TFG – Accounting Blog

Main residence exemption removed for non-residents

//
Comment0
The Federal Budget announced that non-residents will no longer be able to access the main residence exemption for Capital Gains Tax (CGT) purposes from 9 May 2017 (Budget night). Now that the draft legislation has been released, more details are available about how this exclusion will work. Under the new...
Read More →

Is your business using the correct award rates?

//
Comment0
  Happy new financial year! We hope last years was financially prosperous and here’s to another exciting year ahead. However, as it is the new financial year, it’s time to ensure that you’re paying up to the correct award rates. Here is a quick how-to-guide that we’ve put together to...
Read More →

The ATO Targets Outlaw Motor Cycle Gang Members

//
Comment0
Two hundred Outlaw Motor Cycle Gang members have been served notices by the Australian Taxation Office (ATO) for failing to comply with their tax obligations.  We hope for the sake of the ATO staff the notices were delivered by mail! There are not a lot of details about exactly what...
Read More →

Aussie Investment Properties: Pre And Post 30 June

//
Comment0
Anyone with investment property in Australia is probably feeling a little edgy with all the recent media attention on deductions, affordable housing, and negative gearing.  We take a look at some of the key tax issues for investors pre and post 30 June 2017: No more deductions for travelling to...
Read More →

Property and the 2017 Federal Budget

//
Comment0
If you invest in residential property… and are a foreign resident . . . where the property is not occupied or genuinely available on the rental market for at least six months per year, you will be charged an annual ‘penalty’ of at least $5,000.  The new charge applies to...
Read More →

Federal Budget 2017 SMSF Update

//
Comment0
Government delivers stability in 2017-18 Federal Budget Stability and confidence for superannuation is the good news coming out of the 2017-18 Federal Budget. With SMSF members still working through the wide-reaching and complex superannuation changes of the last Budget which take effect from 1 July 2017, this Budget’s minimal changes...
Read More →

2017 Federal Budget Update

//
Comment0
On Tuesday, 10th May 2017, Federal Treasurer Scott Morrison handed down his second Budget, but how will it affect you? In this article we summarize everything you need to know regarding the 2017-2018 budget announcement. Highlights Notwithstanding speculation to the contrary, the Temporary Budget Repair Levy (levied at two percent of...
Read More →

Is your business eligible for a $20,000 write off?

//
Comment0
**UPDATE** Following the latest Federal budget announcement, the $20,000 immediate write-off for small businesses is being extended for one year, to 30 June 2018. The $20,000 instant asset write-off for small business ends on 30 June 2017.  This concession enables small businesses to immediately write-off depreciable assets which cost less...
Read More →

Do you have a tax debt greater than $10,000?

//
Comment0
From 1 July 2017, a new tax measure will come into effect for small businesses, and we’re here to help prepare you for this tax change. Businesses that haven’t engaged with the Australian Taxation Office (ATO) to get their tax debts under control could have their tax debt information released...
Read More →