TFG – Accounting Blog

Franking Credits and Your SMSF

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You may have noticed significant media coverage recently regarding the Australian Labor Party’s proposed policy to stop SMSFs from receiving tax refunds for the franking credits they receive in conjunction with the dividends paid from Australian companies they own. First of all, what are franking credits and how do they...
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Tax Deductions: The Danger Zones

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A recent Parliamentary Inquiry into Tax Deductions created some fairly sensational headlines about what and how deductions are being claimed – $22 billion worth to be exact. In Australia, tax deductions are available for expenses incurred in producing assessable income. These are generally work-related deductions or investment related deductions. And,...
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Single Touch Payroll: What Your Business Needs To Know

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Single Touch Payroll (STP) – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – comes into effect from 1 July 2018. For employers Employers with 20 or more employees at 1 April 2018 must use standard business reporting-enabled software from 1 July...
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Property & Your SMSF

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Directly held property makes up approximately 19% of all SMSF assets, indicating that many SMSF trustees consider it’s an important and significant part of a diversified portfolio. There are numerous strategies and ways for property to form part of an SMSF’s investments and each must be carefully considered. Investment strategy...
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Will Your Business Be Audited?

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How the ATO identifies audit targets… The ATO is very upfront when it comes to their compliance activity. Every year they publish small business benchmarks that outline what a typical business ‘looks like’ in different industries. If your business falls outside of those benchmarks, the ATO is likely to take...
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GST On Property Developments

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The big changes for developers and purchasers If a Bill currently before Parliament passes, from 1 July 2018, purchasers of new residential premises or new residential subdivisions will need to remit the GST on the purchase price directly to the ATO as part of the settlement process. This is a...
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What you need to know about FBT 2018

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The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the key hot spots for employers and employees. Motor vehicles – using the company car outside of work New safe harbour for utes and commercial vehicles Car parking – are you really declaring the true cost of parking?...
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Couriers & Cleaners To Report Contractor Payments

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From 1 July 2018, the taxable payments reporting system will extend beyond the building industry to cleaning and courier businesses. This means that these businesses will need to report payments they make to contractors (individual and total for the year) to the ATO. By ‘payment’ the ATO means any form...
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Australian Tax – What’s changing in 2018?

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1 January 2018 Vacancy fees for foreign acquisitions of residential land – An annual vacancy fee imposed on foreign owners of residential real estate if the property is not occupied or genuinely available on the rental market for at least 183 days in a particular 12 month period. Foreign owners...
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8 Online Security Tips – Get your security in order!

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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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Director’s fees: What and How To Pay Them

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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...
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Main residence exemption removed for non-residents

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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...
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