Those selling property as part of a business sale may be eligible for the margin scheme. The margin scheme is a way of working out the GST you must pay on the property that you are selling as part of your business. The scheme is only applicable if the sale of a property is taxable.…
Making your business stand out can be difficult; especially if you are offering the same services as your competitors. No matter how big or small, or what the financial status of your business may be, there is one strategy any business can adopt to set you apart: customer relationships. Building and placing value on the…
The Australian Tax Office (ATO) has released its June 2017 quarterly SMSF statistical report detailing key SMSF figures. As of June 2017, the number of SMSFs increased to 596,516. The number of SMSF members in Australia is 1,124,453. The estimated value of total Australian and overseas SMSF assets is $696.7 billion. The number of annual…
Australian goods and services tax (GST) will be implemented on sales of low-value goods imported into Australia by consumers as of 1 July 2018. According to the ATO, business will have to register for GST, change GST on sales of low-value imported goods and lodge returns if they meet the $75,000 AUD registration threshold. These…
Self-managed super funds (SMSFs) have access to a range of tax deductions for expenses incurred. Whether the expenses are capital in nature or are considered as revenue will affect eligibility for claiming such deductions. The Tax Office considers an expense that is incurred in establishing or making enduring changes to a super fund’s structure or…
To protect honest, compliant Australian businesses, the Australian Taxation Office has placed a strong emphasis on targeting the cash and hidden economy. The ATO is visiting businesses that deal predominantly in cash, with a focus on those that: Fail to meet super or employer obligations, and that fail to register for GST or lodge activity…
From time to time, it is normal for employee morale to take a plunge. Whether it is a stressful time at work or a major workplace change is occurring, employees may respond unfavourably. However, if employee morale is low over substantial periods of time, it may point to problems with management and the overall culture…
While many Australian’s sit firmly on either side of the first home super scheme debate, the Lower House has passed the scheme. The scheme was proposed in the Budget released in May 2017 and was only just passed by the Lower House. The Government has notioned that Australia’s retirement savings system will not come under…
