To download your end of year checklists, please click on the links below:
To download your end of year checklists, please click on the links below:
The global world we live in today means many more of us have dual residency, live in another country for part of each year, have a spouse from abroad, or maybe even earn income from foreign work or investment. Because of this more and more Australian taxpayers are being faced with a complex maze of foreign tax requirements.
To find out whether foreign tax laws apply to you, you first need to determine whether you are an Australian or foreign resident for tax purposes. Tax residency is important because it is the basis for calculating your tax.
Are you looking for a young person to join your business as a new team member? Want to trial them before employing them? The Government has recently announced a new Youth Jobs PaTH program whereby you can provide an internship for a person aged between 17 and 24 to see if you think they will be an asset to your team.
It doesn’t cost you anything but your time – it’s essentially supervised work experience – in fact you will receive a payment of $1,000 to help cover your costs. And if it does work out, you may be eligible for a wage subsidy of up to $10,000. Interested? To find out more, please click here.
Recent changes to legislation now require accountants to be licensed in order to provide advice regarding superannuation, including Self Managed Superannuation Funds (SMSF's). We believe that the ability to provide this service to our clients is vitally important and have recently become licensed so that we can continue to offer you this advice.
There’s been a lot of talk around super changes that affect people who have balances over $1.6M, or who are taking a transition to retirement pension - but there are also some other changes that we all need to be aware of. These include:
These are just a few of the changes that might affect you. For the full list, please click here. If you have any questions about these changes and how they might affect you, please don’t hesitate to contact our office.
We would like to give a warm welcome to the newest member of our team - Brendon Murray.
Brendon has previously been a Partner in the Business Services division of our Brisbane office and has been with the Bentleys network since 2002. Having worked closely with our Sunshine Coast office over the last 12 months, he’s finally made the leap to join our team. Brendon has extensive experience in providing business and structuring advice to clients and will work closely with Peta to provide high level technical advice to our clients.
Over the last couple of years we’ve seen technology change at a rapid rate – and the Government and the Australian Taxation Office (ATO) are working with software providers to keep up the pace. Another new initiative that is heading our way is Single Touch Payroll. So what is it, and what does it mean for you?
The Association of Certified Fraud Examiners (ACFE) has provided insight into the world of occupational fraud in their 2016 Global Fraud Study, Report to the Nations on Occupational Fraud and Abuse.
The Study estimates that the typical organisation loses 5% of annual revenues to the hands of fraud, with the median loss from a single case being $150,000.
So who is most likely to commit fraud within an organisation?
If you've visited our offices lately, you may have noticed a 'new' business located on the ground floor. In January this year, the financial planning arm of PWA Financial Services was moved to InFocus' Maroochydore office. This has allowed Bruce Baynes and his team to specialise in the very niche area of providing advice in the aged care arena - and PWA Financial Services has recently rebranded to become Sage Care Advice.
As discussed in our December newsletter, from 1 January 2017, a new withholding tax rate of 15% will apply to salary and wages paid to working holiday makers from the first dollar earned. Businesses that employ working holiday makers will need to register to withhold tax at the new rate.
According to demographer Bernard Salt, the Sunshine Coast is the entrepreneurship capital of Australia so it's not surprising that we see a lot of new businesses starting up. Being a business owner is a lot more than just having a great idea and some funds with which to run with it. So getting the right information early on can save you heartache in the long run.
Love them or hate them, keep them or break them….many people choose the New Year to set some goals for the next 12 months. And while goals are great to have, they are of no use unless you follow through with action - and track your results. The ASIC Moneysmart website has some great tools to assist you to manage this process. They have budget planners, savings planners, goal tracking apps and handy hints to help you achieve your aims. To find out more please click here. Or if you feel you’d like a more personalised plan, feel free to contact our office and we can tailor something especially for you.
The Queensland Government is currently offering a Small Business Digital Grant for up to $10,000. The aim of this grant is to enhance the digital capabilities of small businesses which will enable them to be more competitive and ultimately employ more staff. The funding is for such things as the purchase of new hardware, software and digital coaching. Interested? Click here to find out more.
Taxing working holiday makers has almost received as much press as the new super rules over the last couple of months.
The government finally made a decision on this so if you hire, or a looking to hire, working holiday makers make sure you check out the ATO's Information first so you withhold the correct amount of tax. These rules take effect on 1 January 2017.
Jeff Immelt, the CEO of General Electric, once said that he has only two items in his job description: One is to retire with the value of the company exceeding that when he took over and the other is to find a successor.
Succession planning acknowledges that your team members will not be with a business indefinitely. It provides a plan and process for addressing the changes that will occur when they leave.
Great news for small businesses! From 1 July 2017, small businesses will have reduced reporting requirements for their Business Activity Statements (BAS). You will only need to report GST on sales, GST on purchases and total sales. No more having to include GST free sales, Capital and non-capital purchase or export sales.
The ATO believe that this will result in ‘significant time and cost savings’. They are currently working with software developers to include these changes in future software updates.
For further information please click here.
As part of the Bentleys Network we have access to a range of Specialists who can assist our clients with more than just tax. We recently had the pleasure of meeting two of such people who are based in our Brisbane office and have expertise we feel could benefit some of our clients.
Christmas parties can be great fun, as long as you don’t let Fringe Benefits Tax (FBT) ruin the party. If not managed correctly, FBT can lead to unnecessary tax bills.
If you are not sure which of the benefits you provide to your employees are subject to FBT then check out the ATO’s guide to make it easier to work out whether you have an issue to consider. Click here for further information.
As always, if you have any questions regarding how this might apply to your business, please feel free to give us a call.
Superannuation….it’s an important cost that needs to be factored into a business’ cashflow when they employ staff. But too often we hear of businesses folding, only to owe their employees their superannuation guarantee (SG) entitlements.
The Association of Superannuation Funds of Australia has recommended that the government provide an additional $10million of funding to conduct SG audits so that in the event of insolvency or bankruptcy, affected employees could receive the maximum possible recovery of these entitlements.
There has been plenty of media attention given to the new super rules that were legislated last month. Interestingly, most of the rules will only affect around 4% of the population, so the vast majority of us will not see any changes.
For those people (un)lucky enough to be in the 4% impacted by these new rules, the good news is that we have until the end of the financial year to consider the impact it will have for you and the options available to best manage the changes. This is because the commencement date for the majority of the changes is 1 July 2017.