TFG Blog

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Should you purchase an investment property in your own name or should you use a Discretionary Trust?

Date09 Oct 2017

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When buying an investment property, the ownership structure you choose can have significant implications for your tax and overall financial position. Trusts are steadily becoming a popular ownership structure for Australian property investors due to the tax benefits, asset protection and estate planning advantages they offer. At first glance, whilst...

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8 Online Security Tips – Get your security in order!

Date04 Oct 2017

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If ‘12345678’, ‘password’, ‘admin’, or your date of birth is your password of choice, you could do with a few lessons in internet security. From Telstra to the ATO, a growing number of organisations have been targeted by hackers and scammers hoping to obtain customers’ personal data and credit card...

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Important Changes To The Commonwealth Bank Personal Credit Card Feed on Xero

Date03 Oct 2017

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From the 17th of October 2017, Xero will be changing how your Commonwealth Bank (CBA) personal credit card transaction data will be managed. After this date, automated CBA personal credit card transaction data will no longer be available. If you currently hold a CBA personal card and are using it...

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Director’s fees: What and How To Pay Them

Date30 Aug 2017

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The issue of Director’s fees often comes up – should we pay directors, how to pay, and if we do pay fees how should they be paid? We answer the common questions for private companies. Can you pay a Director? Directors who work in the company, executive directors, would generally...

the field group accounting employer super guarantee

Employer Super Guarantee – What Happens When You Get It Wrong

Date30 Aug 2017

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The ATO receives around 20,000 reports each year from people who believe their employer has either not paid or underpaid compulsory superannuation guarantee (SG). In 2015-16 the ATO investigated 21,000 cases raising $670 million in SG and penalties. The ATO’s own risk assessments suggest that between 11% and 20% of...

the field group accounting selling property over 750k

What everyone selling a property valued at $750k or more needs to know

Date02 Aug 2017

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Every vendor selling a property needs to prove that they are a resident of Australia for tax purposes unless they are happy for the purchaser to withhold a 12.5% withholding tax. From 1 July 2017, every individual selling a property with a sale value of $750,000 or more is affected....

the field group accounting Main residence exemption

Main residence exemption removed for non-residents

Date01 Aug 2017

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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...

the field group accounting generational business succession

Generational succession: Do your kids really want to take over your business?

Date26 Jul 2017

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Generational succession – handing your business across to your kids or family – sounds simple enough. But, many families end up in dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and diligently as if you...

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Is your business using the correct award rates?

Date26 Jul 2017

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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 make...

xero vs myob best accounting software for small business 2017

Xero vs. MYOB – Which Accounting Software Is Best For Your Small Business?

Date28 Jun 2017

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Xero vs MYOB - Which accounting software will best suit your business? Accounting software has come a long way over the last 30 years. From old school notebook ledgers, accounting methods have evolved drastically with the introduction of computers and the internet. The most recent disruption to accounting software occurred...

The ATO Targets Outlaw Motor Cycle Gang Members

Date31 May 2017

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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...

the field group accounting nvestment properties pre and post june 30

Aussie Investment Properties: Pre And Post 30 June

Date31 May 2017

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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...

the field group accounting asic email scam

ASIC Email Scam Warning

Date30 May 2017

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A new email scam has been doing the rounds this week, with scammers pretending to be from ASIC contacting customers asking them to pay fees and give personal information to renew their business or company name. These emails often have a link that provides an invoice with fake payment details...

Property and the 2017 Federal Budget

Date10 May 2017

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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...

Federal Budget 2017 SMSF Update

Date10 May 2017

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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...

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