreme Court of NSW found that Park Trent Properties Group Pty Ltd (Park Trent) had been unlawfully carrying on […]
Finding client’s correspondence
By Bottrell Group on January 29, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, Motivation, The Bottrell Office
Finding client’s correspondence Finding client’s correspondence Editor: The ATO has asked that we (and other professional association) share the following information, regarding their recently published guide on “Finding your client’s correspondence”. This is no doubt thanks to the angst we (and others) have been passing on to them regarding how difficult it has become to keep […]
Declaration for tax and BAS agents
By Bottrell Group on January 29, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, Motivation, Uncategorized
Declaration for tax and BAS agents The Tax Practitioners Board (TPB) has advised that, from 2016, registered tax and BAS agents will need to complete an annual declaration with the TPB to demonstrate they are meeting their ongoing registration requirements. “Registered tax and BAS agents must submit an annual declaration to the TPB on the […]
Retail Express Xero Add-on
By Bottrell Group on January 28, 2016 in Hints & Tips, Interesting Articles, Motivation, Social Media, The Bottrell Office, Uncategorized
Retail Express Xero Add-on Retail Express is retail management software with a focus on point of sale and stock control that allows you to grow your business faster by delivering real-time access to all operational and financial data right across the business. Utilising cloud computing, every aspect of the business is able to be controlled. […]
Entryless Xero Add-on
By Bottrell Group on January 28, 2016 in Hints & Tips, Interesting Articles, Motivation, The Bottrell Office, Uncategorized
Entryless Xero Add-on Entryless is bills and expenses management software that allows automatic and fast processing of bills to the general ledger as soon bills are submitted. With speed, accuracy and simplicity, Entryless allows you to focus on their operations rather than accounting tasks. All bills are entered in an easy-to-use platform where they are […]
Younger Boss
Younger Boss IT’S QUALITY OVER QUANTITY What to do when your boss is younger than you Age is like a good wine – quality is more important than the quantity. You’d rather enjoy a perfectly balanced cabernet sauvignon over a dozen cheap and nasties. Let’s take that same adage and apply it to the age […]
Emotional Intelligence
By Bottrell Group on January 28, 2016 in Hints & Tips, Interesting Articles, Motivation, The Bottrell Office, Uncategorized
Emotional Intelligence WE ALL JUST NEED TO GET ALONG The Importance of Emotional Intelligence in the Workplace At the heart of any successful business is a team of great people. People who are individually great, but once united as a team – are a force to be reckoned with. Think of any great brand you […]
