NEWS

Click on the link below to view our November Newsletter.

How taxable is that side hustle?
The black hole of CGT and trusts
What we know so far about payday super
What tax receipts do i need to keep?
Super parental leave pay is now law

Click on the link below to view our October Newsletter.

Making contributions later in life
What is the right business structure?
Selling a property with mixed rental and residential use
Comparing SMSFs with other super funds
The dangers of failing to declare income or lodge returns

Click on the link below to view our September Newsletter.

Who is a spouse under the tax laws, and why does it matter?
Riding the market waves
Take care if you sell your home after leaving Australia!
Separation and divorce; CGT consequences...and relief
Setting up an SMSF - Who can join the fund?
"Debt recycling" ...flavour of the month

Click on the link below to view our August Newsletter.

The importance of "Tax Residency"
Changes to preservation age
CGT & foreign residents: Complex rules apply!
Selling a small business operated through a company. Sell the shares or sell the assets?
Spouse contributions splitting
Breaking up (by text) is hard to do
Small business energy incentive

Click on the link below to view our July Newsletter.

Division 293 tax: Will you be caught?
The fine line between property development and "merely realising an asset"
The CGT main residence exemption concessions are very useful
The secret life of TFNs
Can I add super to my pension?

To make sure you don't miss any vital fringe benefits tax items, here is a comprehensive checklist.

Click on the link below to view our FBT Checklist.

FBT is separate from income tax.
A fringe benefit is a 'payment' to an employee, but in a different form to salary or wages.
It is a tax paid on certain benefits provided to employees or employees' associates, because of the employee's employment. Employees' associates are typically their family members.

Click on the link below to view our June Newsletter.

Making your super last in retirement
Personal services income explained
What's not considered "income" by the ATO?
Don't lose your super to scammers
On-boarding new employees

Click on the link below to view our Newsletter outlining the new

Federal Budget for 2024 - 2025

The Federal Budget for 2024-25 was handed down on Tuesday 14 May 2024. It contains a range of proposed measures across the areas of income tax, superannuation, tax administration and related cost of living measures:

Instant asset write-off threshold of $20,000 extended
CGT changes for foreign residents
No extensions for training and energy efficiency boosts
ATO discretion not to offset old tax debts on hold
Refund frauds and likely delays in processing BAS refunds
Student loans repayments to be reduced
Super to be paid on paid parental leave
Social security deeming rates frozen
Flexibility for carer payment recipients
Eligibility for higher rate of Jobseeker payment extended
Commonwealth Rent Assistance increase
Lower foreign investment fee for build-to-rent properties

Click on the link below to view our May Newsletter.

Selling your home? Beware of a partial capital gains tax liability!
Take care with contribution timing this financial year
Rental properties: Traps and pitfalls
Succession planning for family businesses
How myGov can help you track your super

Click on the link below to view our April Newsletter.

Six super strategies to consider before 30 June
Important tax residency issues to consider
Family companies and the many tax traps
Selling your home to a developer? Beware the tax consequences!
The tax treatment of compensation payments can be tricky
Mortgage vs super: Where should I put my extra cash?

Click on the link below to view our March Newsletter.

Stage 3 tax cuts: A tax saving opportunity?
Don't forget the CGT small business rollover
Super contribution caps to increase on 1 July
Briefing a barrister

Click on the link below to view our February Newsletter.

Compensation from your bank or financial institution - is it taxable?
Tax issues when dealing with volunteers
Collectables - and inherited jewellery
Using super to pay the mortgage
Returning to work after retirement

Click on the link below to view our December Newsletter.

Give yourself a super gift this Christmas
Lost or destroyed tax records? Don't panic!
Taken goods for private use? Here's the latest values
Two "main residences" is possible
Don't ignore those tax debts: the ATO won't!
The taxation of super death benefits

Click on the link below to view our November Newsletter.

Who can I nominate as my super beneficiary?
Who is a resident for tax purposes?
When two bonuses are not enough... Introducing the Energy Incentive!
Qualifying as an interdependent or financial dependant
How to nominate a superannuation beneficiary

Click on the link below to view our October Newsletter.

How to reduce your income tax bill using superannuation
Changes to unfair contract terms laws. What businesses need to know
Property developers - and would-be ones - beware!
Small business skills and training boost
Don't overlook the CGT small business roll-over concession
Are you eligible to make a personal deductible contribution?

Click on the link below to view our September Newsletter.

Thought of registering a trademark for your new business?
Self-education: when is it deductible?
Avoid schemes targeting SMSFs
Discounting your capital gain
Appointing an SMSF auditor
Costs of a caravan/motor home for work-related travel

Click on the link below to view our August Newsletter.

Trusts - are they still worth it?
Tax Time: Unexpected first-time debts
Gifting to employees
SMSFs & higher interest rates
R&D reminder
Super withdrawal options

Click on the link below to view our July Newsletter.

Super guarantee increases to 11%
Superannuation and the right to delegate
Time for a restructure?
Fair Work changes
Small business lodgement amnesty
Work-related car expenses updated

Click on the link below to view our June Newsletter.

ATO Tax Time focus areas
Super pensions and the Commonwealth Seniors Health Card
Generous depreciation in its final days
Do you have a side-hustle?
What are the types of super funds you can contribute to?
Maximising cashflow

Click on the link below to view our Newsletter outlining the new

Federal Budget for 2023 - 2024

The federal budget, handed down last night, contained a number of tax, superannuation, and social security/cost of living proposals that may impact your clients including:

The end of temporary full expensing
Small business energy initiative
Crackdown on unpaid tax and superannuation
No change to stage 3 tax cuts
Confirmation of an extra 15% tax on super ‘earnings’ for account balances above $3 million
Pay day superannuation guarantee
Boost to Centrelink payments

….and more

Click on the link below to view our May Newsletter.

Temporary Full Expensing: get in quick!
How to claim an early tax deduction on SG contributions
Federal Budget - what to watch out for
Financing motor vehicles
Upcoming trust distribution strategies - latest developments
New reporting arrangements for SMSFs from 1 July 2023

Click on the link below to view our April Newsletter.

Trust distribution landscape now more settled
Proposed tax on $3m super balances
FBT exemption for electric vehicles
Reducing the risk of crypto scams
Fending off GST audits
Lost super

Click on the link below to view our March Newsletter.

New work from home record keeping requirements
FBT and car logbooks
Legislating the purpose of superannuation
Crystalising capital losses
Super teething issues
PAYG instalment variations

Click on the link below to view our February Newsletter.

Missed the Director ID Deadline?
ATO new-year resolutions
Reduction in downsizer eligibility age
The importance of cash flow forecasts
Can you use your SMSF property upon retirement?
ATO finalises Section 100A guidance for Family Trusts

Click on the link below to view our November Newsletter.

Federal Budget 2022 - 23
Director ID... last ditch awareness campaign!
Rental expenses in excess of income not deductible
Do I have to pay myself super as a business owner?
Protecting your au domain name

Click on the link below to view our October Newsletter.

Director Identification Numbers... time is running out
Bridging the super gender gap
Optus data breach
Claiming business losses
SMSF member obligations

Click on the link below to view our September Newsletter.

The tax consequences of land subdivision
Hiring employees
Super funds post lowest returns since GFC
eInvoicing: Save time and money
Estate Planning Explained
Insurance: Inside or outside super?

Click on the link below to view the 2022 - 2023 Lodgement Rates and Thresholds.

This guide includes tax rates, including individual minor and non-resident rates, ETP's and redundancies, corporate rates, offset limits and benchmarks, rebate levels, allowances and essential super as well as FBT rates and thresholds (including current gross-up factors).

There is also essential Medicare information and foreign currency exchange information.

Click on the link below to view our August Newsletter.

ATO focus on rental property income and deductions
COVID-19 relief for SMSF trustees now at an end
Wash sale arrangements under scrutiny
GST Health Check
Your super comparison tool
Switching home loans

Click on the link below to view our July Newsletter.

ATO Prioritising Debt Collection
Last minute trust distributions and record keeping
Super guarantee rises to 10.5%
ATO tax time focus for small business
Scam myths
STP year-end finalisations... due soon!
Accessing your super early

Click on the link below to view our June Newsletter.

30 June Tax Planning
ATO warning of fake ABN and TFN scams
Six super strategies to consider before 30 June
2022 Election Washup
Four priorities for the ATO the Tax Time
Downsizer contributions to SUPER

Click on the link below to view our May Newsletter.

Why super can help you save for your retirement
Further developments on trust distributions
What you should know about six member SMSFs
Financing motor vehicles
Personal property securities register
HR Manuals

Click on the link below to view our April Newsletter.

FBT year-end checklist
Record keeping
ATO's new crackdown on Discretionary Trusts
Ridesharing: The Driver
Ridesharing: The Rider
Salary sacrificing to super

Click on the link below to view our Newsletter outlining the new

Federal Budget for 2022 - 2023

Click on the link below to view our March Newsletter.

On-boarding new employees
Paying employees super through a super clearing house
In-specie super contributions
Employee allowances
Cashflow forecasts
RAT and PCR Tests
Read More

Click on the link below to view our February Newsletter.

Single Touch Payroll 2: The time has come
Consolidate your super
What does Temporary Full Expensing (TFE) of assets mean for me?
Topping up your concessional contributions
Your Business Structure

Click on the link below to view our December Newsletter.

Have you obtained your Director ID? Make sure you do
When there is a will, there's often a dispute
Superannuation budget measures one step closer
ATO's ABN cancellation program continues

JobKeeper Scheme Deadlines & Obligations Update

The recent adjustments to the JobKeeper Scheme allowing certain new employees to qualify for JobKeeper payments from 3 August 2020 has placed additional obligations and deadlines on eligible employers.

These obligations include:

Provision of the employee nomination form to all newly eligible employees by Monday 24 August 2020.
The requirement to satisfy the 'wage condition' (ie make appropriate employee payments) by Monday 31 August 2020.

Please click here for additional information.

As always, if you have any queries with regards to the above or the JobKeeper Payments in general please do not hesitate to give us a call

Important update: JobKeeper Changes

There have been a number of Government Announcements over the last couple of weeks that impact on business and employee eligibility for the JobKeeper Payment.

Employees that previously failed the JobKeeper eligibility test as they were not employed on 1 March 2020, may now be eligible for payments from 3 August 2020 if they were employed on 1 July 2020.

From 28 September 2020, employers seeking to claim JobKeeper payments will need to reassess their eligibility. Also, from this date the JobKeeper payment rate will reduce and split into a higher and lower rate based on the number of hours the employee worked in the 4 weeks prior to 1 March 2020 or 1 July 2020.

The links below should help answer any queries you may have:

Summary - JobKeeper Changes

JobKeeper Extension Fact Sheet - Australian Government

JobKeeper Changes - Q&A's

As always, if you have any queries with regards to the above or the JobKeeper Payments in general please do not hesitate to give us a call.

Additional Information | JobKeeper Payment

The Government and the ATO have released some additional information with regards to the JobKeeper Payment.

ATO Links

Detailed Information

COVID-19 commerical rent relief measures

The new MANDATORY Code of Conduct for rent relief for commerical leases where Tenants (and Landlords) are affected by COVID-19 has been released by the Prime Minister's Office.

Under the JobKeeper Payment, businesses impacted by the coronavirus will be able to access a subsidy from the Government to continue paying their employees. Affected employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum of 6 months.

Any small business whose turnover has fallen by 30% or more will be eligible.

Eligible employees include:

Full time workers (employed at 1 March 2020)
Part tine workers (employed at 1 March 2020)
Casuals (employed for more than 12 months)
Sole Traders

The payments will be made by the ATO to employers to pass onto employees.

Payments will be made from 1 May 2020 and will be backdated to 30 March 2020.

Employees who have previously been stood down will still be eligible.

To access more information about the Jobkeeper Payment, click the links below:

General Information - Jobkeeper Payment

Information for Employers

Information for Employees

CLICK HERE TO REGISTER WITH THE ATO

Fair Work | Coronavirus & Australian Workplace Laws

We have been receiving a number of enquires from our clients with regards to dealing with staff as business income continues to decrease.

Please click the link below to access the most current information from Fair Work Australia.

Income Support for Individuals

The Government is providing support for individuals to assist them during the next six months.

QLD Government COVID-19 Stimulus Package

The Queensland Government have today revealed details of a $4 billion stimulus package in response to the COVID-19 crisis.

COVID-19 Support

Things are moving extremely quickly with COVID-19 and we understand that our clients are nervous. All of us here at R&D Accounting want to let our clients know that they are not alone and that we’ve got your back. We are here to help you through these uncertain times and to help you all navigate through the government support that is available.

NEWS

2023-24 Fringe Benefits Tax Checklist

Federal Budget 2024-25

FEDERAL BUDGET 2023 - 2024

2022 -2023 Lodgement Rates and Thresholds

FEDERAL BUDGET 2022-23

JobKeeper Scheme Deadlines & Obligations Update