TPB Guide on Conflicts of Interest The Tax Practitioners Board (TPB) has released an information sheet (TPB(I) 19/2014), which provides guidance for registered agents on managing conflicts of interest, which is one of the requirements under Code item 5 of the Code of Professional Conduct (Code), as contained in the TASA. It details the principles, […]
June 2014 Super Update from the ATO
June 2014 Super Update from the ATO On 12 March 2014, new privacy laws came into effect and mainly relate to what we do when we collect personal information. These amendments affect how we collect, store, provide access to and disclose personal information. This includes information that is provided to us from third parties including […]
ATO Encourage Women to Put More Into Super
The ATO is encouraging women to take an active interest in their superannuation to help overcome the retirement savings shortfall many are currently experiencing. Speaking at the Women’s Super Summit, Assistant Commissioner Megan Yong said she wants to encourage women to start thinking about their super. “It’s never too late for women to start learning […]
Australian residents – TFN application
Australian residents – TFN application You can now apply for a TFN at an Australia Post Outlet if you’re an Australian resident and able to attend an interview. There is no fee for lodging a TFN application. If you’re an Australian resident the easiest way to apply for a TFN is to: Complete a form- located here- https://smarteform.com.au/onlineforms/ato/tax-file-number-application-or-enquiry-for-individuals/ Print […]
Mixing Property and Your Self-Managed Super
SMSF Property Rules You can only buy property through your SMSF if you comply with the rules. The property: Must meet the ‘sole purpose test’ of solely providing retirement benefits to fund members Must not be acquired from a related party of a member Must not be lived in by a fund member or any […]
Why We Must All Exercise Great Care With Super At Year End
By Bottrell Group on June 19, 2015 in Australian Tax Office Updates, Hints & Tips, Interesting Articles
Why We Must All Exercise Great Care With Super At Year End This case involves a taxpayer being penalised with excess contributions tax (ECT) because payments that his bookkeeper was supposed to make in the 2009 and 2011 years inadvertently all ended up in the 2010 year. As is often the case with ECT, this […]
ACNC Revokes Status off 392 Charities
ACNC Revokes Status off 392 Charities The Australian Charities and Not-for-profits Commission (ACNC) continues to ‘clean-up’ the national Charity Regiser, today revoking the charity status of 392 charities that the regulator believes are no longer operating. The group of 392 charities were among approximately 56 000 charities transferred to the ACNC from the Australian Tax […]
Pension deeming rates to be lowered
By Bottrell Group on June 19, 2015 in Australian Tax Office Updates, Hints & Tips, Interesting Articles
Pension deeming rates to be lowered The social security deeming rates* will be lowered from 20 March 2015 as follows: the ‘lower deeming rate’ will decrease from 2% to 1.75% for financial investments up to $48,000 for single pensioners and $79,600 for pensioner couples and $39,800 for each member of a couple; and the ‘upper deeming […]
Deductibility of a Working with Children Check
Deductibility of a Working with Children Check The requirement for people to obtain a Working with Children check will be introduced in NSW and exists in many other states. When is the cost of a working with children check deductible? Where the cost of working with children check application is borne by an employee, the […]
ATO’s Administration of valuation matters
ATO’s Administration of valuation matters The Assistant Treasurer, the Honourable Josh Frydenberg, today released the Inspector-General of Taxation’s Review into the Australian Taxation Office’s (ATO) administration of valuation matters. Valuation requirements have been an area of ongoing concern for taxpayers. The Inspector-General has identified inherent difficulties associated with the nature and associated costs of valuations. […]
Small Business Company Tax Cut to Go Ahead
Small Business Company Tax Cut to Go Ahead The Prime Minister announced that the government is currently working on a small business and jobs package, and that at the heart of this package was a small business company tax cut from 1 July 2015 which was “at least as big as the 1.5% already flagged”. […]
Employee share schemes Explained
Employee share schemes Explained Employee share schemes are made for employees. Alternatively they are called employee share purchase plans or employee equity schemes. These share schemes let employees buy shares in their companies. Employee share schemes can sometimes let employees buy shares via employer loans, salary sacrifice over a period of six months or dividends […]
Why is A Business Cash Flow Important?
Why is A Business Cash Flow Important? A small business cash flow determines its future. If the business has enough cash it will thrive, if it does not have cash it will collapse. A cash flow statement shows the exact amount you are making. Cash on hand can let you do the following; Pay your […]
Business Plan Advice – Key Benefits and How to Make it
Business Plan Advice – Key Benefits and How to Make it A business plan is a key document to have before starting a business. It can help you measure performance in future and get funding from banks and other sources. It has many other advantages that are listed as shown below: • A business plan […]
Staff Appraisals – 4 Hints for Success
Staff Appraisals – 4 Hints for Success KPIs, performance reviews and appraisals help employees know how they have been doing and what further development or training they need to do to improve. Reviews should be available to all staff. Use the performance and development agreement plan to outline your employee’s expected performance standards and goals […]
