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Did You Know?

  • Federal Budget Review 2017/18

    May 17, 2017

    Australian Federal Budget Review – 2017/18   Write off for Small Business – Instant $20,000 extended for further 12 months to 30 June 2018 The threshold amount was due to return to $1,000 on 1 July 2017. As a result of this announcement, SBEs will be able to immediately...

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  • Changes to Backpacker Tax Withholding Rates

    January 20, 2017

    International Tax for Individuals Coming to Australia on Working Holiday Visas   From the 1st January 2017 there are new changes to backpacker tax withholding rates. Employers need to be aware that they will need to take out more tax from any employees who are on a 417 (working...

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  • Operators of Trust Accounts – Fact Sheet

    December 8, 2016

    QUICK TIPS FOR AUDITS OF TRUST ACCOUNTS Tip  One You need to maintain proper records for all funds held on trust at all times, failure to do so could result in fines and penalties. Tip Two You will receive two unannounced examinations from the auditor each financial year (if...

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  • Claiming for Travel Expenses

    December 8, 2016

    Itinerant “flexibility” not so flexible It is generally assumed that there is a degree of flexibility within the tax law over particular work travel claims that arise where the nature of the employment is deemed to be itinerant. If you do itinerant work (or have shifting places of work)...

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  • Building & Construction Industry – Taxable Payment Report

    December 8, 2016

    Taxable Payment Reports – Building & Construction Industry Businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year. You need to report these payments to the  Taxation Office on the Taxable Payments Annual Report...

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