Find out the June RBA decision
At its June meeting, the Reserve Bank of Australia (RBA) cut the official cash rate to just 1.25% – the lowest level in Australian history.
Details
2019 Tax Planning
Now that the Federal Election has been won by the Coalition, our combined focus needs to be on how you can save tax before 30 June 2019! Read on for more information on how the tax offset may directly reduce the amount of tax you have to pay.
Details
Qld Back to Work programs
Support payments of up to $20,000 are available for eligible employers who hire eligible unemployed jobseekers in Queensland.
Details
New Minimum Wage announced
The Minimum Wage Panel on 30 May 2019 handed down its minimum wage decision for 2019. From the first pay period commencing on or after 1 July 2019, the National Minimum Wage will increase to $740.80 per week, or $19.49 per hour.
Details
Streamlining small business a key part of Emma’s role
Joining Carrick Aland in 2010, Emma learned her new profession from the ground up and is now a Xero Certified Adviser and a member of Jenny Lambley’s team. These days, she works with a range of businesses and not-for-profit organisations on their bookkeeping, typically BAS, data entry and payroll.
Details
Insurance Through Super
Purchasing Life insurance, Income Protection and Total and Permanent Disability (TPD) insurance through super may be tax effective and also provide you with peace of mind.
Details
Personal Deductible Contributions
By making personal contributions to your super, you may be able to claim a tax deduction to reduce your tax liability.
Details
Farming on the Front Foot Update Autumn 2019
When it comes to international trade, Australian sheepmeat and wool exports are benefiting most from Australia’s relationship with China. However, with the first importation of foreign wheat in a decade thanks to drought, grain and cattle exports have a longer road ahead and serious competition. Read why in our latest Farming on the Front Foot update.
Details
Australian Accounting Awards 2019
Carrick Aland partner business Intuitive Super has been named the AccountantsDaily 2019 Australian Accounting Awards SMSF Firm of the Year for their work that requires highly specialised self-managed superannuation advice in a constantly changing and regulated environment.
Details
The Savings Paradox
It sounds counterintuitive; how can a person who stops saving at 30 wind up with more in the bank than someone who diligently saves their pennies up to age 65?
It’s not magic – it’s maths.
Personal Tax Planning Guide
Minimise your personal tax with our tax planning guide. Now’s the time to review what strategies you can use to minimise your tax before 30 June 2019.
Details
Surviving in business
A new business starting today has less than 30 per cent chance of being around in a decade. To reach the 10-year mark relatively unscathed, we recommend that business owners and entrepreneurs consider these 4 Quadrants of a Business.
Details
Economic Update as at 30 April 2019
Global equities continued to rally during April, as overseas developed shares increased 3.9% in hedged terms over the month.
Details
Act now to retain insurance in ‘inactive’ super accounts
If you have an ‘inactive’ super account (ie. which has not received a contribution (or rollover) for 16 months and you have not elected to keep your insurance), then any insurance cover contained in your super will be cancelled from 1 July 2019.
Details
On time BAS lodgement important more than ever
The on-time lodgement of BAS is now even more important than ever, because a failure to lodge the BAS on time may result in a business permanently losing its tax deduction for wages paid.
Details
Minimise your business tax
Read our guide to the strategies you can use to minimise your business tax. Talk with us before the 30 June 2019 deadline for assistance to reduce your tax!
Details
Xero’s Payroll Only plan
From 1 July this year, Single Touch Payroll (STP) will apply to all employers in Australia. Following months of development by Xero, they’ve announced the launch of Payroll Only plan to assist small businesses with STP. See if it can help you.
Details
Rental property deductions
Read why ATO audits of rental deduction claims will double this tax time as the agency reinforces its claims that nine out of 10 deductions contained an error.
DetailsEconomic Update as at 31 March 2019
Global equity markets continued their run of positive performance into March 2019, as overseas developed shares increased 1.7% in hedged terms.
Details
Addressing sham contracting
The Government has announced that it will establish a sham contracting unit — within the Fair Work Ombudsman — to address sham contracting behaviour engaged in by some employers.
Details
Social Security one-off energy assistance payment
Recipients who are eligible for qualifying payments on 2 April 2019 and who are resident in Australia will receive a one-off energy assistance payment.
Details
Increasing and expanding access to the instant asset write-off
The Government will still proceed with its previously announced measure to allow SBEs an instant asset write-off for eligible assets costing less than $25,000 that are first used or installed ready for use from 29 January 2019 until 7.30pm (AEDT) on 2 April 2019.
Details
The 2019/20 Federal Budget for High Earners
What the Federal Budget could mean for High Income Earners.
This year’s Federal Budget is an ‘election budget’ with future tax cuts for all Australians, but especially low and middle income earners.
The 2019/20 Federal Budget for Retirees & Pre-Retirees
What the Federal Budget could mean for Retirees & Pre-Retirees.
This year’s Federal Budget is an ‘election budget’ with future tax cuts for all Australians, especially low and middle income earners.
The 2019/20 Federal Budget for Families
What the Federal Budget could mean for Families.
This year’s Federal Budget is an ‘election budget’ with future tax cuts for all Australians, especially low and middle income earners.
The 2019/20 Federal Budget for Wealth Builders
What the Federal Budget could mean for Wealth Builders.
This year’s Federal Budget is an ‘election budget’ with future tax cuts for all Australians, especially low and middle income earners.
Federal Budget summary 2019–20
The 2019-20 Federal Budget is designed to showcase the return to surplus (and by default the Government’s economic credentials) and engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment.
Details
Employers hit with rolling SG audits
Employers are increasingly being subjected to a rolling series of audits by the ATO when they slip behind on their SG obligations, as the Tax Office has now taken a harder line on non-compliance.
DetailsSingle Touch Payroll starts 1 July
The laws to extend the Single Touch Payroll (STP) reporting requirements so they apply to all employers with fewer than 20 employees has now passed the Senate and will be Law. This means the STP regime is mandatory for employers of more than 20 staff from 1 July 2018, and will be mandatory for all employers by 1 July 2019.
DetailsECONOMIC UPDATE AS AT 28 FEBRUARY 2018
Growth investors would prove well positioned over February 2019 as the majority of equity markets experienced positive returns, continuing their rebound in performance from the previous month.
Details
P&C budgets
P&C Treasurers need budgets. So how do you go about setting one? What are the main things you need to put in? And what will it tell you? When you have to present your P&C budget at the AGM, we show you how to pull that together.
Details
Primary producers and farmers
In a similar vein to our business update, and considering the ongoing drought conditions, here are a few legislative changes relevant to primary producers and farmers.
Details
Default interest charges
Read the changes to the charging of Default Interest recommended by The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Details
Aged care: A highly complex and emotive topic
Reforms in aged care in recent years has meant the system has become complex and could even be confusing. Throw in that it is a highly emotive topic and it means it is an area that is in-demand for quality financial advice.
Details
ALP key tax policies
We’re not recommending who to vote for, but it’s important that you have an understanding of how these potential tax and other changes could affect you.
Details
New Receptionist for Carrick Aland Dalby
Dalby local Leesa only took up her seat at the reception desk this month, but she’s swiftly getting into the swing of things.
Details
Buy a Bale fundraising smashed – thank you
Thanks to all of our fabulous supporters for your continued support of Australian farmers, east and west, north and south facing challenges on the land, through 2018’s Buy a Bale of Hay fundraising efforts.
DetailsEconomic Update as at 31 January 2018
The year 2019 began with a rebound in returns across a majority of growth asset classes, following significant drawdowns in equity markets and weak performances across most other growth asset classes during the fourth quarter of 2018.
Details
Business Update: Recent legislative changes
Over the last few months, several proposals have moved through the Federal Parliamentary Process and become enshrined in law.
Details
Introducing Assistant Accountant Rhedyn
Toowoomba local Rhedyn Daly is currently working as a trainee accountant at Carrick Aland while studying at USQ, but she has always loved numbers for as long as she can remember.
Details
Home office expenses
If you’re an employee who regularly works from home, you may be able to claim a deduction for expenses relating to that work. We outline the ways you can work at home and the expenses you can claim.
Details
Instant asset write-off
The PM announced this week that the government will introduce legislation to increase the $20,000 instant asset write-off threshold to $25,000 from 29 January 2019 until 30 June 2020. (We’ll keep you posted as this proposal is not yet law.)
Details
Happy retirement Jill!
Last week we farewelled Dalby Receptionist Jill Murray and wished her a happy retirement!
Details
Single Touch Payroll for all employers
From this week the ATO will write to small employers with <19 employees that already use payroll software to be told about Single Touch Payroll and reminded that you don’t need to wait for legislation to pass to start reporting through STP.
Details
Xero increased security
Xero have increased security on your data, and changed the way you login Just one easily guessed password can stop your business in its tracks. When it comes to keeping your Xero data secure, put an extra deadbolt on the door with two-step authentication (2SA), and stay safe online. Here are three steps to get…
Details
Single Touch Payroll for P&Cs
Single Touch Payroll for P&Cs with paid employees If your P&C has paid employees, you will have to comply with planned tax reporting changes in 2019. The Australian Tax Office is planning to extend its Single Touch Payroll (STP) system (for employers to electronically report wages paid to their employees, tax withheld and superannuation accrued…
Details
Back to work initiatives
For employers Support payments of up to $20,000 are available for eligible employers who hire eligible unemployed jobseekers. Employer Support Payment Employer Support Payments of up to $15,000 are available for employers who hire an eligible unemployed jobseeker. Subject to the availability of funds. Eligibility criteria apply. Go here for more details. Youth Boost Payment…
Details
Holiday business cash flow
Managing your business cash flow over the holiday period December is usually the busiest time of the year for retail and hospitality businesses. But businesses in other sectors often find that their sales slow down and their customers stop paying them for a few months. So cash flow dries up. Whether your business is large…
Details
Meet Accountant Pauly Poulsen
Born in Chinchilla, Pauly grew up working on the family’s dairy farm at Warra From the young age of 15, Pauly began preparing the farm’s cashbooks which fired up her passion for farming combined with accounting. Upon finishing at Dalby State High School, she wasted no time and commenced work on 28 November 1994 with…
Details
National AgDay Dalby BBQ 2018
National AgDay Dalby BBQ raises serious funds for drought Queensland farmers might still be doing it tough in the current drought conditions, but the National AgDay barbecue organised by Carrick Aland and Queensland Audit Services in Dalby will end up sending some much-needed funds their way. A hungry crowd of about 50 lunchtime workers and…
Details
Holiday spending tips
How to keep your holiday spending in check There aren’t too many people who want to be a Christmas Scrooge just as there aren’t too many who want to spend the next 12 months paying off a hefty credit card debt either. It’s a good idea to do up a budget in the time leading…
Details
Employer super quick check
Super provides income for your workers in retirement Here’s how to run a quick check of your super obligations to make sure you’ve got everything sorted. 1. Check you’re paying super to all eligible workers. Some contractors may be entitled to super. 2. Check you’re paying the right amount. Currently, you…
Details
Fake Xero Billing Notifications
Be on the lookout for fake Xero billing notifications There have been several reports of people receiving fake Xero Billing Notification Emails, which claim to be from Xero or make use of Xero’s logo within the emails. Phishing emails are a favoured way for cybercriminals to gain access to your sensitive information, such as your…
Details
Property investment
4 Important property investment finance tips Since the lenders cracked down on popular options like interest-only loans, finding creative finance strategies for growing your property investment portfolio has become more important than ever. As an investor, how you set up your finances can have a huge impact on the success of your property portfolio. In…
Details
Cash in on direct debit for small business
What is direct debit? When you set up a direct debit with a customer, you can collect payments straight from their bank. Of course you have to notify them ahead of time what you’re taking and when, but the customer doesn’t have to do anything to make the payment happen. Benefits of direct debit for…
Details
Data security
Are you being data smart with your smartphone? Recently, the new shiny iPhone XS and XR entered the market. For all the Apple lovers out there, this might mean being the first to wrap your hands around the irresistibly smooth all-glass design, or finally upgrading your old glitchy iPhone to the new model. If this…
Details
National AgDay Dalby BBQ
Support Buy a Bale on National AgDay 2018 21 November 2018 is National AgDay and Carrick Aland with RaboBank in Dalby will be celebrating with a BBQ fundraiser to support Rural Aid Australia’s ‘Buy a Bale’ campaign. Carrick Aland Associate, Daniel Ellis, said it’s vital to support the campaign to provide much-needed financial assistance to…
Details
The ins and outs of getting paid
What is accounts receivable and where can it go wrong? What is accounts receivable (or trade debtors)? Accounts receivable is the money you’re owed by customers. Once you send an invoice (or bill), it becomes part of your accounts receivable – until it’s paid. Accounts receivable is the name given to both the money that’s…
Details
Single Touch Payroll and your business
What is single touch payroll and how will it affect your business? Summary of single touch payroll Single touch payroll is a new regulation that changes when and how small businesses report payroll activity to the Australian Tax Office (ATO). Businesses used to report this information to the ATO once a year. Now, they need…
Details
Xero login is about to change
Xero two-step authentication will soon be compulsory Nearly all data breaches start with compromised passwords – and could be easily avoided. No one wants to think about cybersecurity, but the reality is that one in four small businesses experienced a cyber attack or hacking attempt in Australia and New Zealand in 2017*. Keeping information secure…
Details
Tax Time Warning
The ATO – Don’t Say We Didn’t Warn You! The Australian Taxation Office (ATO) is closing in fast on everyone who doesn’t properly declare their income and pay the correct amount of tax. As your Tax Accountants, we want to help you be aware of what the ATO is doing and how you can protect…
Details
Support in Aged Care
As at 31 December 2017, there were 104,602 people waiting for a home care support package. A staggering 26.70% had been waiting for more than 12 months, although many had a lower care package in the interim. [1] How do you increase your chances of receiving the support you need to stay in your home? Arrange…
Details
5 ways to keep your business debt under control
Managing your business debt can help you steer clear of financial trouble Piling up a lot of debt could leave your business in financial difficulty or, worse, bankrupt. Here are five ways that may help you manage debt and avoid a financial mess. 1. Understand your business situation It’s important to keep track of your debt…
Details
Meet Trainee Accountant Lochie Monaghan
Lachlan Monaghan Trainee Accountant Lachlan ‘Lochie’ Monaghan knew that, after doing a work experience stint with us when he was still at school, Carrick Aland was the place he wanted to be. From a very early age Lochie knew he would have a career in numbers. He then went on to be named 2016 Dux…
DetailsPrimary producers’ deduction
New immediate deduction for primary producers Legislation that passed Parliament last month will enable primary producers to claim an immediate deduction for fodder storage assets such as silos and hay sheds used to store grain and other animal feed. The deduction is available if the primary producer first uses the asset or has the asset…
Details
Inherited property ‘safe harbour’
Tax ‘safe harbour’ for inherited property When someone inherits a dwelling there are some special rules contained within the main residence exemption provisions that can provide a full exemption if certain conditions are met. If the conditions are not met, the beneficiary might face a nasty capital gains tax (CGT) bill for their good fortune.…
Details
Car sharing scrutiny
ATO takes its share of car sharing The extra income earned by people taking part in car-sharing services such as Car Next Door or DriveMyCar has come to the attention of the ATO. The car sharing services work by making private cars publicly available in a similar way to other car hire services – it’s…
Details
ATO online rental blitz
190,000 taxpayers ‘examined’ in ATO online rental blitz The Australian Taxation Office (ATO) has announced a new data-matching program targeting taxpayers earning income from the exploding popularity of short-term rentals available on platforms like AirBNB and Stayz. Utilising information from online platform sharing sites matched to information from financial institutions, the ATO is targeting 190,000…
Details
Meet Accountant, Shakira Elliott
Shakira Elliott B Ed, B Com (Acc), Xero Certified Advisor From being someone who came to accounting the long way round, we’re grateful to have Shakira back in our ranks. Despite loving accounting when she was younger, Shakira instead qualified as a teacher after she left school and travelled the state helping kids with special…
Details
Carrick Aland Front Foot Farming update
Carrick Aland Front Foot Farming – Q1 Update FY19 At the time of writing this update, severe drought is impacting so many of Carrick Aland’s staff, friends, family and clients. From an accounting point of view, this is the time for what newly appointed Associate Daniel Bartkowski calls ‘the heavy stuff’. “We’re doing a lot more to…
Details
Got a HELP debt?
Read how the Government has moved to put an end to ‘eternal students’ who constantly study and never earn an income and speed up the payment cycle for those with outstanding debt.
Details
Farm Household Allowance
The Farm Household Allowance provides eligible farmers and their partners experiencing financial hardship with assistance through planning and training for long-term financial improvements as well as income support for up to three years.
Details
Domestic violence leave entitlements
Fair Work Commission decision creates a new entitlement for most Australian employees; unpaid family and domestic violence leave.
Details
Who gets the family farm?
5 questions to ask your family NOW about the future handover of your farm.
Details
Comprehensive Credit Reporting (CCR) regime
Your credit report paints a picture of your life as a responsible bill payer and borrower. Read how to keep your credit report clean.
Details
Business and Farm Concessions and Funding
Take all the tax advantages you can For small business and farming enterprise, there is a range of concessions and funding you can access. Many business and farm owners don’t necessarily realise the opportunities available to them. A simple example is trading stock valuations. Your trading stock is an asset that is recorded on your balance…
Details
Drought help and support
Are you impacted by drought? Drought can put extra pressure on people and businesses. That’s why the ATO is making tax easier while times are tough. Help and support The ATO can help with: tailored payment plans with interest-free periods more time to pay your tax waiving penalties or interest you might incur during drought. Receiving…
Details
Meet Vicki Wilson, Assistant Accountant
Vicki Wilson, Assistant Accountant, Cert IV Business, Xero Certified Advisor With a passion for bookkeeping, Carrick Aland’s Vicki Wilson has loved working with accounting technology throughout her career, starting with MYOB and BankLink and now, Xero. So it’s convenient that Vicki gets to prepare financial and activity statements for business and primary production clients seated…
Details
Clothing Deductions
Clothing deductions hung out to dry The Australian Taxation Office is closely examining work-related clothing and laundry expense claims of taxpayers submitting their 2017-18 tax returns. The ATO says that clothing claims are up nearly 20% over the last five years with people either making mistakes or deliberately over-claiming. Common mistakes include people claiming ineligible…
Details
Are you holding back your business?
Overcoming the biggest problems in business often comes down to simple things Here are a few simple things you can do to capitalise on your opportunities and reduce your risks. “I didn’t get time…” No more excuses Most people simply don’t set aside the time to do the forward planning they know they need to…
Details
Cash payments to business
$10k limit on cash payments to business One of the interesting approaches to tackling the black economy in the recent 2018-19 Federal Budget was the announcement of a $10,000 limit on cash payments to business. Unrecorded and untaxed transactions that occur in the community are estimated at up to 3% of GDP or around $50…
Details
Meet Noel Brownsey Business Manager
Carrick Aland’s Business Manager Noel Brownsey is a man of action in and out of the office. Having grown up on a sugar cane farm and working his way through the agricultural sector, Noel has built up extensive experience in manufacturing scheduling and human resources. When his international travel commitments started to throw out the…
Details
Beat the Stress of Redundancy
Don’t let losing your job throw you into deep difficulty. Sort out your finances early. Being made redundant doesn’t have to throw you and your family into financial trouble. Stay on top of your finances by planning and setting a budget with the help of your financial adviser. Know your financial status First, you need…
Details
3 new appointments at Carrick Aland
New Associates ensure continued premium service delivery at Carrick Aland Carrick Aland is delighted to announce that three Client Managers have taken small but significant steps to future proof the long-established accounting and advisory group. Accountants, Daniel Bartkowski and Cameron Sorley, along with Financial Planner, Daniel Ellis, became shareholders in Carrick Aland from 1 July…
Details
2018 Xero Awards
Carrick Aland are Xero’s QLD Accounting Partner of the Year 2018! The recognition also means automatic shortlisting as ‘Australian Accounting Partner of the Year’ Finalist in the 2018 Xero Awards. The announcement comes in the lead up to Xerocon 2018 to be held in Brisbane later this year. The Xero awards showcase the ‘Xero heroes’…
Details
$20k accelerated deductions extension
$20k accelerated deductions for small business extended another year The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended for another 12 months until 30 June 2019. From 1 July 2019, the immediate deduction threshold will reduce back to $1,000. There are no limits to…
Details
Personal income tax cuts
1 July 2018 Personal income tax cuts New personal income tax rates come into effect from 1 July 2018. The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000. Dovetailing into the tax bracket change is the introduction of the Low and Middle Income Tax Offset for those with…
DetailsCompany Tax Change Limbo
An issue that many business owners and investors will need to grapple with is uncertainty on the tax rate that applies to companies for the year ended 30 June 2018 and the maximum franking rate on dividends paid during the 2018 income year. While the Government introduced a Bill to Parliament back in October 2017…
Details
Super Guarantee Amnesty
One-off Super Guarantee Amnesty Employers that have fallen behind with their superannuation guarantee (SG) obligations will have 12 months to “self-correct” under a new amnesty announced late last month. The ATO estimates that $2.85 billion is currently owed in late or missing SG payments. Running from 24 May 2018 for 12 months, the amnesty encourages…
Details
Save Through Super for your First Home
A new scheme may help you make your dream of owning a home come true. High property prices have made owning a home unattainable for many prospective first‑time buyers. Butthe First Home Super Saver scheme, passed by the Australian Government in December 2017, may help keep their dream of buying their first home alive. The scheme helps you…
Details
Why Should I Care About Lost Super?
Did you know there is about 14.8 million Australians with a superannuation account, 40% of which hold more than one account? Some of that 40% make up the $18 billion in ‘lost super’. Is some of that yours? Find it Moved house? Changed jobs? Don’t know where your teenage self stashed your super? It’s easy…
Details
1 July Tax Cuts
Who gets a tax cut from 1 July? 1 July 2018 is the start date for the seven-year income tax plan announced in the recent 2018-19 Federal Budget. The seven-year plan benefits low and middle-income earners in the first few years before expanding out to a broader restructure of the tax rates and brackets for…
DetailsEOFY Planning
Your essential EOFY checklist No one wants to pay more tax than they need to or face unnecessary risks. We’ve compiled a list of our top tips for you: 1. Donate If you are going to donate to charity, now is the time. Any donations you make to deductible gift recipients can be deducted this…
Details
Changes for Individuals and Businesses 1 July
What’s changing on 1 July 2018? Individuals Personal tax bracket changes – The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000*. Introduction of the Low and Middle Income Tax Offset* providing a tax offset for those with taxable income of up to $125,333. GST on property developments and residential subdivisions –…
Details
6 Tips for the End of Financial Year
June 30 is around the corner, which means it’s time to start thinking about your tax return. Read on to learn how to prepare for the end of the financial year and maybe even increase your tax refund. You can take the pain out of the end of the financial year by being organised. With…
Details
EOFY Planning : Tax and Superannuation Strategies
As we approach 30 June, there are several end of financial year (EOFY) planning strategies you may wish to consider. Whether these are appropriate for you will depend on your financial situation, goals and objectives. Maximise your superannuation contributions Some of the biggest EOFY planning considerations centre on the fact that the superannuation contribution framework…
Details
Mortgage Pricing Review
Mortgage pricing not strongly competitive The opaque pricing of discounts offered on residential mortgage rates makes it difficult for customers to make informed choices and disadvantages borrowers who do not regularly review their choice of lender, a report by the ACCC has found. The ACCC’s Residential Mortgage Price Inquiry is monitoring the prices charged by…
Details
Front Foot Farming FY18 Wrap Up
We live in a world where everything has become connected and integrated As such, business owners now expect their accountant to be involved in various aspects of their business rather than just provide them with a number for how much tax is due at the end of each year. Increasingly they want to work with…
Details
One-off Super Guarantee Amnesty
Superannuation Guarantee Amnesty Employers that have fallen behind with their superannuation guarantee (SG) obligations will have 12 months to “self-correct” under a new amnesty announced on 24 May 2018. The ATO estimates that $2.85 billion is currently owed in late or missing SG payments. Running from 24 May 2018 for 12 months, the amnesty encourages…
Details
Expats and Foreign Residents Beware
CGT and the family home Expats and foreign residents beware The family home of foreign residents and expats may be taxed if legislation before Parliament is passed by the Senate. If you are a foreign resident living in Australia or an Australian working overseas who owns residential property in Australia, this reform potentially has serious…
Details
Economic Update May 2018
The air of volatility remained over April 2018, following continued trade tensions which were escalated further under President Trump with the revelation that the United States (US) would withdraw from the Iran nuclear deal, reinstating all sanctions previously removed following agreement on the deal in 2015. European allies were disappointed, expressing their desire to commit…
Details
Foreign Residents Living in Australia
CGT and the family home: Expats and foreign residents beware Foreign residents living in Australia If you are a foreign citizen currently living in Australia but planning to leave Australia at some stage in the short to medium term then these new rules are likely to impact on you. If you owned your home at…
Details
Stay on Top of Your Business Finances
Finances can make or break your business It’s vital to keep them in check. Here are some tips. 1. Don’t lose out Take advantage of recent tax and regulatory changes, such as: the $20,000 instant asset write-off threshold, which has been extended until 30 June 2019 for companies with turnover of less than $10 million the new crowd-sourced equity…
Details
Federal Budget 2018/19: What it Means for SMALL BUSINESS OWNERS
What you need to know The Budget is forecast to return to surplus in 2019/20 with a positive balance of $2.2bn Income tax relief for low-income and middle-income earners – up to $530 per annum via a tax offset– for four years commencing 1 July 2018 Addressed income tax bracket creep – as part of…
Details
Federal Budget 2018/19: What it Means for RETIREES & PRE-RETIREES
What you need to know The Budget is forecast to return to surplus in 2019/20 with a positive balance of $2.2bn Income tax relief for low-income and middle-income earners – up to $530 per annum via a tax offset– for four years commencing 1 July 2018 Addressed income tax bracket creep – as part of…
Details
2018-19 Budget Overview
Reward for work a dominant theme in this year’s Budget The seven year personal income tax plan initially targets low to middle-income earners before making significant changes to the tax brackets. But, the devil is in the detail for advisers. SMSF Auditors are grappling with the proposed 3 year SMSF audit cycle. There are also…
Details
Federal Budget 2018/19: What it means for HIGH NET WORTH INDIVIDUALS
What you need to know The Budget is forecast to return to surplus in 2019/20 with a positive balance of $2.2bn Income tax relief for low-income and middle-income earners – up to $530 per annum via a tax offset– for four years commencing 1 July 2018 Addressed income tax bracket creep – as part of…
Details
Federal Budget 2018/19: What it Means for FAMILIES
What you need to know The Budget is forecast to return to surplus in 2019/20 with a positive balance of $2.2bn Income tax relief for low-income and middle-income earners – up to $530 per annum via a tax offset– for four years commencing 1 July 2018 Addressed income tax bracket creep – as part of…
DetailsFederal Budget 2018/19: What it Means for ACCUMULATORS
What you need to know The Budget is forecast to return to surplus in 2019/20 with a positive balance of $2.2bn Income tax relief for low-income and middle-income earners – up to $530 per annum via a tax offset for four years commencing 1 July 2018 Addressed income tax bracket creep as part of a…
Details
Arnhem Global Growth SMA: April 2018 Performance and Comments
Please see below links to this month’s Arnhem Global Growth SMA newsletters and performance. Arnhem Global Growth Newsletter April 2018
Details
Australians Working Overseas
CGT and the family home: Expats and foreign residents beware If you are an Australian citizen working overseas but a non-resident for tax purposes, these new rules are likely to affect your main residence in Australia. If you maintain your main residence in Australia, you can use the absence rule to maintain the exempt status…
Details
Succession – Your Forward Plan
For most business owners, the idea of when to pass it on or sell up is an issue most tend to avoid. Unfortunately, often an event such as a death, divorce or accident forces the issue and mostly the best result isn’t achieved. By proactively planning for the future handover of your business and assets,…
Details
Single Touch Payroll for Employees
Single Touch Payroll What employees need to know 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 employees While the Government and ATO are promoting STP as a way to improve the efficiency of payroll processes…
Details
Tax Deductions: The Danger Zones
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, unlike some other countries, these…
DetailsEconomic Update April 2018
A Bumpier Ride Trump’s trade tariffs with possible repercussions in the form of a trade war and a shake-up in technology stocks, led by Facebook on the back of its privacy violation, meant March was a bumpy ride for Wall Street. The U.S. stock market finished the first quarter of 2018 with losses for the…
Details
2018 Investment Expenses
Investment expenses While expenses can be claimed for a wide array of income-producing assets, property is where most of the activity is centred. Investment-related expenses can include management fees for an investment, account-keeping fees, insurance, land tax, depreciation, maintenance expenses, and interest on borrowings used to purchase an income-producing asset. $41.7 billion in rental expenses were claimed in…
Details
Informed Newsletter – Q1 2018
Each week on our social media pages we share a topical article or infographic that we hope you find interesting and informative. If you don’t follow our social media pages, you should! Check out the links below and give us a follow. Our Facebook Page Our LinkedIn page ‘Informed’ is a quarterly publication which takes some…
Details
Tips to Help Start your Own Business
Starting a new business is exciting But there’s a lot to think about and organise Research If you are made of sterner stuff and you have the drive to make a success of your business idea, start by talking with others who have gone down the same path and can help you figure out your…
Details
Arnhem Global Growth SMA: March 2018 Performance and Comments
Please see below links to this month’s Arnhem Global Growth SMA newsletters and performance. Arnhem Australia+ Newsletter ASX benchmark March 2018 Arnhem Global Growth Newsletter March 2018
Details
Single Touch Payroll for Employers
Single Touch Payroll What employers need to know 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…
Details
The CAWP Podcast: What is a Separately Managed Account?
LISTEN TO OUR FIRST PODCAST! WHAT ARE SEPARATELY MANAGED ACCOUNTS? If you missed our recent Separately Managed Accounts information sessions, or want to know more about SMAs, you should listen to our first ever podcast! What is a podcast? It’s news and info on the go! A podcast is a voice-only recording that you can…
Details
A money-wise wedding: Creating a budget for the big day
Whether you’re planning a large, luxurious wedding or a small, intimate affair, smart budgeting could help free you from financial worries, so you can enjoy your special day. Following these steps may help ensure no one’s worried about debt on the honeymoon. 1. Plan early: Given that the average Australian wedding costs $36,200 [1], the sooner you start…
Details
How to Cope Financially with Illness or Injury
Bills still need to be paid even if illness or injury keep you out of work. But help is available if you need it. Dealing with a serious illness or injury is stressful enough without having to consider how to cope financially. However, making sure you get everything you are entitled to and offsetting bill…
Details
Meet Dyahn Werth – Carrick Aland Accountant
Dyahn Werth – Carrick Aland Accountant As a Chartered Accountant, Dyahn Werth supports Carrick Aland’s clients by preparing Business Activity Statements, Individual Activity Statements, financial accounts and income tax returns for individuals, partnerships, trusts and companies. She has a leaning towards clients who operate in the agricultural sector, possibly because she herself hails from a…
Details
2018 Work Related Expenses
Work-related expenses At $19.7 billion, work-related expenses accounted for nearly two-thirds of total deductions claimed by individuals in 2012-13. The most common claims were for car expenses ($8 billion or around 40%), followed by $7 billion in ‘other expenses’ comprising home office costs and tools, equipment and other assets. Work-related travel expenses counted for $2…
Details
GST on Property Developments
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 significant change from how GST is…
Details
Late Payments Worsen as Seasonal Trends Hit
Xero small business insights January is typically the worst month for on-time payments to Australian small businesses. Many families are on school holidays, some businesses shut for weeks and outstanding bills can sit unpaid. This year was no different, and the latest Xero Small Business Insights (SBI) data shows businesses waited an average 38.8 days…
Details
ATO Audit Targets
Will your business be audited? 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 a…
Details
Salary Sacrificing for a Fringe Benefit
Salary sacrifice or employee contribution? One issue that frequently causes confusion is the difference between the employee salary sacrificing in order to receive a fringe benefit and making an employee contribution towards the value of that fringe benefit. Salary sacrificing for a fringe benefit To be an effective salary sacrifice arrangement (SSA), the agreement must…
Details
FBT and LAFHA
Living away from home allowances Living Away From Home Allowances (LAFHA) continue to cause confusion for both employers and employees. A LAFHA is an allowance paid to an employee by their employer to compensate for additional expenses they incur, and any disadvantages suffered because the employee’s job requires them to live away from their normal…
Details
Fringe Benefits and Car Parking
Car parking We all know how expensive commercial car parks can be. The ATO has noticed that where car parking benefits are being declared (that is, where an employer provides parking to an employee), the value of what is being declared is significantly less than what you would expect to pay. Common errors include: Market…
Details
Key Person Insurance: Protection for your Business
How would your organisation cope if something happened to a key person? Unexpected events can play havoc not only with people’s lives but also with businesses. However, business owners are often so busy they don’t stop to consider the true cost of the loss of a key employee, business partner or even themselves. The knock-on…
Details
FBT, Utes and Commercial Vehicles
Utes and commercial vehicle exemption The new safe harbour to avoid FBT When an employer provides an employee with the use of a car or other vehicle then this would generally be treated as a car fringe benefit or residual fringe benefit and could potentially trigger an FBT liability. However, the FBT Act contains some…
Details
Diversity in Agriculture Leadership Program
Agriculture joins forces to forge a new pathway for women in ag leadership On International Womens’ Day, National Farmers’ Federation announces new pathway to leadership for women in agriculture. Applications are now open for the Diversity in Agriculture Leadership Program mentoring opportunity. Women have been the backbone of farming since agriculture began in our nation. However, the…
Details
Arnhem Global Growth SMA: February 2018 Performance and Comments
Dear Advisers, Consultants and Fellow Investors, Thank you for your ongoing support and interest in our suite of Arnhem Global SMA strategies. Please find attached and below our February 2018 performance for both the ‘Global Growth’ and ‘Australia+’ Portfolios. Given the heightened volatility in global markets witnessed at the beginning of the month, we thought…
Details
Separately Managed Accounts – Presentation with DNR Capital
Did you miss our Separately Managed Accounts Information Sessions, or just want to look at the presentation again? Our presentation covered the background of DNR Capital, what Separately Managed Accounts are, the benefits of SMAs, and a Market Review. Click the attachment for a copy of the presentation. If you’d like to know more please contact…
Details
What are Separately Managed Accounts (SMAs)?
An SMA is a type of managed investment which gives investors access to a portfolio of investments (such as direct shares and managed funds). the portfolios are professionally managed by a range of investment managers according to defined investment strategies. Click the attached flier for more, or if you would like to discuss SMAs with…
Details
Front Foot Farming – Q3 Update FY17
We caught up with Figured this quarter who flagged the Senate Enquiry into banking and lending to primary productions industries, including agriculture, fisheries and forestry. One of the key recommendations was that the banks should not have any control over farm budgeting and forecasting. The writing is on the wall, but what does it mean? At Carrick…
Details
What is Bitcoin?
Bitcoin is a type of digital currency known as a cryptocurrency. It operates on a decentralised peer-to-peer networked program on your computer, meaning that transactions can be conducted between a buyer and seller without the need for any third party oversight such as a regulator or bank. The underlying technology that makes all cryptocurrencies possible…
Details
FBT and Motor Vehicles
Motor Vehicles Using the company car outside of work Just because your business buys a motor vehicle and it is used as a work vehicle, that alone does not mean that the car is exempt from FBT. If you use the car for private purposes – pick the kids up from school, do the shopping, use it…
Details
Succession Insights and Lessons from Retired Farming Couple
Farm succession – insights and lessons from a retired farming couple We recently talked with retired farmer Jim and his wife over some homemade spiced carrot cake and a cuppa. They started out with 800 acres in the Western Downs in the 1960s and ended up with 5,000 acres in Balonne Shire before heading to…
Details
5 Tips to Take the Stress Out of Settlement Day
5 Tips to take the stress out of settlement day You’ve found your dream property, had your offer accepted and the all-important settlement day is the last hurdle to overcome. The anticipation has been building for weeks! Settlement day can be both exciting and stressful, as sometimes things can go wrong. In this article, we…
Details
Notifying a Data Breach
Notifying a breach If a breach is assessed to potentially result in serious harm, you are obliged to advise affected individuals and the Australian Information Commissioner. You have the option to: Notify all individuals whose personal information is involved in the eligible data breach Notify only the individuals who are at likely risk of serious…
DetailsEconomic Update January 2018
Emerging markets remained strong over January 2018, increasing 4.6% over the month to be up 32.2% for the 12-month period while global equities also continued their upwards climb. Confidence in China, following strong economic activity and increased emphasis placed on achieving sustainable growth continues to support emerging markets performance. Brazil also renewed confidence through the…
Details
Taking All Reasonable Steps to Assess NDB Risk
Taking all reasonable steps The Privacy Act already requires organisations to take all reasonable steps to protect personal information. The new data breach laws merely add an additional layer to assess breaches and notify where the breach poses a threat. For example, if you have not already, you should assess issues such as: How personal…
Details
New Data Breach Laws Come Into Effect
The Notifiable Data Breach (NDB) Scheme In October last year, almost 50,000 employee records from Australian Government agencies, banks and a utility were exposed and compromised because of a misconfigured cloud-based ‘Amazon S3 bucket’. AMP was reportedly one of the worst affected with 25,000 leaked employee records. ITNews reports that the data breach was discovered…
Details
Directors on ‘Hit List’ for Not Paying Employee Super
Directors on ‘hit list’ for not paying employee super Proposed legislation would see the ATO pursue criminal charges against Directors who fail to meet their superannuation guarantee (SG) obligations. An analysis by Industry Super Australia submitted to the Economics References Committee into Wage Theft and Superannuation Guarantee Non-compliance indicates that employers failed to pay an…
Details
What’s Changing in 2018?
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 can avoid the fee by living in…
Details
ATO Transparency of Tax Debt Measure
ATO Transparency of tax debt measure The proposed Transparency of tax debt (TOTD) measure will require new law to allow the ATO to report tax debt information of businesses to CRBs. The measure will commence when the new law is given royal assent. In the 2016–2017 Mid-Year Economic and Fiscal Outlook (MYEFO), the government announced that…
Details
Economic Update from WDRC
Please find attached an Economic Update from the Western Downs Regional Council. 0917 September 2017 Quarterly Update
Details
Carrick Aland’s Succession Skills Organise Farm and Business Families
Carrick Aland’s succession skills organise farm and business families If selling is not on the agenda, most families know they have to do something about handing their farm or business onto the next generation, but it doesn’t have to be a hot potato. Succession planning can be a very emotive topic Combine money, ambition, desire…
Details
Front Foot Farming – Q2 Findings FY17
Carrick Aland Front Foot Farming – Q2 Findings FY17 One year after introducing higher level agricultural financial reporting, Carrick Aland reports that 89 per cent of farming business clients tapping in are already benefiting from better livestock movement tracking and integrated tax planning. “Closing stock on cattle was always a grey area and the question…
Details
ACCC Credit Card Surcharge
ACCC gets tough on credit card surcharge The Australian Competition and Consumer Commission (ACCC) has issued a warning to businesses charging excessive credit card fees. One large merchant has already been issued with four infringement notices and has paid $43,200 in penalties! The new rules, which came into effect from 1 September 2017, prevent merchants…
Details
Vacant Property Fee
Foreign property owners slapped with fee for vacant property Australia has followed the international trend of penalising foreign owners of Australian residential property who keep their property vacant for extended periods of time. Last month Parliament approved legislation that imposes an annual vacancy fee on foreign owners of residential real estate if the property is…
Details
Ruling Changes Understanding of Apprentice Pay
What changes are coming? Earlier this year, a Federal Court case about apprentice pay could result in many employers having to back pay apprentices. In November, the Federal Court in Brisbane dismissed claims from All Trades Queensland, Master Builders Queensland, and the Housing Industry Association that apprentices in the State should continue to be covered…
DetailsEconomic Update February 2018
Market corrects Share markets continued late-January’s correction in February before a partial bounce-back saw global shares recover some ground, ending the month down 3.7% in hedged terms. New US Federal Reserve Chair Jerome Powell’s debut testimony flagged the Fed may raise rates 4 rather than 3 times this year. This, along with prospects of a…
Details
Santa’s Tax Crises
A light-hearted look at the complexity of Australian taxation laws Dear Santa, Thank you for the opportunity to provide tax advice for your operation. We are pleased you have initiated this advice as the Australian Taxation Office (ATO) is looking closely at any business or individual that operates within Australia but has significant transactions or…
Details
Other Tax and Renovation Issues
Other tax and renovation issues The main residence exemption is not the only issue that comes up with property flipping. Tax deductions for rental properties and renovating for profit inside a self-managed super fund (SMSF) are common topics: Can I claim a tax deduction for renovations on my investment property? It is not generally possible to…
Details
What is the Main Residence Exemption?
What is the main residence exemption? Generally, you do not pay CGT on the sale of your private home. A full exemption should be available if the following conditions are met: You are an individual who is selling a dwelling or an ownership interest in a dwelling; The dwelling has been your home for the…
Details
‘Property Flipping’ is Next ATO Target
Why ‘property flipping’ is the next ATO target The tax law does not allow you to ‘flip’ a property tax-free even if you are living in it. Most people think that they can move into a property, renovate it, and then sell it without paying tax. The main residence exemption – the exemption that protects…
Details
New Multinational Tax Crackdown
How small subsidiaries are being caught by Australia’s new multinational tax crackdown Entities with a global parent or that are part of a large group of companies are being caught in the multinational tax crackdown regardless of their size in Australia. With effect from 1 July 2016, many smaller entities connected to a larger parent…
DetailsASIC Penalties ‘the Cost of Doing Business’
ASIC penalties ‘the cost of doing business’ The Australian Securities and Investment Commission (ASIC) is set to increase penalties for corporate and financial sector misconduct to deter the fines being seen as the cost of doing business. The impact of the proposed changes would be to expand the range of civil penalty provisions and to…
Details
New Legislation Restricts Access to Reduced Company Tax Rate
New legislation restricts access to the reduced company tax rate Legislation restricting access to the small business company tax rate reduction entered Parliament last month. The changes specifically preclude companies with passive investments such as rental property income from qualifying for the small business entity tax rate of 27.5%. For the 2017 income year, a…
Details
Cleaners and Couriers Latest Black Economy Target
Cleaners and couriers latest black economy target 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…
Details
Interest Rate Outlook
Interest Rate Outlook At the November board meeting, the Reserve Bank of Australia (RBA) announced the official cash rate would remain at 1.50% for the 15th consecutive month. In his statement the Governor noted that while there are positive signs within the global and domestic economy and the labour market continues to tighten, inflation remains…
Details
Single Touch Payroll Starts 1 July 2018
Single Touch Payroll starts 1 July 2018 The ATO is changing the way employers report their tax and super You may need to use Single Touch Payroll from 1 July 2018. You’ll now be able to report this information to the ATO directly from your payroll solution. If you have 20 or more employees, you need to…
Details
Scams Targeting ASIC Customers
Scams targeting ASIC customers – be vigilant! Scammers pretending to be from ASIC have been contacting Registry 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 or infects your computer with malware if…
Details
Tax Benefits for Investing in Affordable Housing
In the 2017-18 Federal Budget the Government announced a series of measures intended to improve housing affordability in Australia. To entice investors, the Government is providing an increase in the CGT discount for individuals who choose to invest in affordable housing. The draft legislation enabling this change has now been released so we can see…
DetailsEconomic Update September 2017
Global developed equities, both large and small caps, were the key performers over September 2017, as consumer confidence bolstered following a subdued August. Strong gains in the energy sector as well as increased confidence in financials were the primary drivers of performance. AUSTRALIAN EQUITIES The broad Australian equity market was mixed over September, as the…
Details
Alert: What to Tell the ATO About your SMSF
Alert: What Trustees need to tell the ATO about your self-managed super The 1 July 2017 superannuation reforms introduced a new reporting regime for funds. SMSFs now need to advise the ATO of key events within the fund that impact on retirement income streams (pensions): When you start a pension When you stop a pension or…
Details
Five Tips on Giving to Charity
Feeling generous and want to make a difference? Here are five tips on giving to consider. An estimated 14.9 million Australian adults (80.8 per cent of the population) gave $12.5 billion to charities and not-for-profit organisations in 2015–16.[1] For many people, donating comes as a response to a specific request, but if you feel strongly about…
Details
Company Audit Crackdown
ASIC Targets Growing Companies In Audit Crackdown ASIC is in the midst of a concerted campaign targeting private companies that have outgrown the reporting exemptions. ASIC requires companies to prepare and lodge a financial report and a directors’ report each financial year, and have the accounts audited unless the company is exempt. Most small companies…
Details
New Laws for Franchisors with Vulnerable Workers
New laws hold franchisors responsible for vulnerable workers Franchisors and holding companies could be held responsible if their franchisees or subsidiaries don’t follow workplace laws. The Government has stepped in to protect workers following months of controversial headlines uncovering poor record keeping, questionable workplace practices and exploitation, underpayments, deception and superannuation guarantee fraud by employers.…
Details
Safe Harbour for Directors of Struggling Companies
Safe harbour for directors of struggling companies Australia’s insolvent trading laws impose harsh penalties on directors of companies that trade where there are reasonable grounds to suspect that the company is insolvent. Criminal and civil penalties can apply personally including penalties of up to $200,000, compensation proceedings by creditors or liquidators, and where dishonesty has…
Details
Money Hacks for Teens and Young Adults
Help your teens and young adults manage how they spend and save. So your teenagers and young adults know how to spend, but do they know how to budget for the things they really want? Learning good money management should be an essential life skill. A reason to save For many teenagers and young adults…
Details
Your Succession Plan
Your succession plan When it comes to passing on your farm to the next generation, do you have plans or just ideas? Succession plans are something many farmers and business owners have thought about, but don’t seem to find the time to sort out. To plan for the future, and ensure your hard work continues…
DetailsEconomic Update August 2017
Heightened geopolitical risks, brought on by weapons testing in North Korea and the accompanying political rhetoric, wove a cautious atmosphere for August 2017. The volatility caused some flight to quality as bond yields decreased across global markets and gold prices increased by 5.0%. The United States (US) Federal Reserve (Fed) was quiet over August, uncertain…
Details
Director’s Fees: What and How To Pay Them
Can you pay a Director? Directors who work in the company, executive directors, would generally have an agreed executive remuneration structure that takes into account their service including attending Board meetings (so, generally no extra fees for service outside of the agreed remuneration structure). For non-executive directors, companies can only pay Director’s fees if the…
Details
Carrick Aland Farewells Marion
Marion has been a familiar face at Carrick Aland’s office. Originally joining our firm to help with the implementation of GST and tax returns way back in May 2000, Marion worked in Tax & Audit up until the merge in 2010. She then became an assistant to Carrick Aland’s Accountants. With the introduction of cloud…
Details
Super Guarantee – What Happens When you get it Wrong?
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 employers could be non-compliant with…
Details
Better Car Buying
Vehicle Buying Service through RB Finance Through his relationship with Macquarie, Ryan Baddock at RB Finance offers a vehicle buying service. Through their extensive dealer network and significant volumes, Macquarie can seek the best possible quotes on new vehicles. They are facilitating hundreds of deals each month so they are always in the market and have their…
Details
Tax Commissioner’s Hit List
Every so often the Australian Taxation Office (ATO) sends a ‘shot across the bow’ warning taxpayers where their gaze is focussed. In a speech to the National Press Club, Tax Commissioner Chris Jordan did exactly that. Part of the reason for this public outing is the gap between the amount of tax the ATO collects…
DetailsEconomic Update July 2017
The recent trend of a weakening United States (US) dollar (USD) and rising commodity prices continued in July 2017. As a consequence, emerging markets equities once again outperformed their developed counterparts. The MSCI Emerging Markets (UH) index rose 1.8% in Australian dollar (AUD) terms despite an appreciation of the AUD over the month. Asian emerging…
DetailsNew Rules Claiming Plant and Equipment in Rental Properties
Proposed changes could impact investors On 9 May 2017 the Government proposed changes to the depreciation of plant and equipment assets in the Federal Budget. These new rules could impact on investors purchasing rental properties. The Government made major changes to depreciation legislation last in the mid-1980’s. As such, concerns are circulating about the impact…
Details
Your Chance to WIN $5,000!
Financial Planning Week is 21-27 August, and to celebrate the Financial Planning Association of Australia is giving you the chance to #getaplan and make your dreams come true! You could win $5,000 by telling us in 100 words or less how winning would bring your dreams to life. Click here to enter. Good Luck!
Details
Selling Property Valued at $750k
What everyone selling a property valued at $750k or more needs to know 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…
Details
Main Residence Exemption Removed for Non-residents
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 rules, the main residence exemption…
Details
Claiming Work-related Expenses?
The ATO is paying attention to people who are over-claiming work-related expenses. Get your deductions right by satisfying the following rules: you must have spent the money and were not reimbursed it must be directly related to earning your income, and not of a private nature you must have a record to prove it Things to…
Details
How to Use my Deductions on ATO’s App
Salary and wage earner tax tips How to use myDeductions on ATO’s App ATO’s myDeductions makes it easier and more convenient to keep your tax deductions and income records all in one place. Individuals claiming general or employee work-related expenses can use the tool. Sole traders with simple affairs can also use it to help keep track…
DetailsEconomic Update June 2017
The global equity market index continued to move slightly higher in June, closing out a solid first six months of 2017. The S&P 500 closed 0.6% higher despite a late-month fall; although this was countered by weak equities across Europe. Asian emerging markets were also positive as the Shanghai Stock Exchange (SSE) Composite (+2.4%) and…
Details
GST on Imports: New Rules for Goods Under $1,000
GST on imports New rules for goods under $1,000 Last month, Parliament passed legislation that will see GST applied to all consumer imports regardless of their value. Currently, imports below $1,000 are excluded from GST. The perceived preferential treatment of internet shopping has been a contentious issue for a while with the retail sector lobbying…
Details
What Did I Miss? 1 July Changes
What did I miss? 1 July changes GST applies to digital products & services imported by consumers Small business $20k instant asset write-off extended until 30 June 2018 Company tax rate reduction to 27.5% for entities with an aggregated turnover of less than $25m (companies with a turnover of less than $10m have been subject…
Details
Busting the $1 Million Retirement Myth
This article was wrtten by Brian Long, MLC Head of Retirement, and can be found here. It’s often been mentioned that $1 million or more in superannuation savings is needed to live a comfortable retirement. This is a daunting figure for most of us and, unsurprisingly, has many Australians concerned about the kind of retirement lifestyle they…
Details
Meet Carrick Aland Client Manager Beth Hall
How Carrick Aland Client Manager Beth Hall ended up as an accountant was purely by chance. But she has always had a curious mind and canny knack to pick up things quickly. After her foray into the accounting profession as a receptionist and then an office manager in Inverell, she moved with her family and…
Details
QLD State Government Funding Program Supports Manufacturing
Made in Queensland Made in Queensland is a Queensland Government initiative supporting our manufacturing sector to become more internationally competitive and adopt innovative processes and technologies. This program aims to: increase Queensland-based manufacturing businesses’ productivity and competitiveness encourage these businesses to adopt innovative processes and technologies encourage more of these businesses to become advanced manufacturers,…
Details
Are You Eligible for a Government Superannuation Co-Contribution?
If so, there is still time to access a co-contribution of up to $500! Contact us for further information and to find out if you’re eligible, or read the factsheet below.
Single Touch Payroll Coming
Single Touch Payroll is coming from 1 July 2018 If you report payroll and super information to the Australian Taxation Office (ATO) and have 20 or more employees, here are some things you need to know right now. What is Single Touch Payroll? Single Touch Payroll is a government initiative to streamline business-reporting obligations. When…
Details
Water Facilities Defined for Tax Purposes
Water facilities You may be entitled to claim a deduction for capital expenditure incurred on a water facility if you are: a primary producer an irrigation water provider – for expenditure incurred on or after 1 July 2004. For you to be entitled to claim a deduction, your expenditure must have been incurred primarily and…
Details
Super Guarantee 8-point Health Check
Paying super is an important part of being an employer. At this time of year it is always a good time to review how you are going with your superannuation obligations, and if you find that you have fallen behind we can help you get back on track. It’s important that businesses employing staff understand…
Details
Minimum Wages will Increase by 3.3%
Get set for a 3.3% increase to base rates of pay The Fair Work Commission has announced a 3.3% increase to minimum wages following its 2017 Annual Wage Review. The increase will apply to base rates of pay from the first full pay period starting on or after 1 July 2017. The new national minimum wage…
Details
Investment Property: Pre And Post 30 June
No more deductions for travelling to and from your investment property The days of writing off the costs of travel to and from your residential investment property are about to end. From 1 July 2017, the Government intends to abolish deductions for travel expenses related to inspecting, maintaining, or collecting rent for a residential rental…
Details
Cameron Sorley B Comm (Acc), ASA, Xero Certified Advisor
Having grown up on his parents’ Brahman and Droughtmaster stud in Bell, Carrick Aland Client Manager Cameron Sorley is very well acquainted with the issues facing primary producers and local business. Based in Carrick Aland’s Toowoomba and Dalby offices, Cameron is currently on track to finish his CPA qualification this financial year. Cameron’s niche is…
Details
Imminent Changes to Crowdfunding
Crowdfunding uses internet-based platforms and other forms of social media to raise funds for projects or business ventures. Generally, the party trying to raise the funds (the promoter) will engage an intermediary (the platform) to collect funds from contributors. There are different ways this can be done and how the crowdfunding is raised will determine…
DetailsEconomic Update May 2017
Global equity markets continued to drift higher in April 2017, led by growth and small cap stocks. The global economy has strengthened, reflecting the strongest and most synchronised growth since 2010 among developed and emerging markets. The International Monetary Fund (IMF) revised its 2017 growth forecast for the world economy to 3.5% from 3.4%. Headline…
Details
QRAA 4 Things to Know Before EOFY
End of Financial Year Four Things to Know from QRAA With the End of Financial Year (EOFY) fast approaching, QRAA would like to share four key things that might be of value to rural businesses before 30 June 2017. #1 Extra drought money Drought-affected primary producers in Queensland can take advantage of an additional $15 million…
Details
The Deal to Pass the Enterprise Tax Bill
The tax rate reductions for business and changes to the small business threshold were announced in the last Federal Budget but have been stuck in the Senate with concerns that it was merely a ‘sugar hit’ for the top end of town. However, a last-minute deal between the government and Senator Nick Xenophon will see the…
Details
Simpler BAS from 1 July
From 1 July 2017, the Australian Tax Office (ATO) will reduce the amount of GST information required for BAS to simplify GST bookkeeping and reporting requirements. From that date, small businesses will only be required to report the following GST information on their BAS: GST on sales (1A) GST on purchases (1B) Total sales (G1) The requirement to…
Details
$20k Immediate Deduction Extended Another Year
Small business gets a shot in the arm with extension of $20,000 asset write-off Ø Date of effect: extended until 30 June 2018 The $20,000* immediate deduction threshold for assets purchased by businesses with an aggregated turnover of under $10 million will be extended until 30 June 2018. Assets will need to be used or installed…
Details
How the 2017 Budget may Affect Families
The announcements in this update are proposals unless stated otherwise. These proposals need to successfully pass through Parliament before becoming law and may be subject to change during this process. The Medicare levy will increase by 0.5%to 2.5% from 1 July 2019 The Government will spend $37.3 billion on child care over four years Additional…
Details
How the 2017 Budget may Affect Wealth Accumulators
The announcements in this update are proposals unless stated otherwise. These proposals need to successfully pass through Parliament before becoming law and may be subject to change during this process. First-home buyers have the opportunity to save a deposit through voluntary contributions to superannuation No changes to negative gearing or capital gains tax Accommodation and…
Details
Work-related Travel Claims
Why work-related travel claims are easy pickings for the ATO The Australian Taxation Office (ATO) is on the warpath over work-related travel expenses and is prepared to test the boundaries of claims in court. A recent case before the Administrative Appeals Tribunal (AAT) highlights many of the issues that commonly occur. In this case, a…
Details
The 2017 Federal Budget Overview
The announcements in this update are proposals unless stated otherwise. These proposals need to successfully pass through Parliament before becoming law and may be subject to change during this process. Budget projected to return to balance in 2020–21 and remain in surplus over the medium term Growing consensus that the global economic outlook is improving…
DetailsHow the 2017 Budget May Affect Small and Medium Businesses
The announcements in this update are proposals unless stated otherwise. These proposals need to successfully pass through Parliament before becoming law and may be subject to change during this process. Small businesses with a turnover up to $10 million can write off expenditure up to $20,000 for a further year No changes to negative gearing or…
Details
How the 2017 Budget May Affect Retirees and Pre-retirees
The announcements in this update are proposals unless stated otherwise. These proposals need to successfully pass through Parliament before becoming law and may be subject to change during this process. Over 65s will be able to make a non-concessional contribution of up to $300,000 each into their superannuation fund from the proceeds of the sale…
Details
How the 2017 Budget May Affect High Net Worth Individuals and Families
The announcements in this update are proposals unless stated otherwise. These proposals need to successfully pass through Parliament before becoming law and may be subject to change during this process. Growing consensus that the global economic outlook is improving Australians over the age of 65 will be able to make a non-concessional contribution of up…
Details
Trusts, Timing and Getting it Right
Trusts, timing and getting it right Trustees (or directors of a trustee company) need to decide on the distributions they plan to make by 30 June 2017 at the latest. It’s also important to check your trust deed – most trust deeds require resolutions to distribute trust income to be made by 30 June each…
Details
Access the $20k Instant Asset Write-off this Year
Why 90,000 more businesses can access the $20k instant asset write-off this year The popular $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 than $20,000. Until recently, this instant write-off was only accessible to businesses with an aggregated…
Details
Are You Paying More Tax Than You Need To?
What can you do to reduce your tax and the tax paid by your business? The answer is quite a bit, but it takes planning pre-30 June and timing is everything. Here are our four top tips: 1. Accelerate deductions For businesses, if your cash flow is good, make the purchases you need before the…
Details
A Skinny-dip Into Business Technology
Meet Kent Gripske CPA, B Comm, C dec “I started as a bookkeeper in my early teens, graduated as an Accountant, learnt how to be an Auditor and became a Tax Agent”, says Carrick Aland Partner Kent Gripske. “All along the way employing technology to make my life easier.” Since joining Carrick Aland in 1999,…
Details
The CAWP Update Newsletter: Negative Gearing, CGT & Aged Care
Hello readers, The year seems to be hurtling along at a quick pace, in some ways it’s hard to believe it’s April. In this month’s edition, we discuss the CGT concessions available to small business owners. Our animated video explores negative gearing for wealth creation. We look at goals-based portfolio construction. With aged care services…
DetailsEconomic Update April 2017
Australian equities continued their strong run over March 2017, spurred on by a solid February reporting season and favourable global conditions. The S&P/ASX 300 increased 3.3%, outperforming international developed markets as the MSCI World ex Aus index gained 1.8% (unhedged AUD). Utilities and Healthcare were the key contributors to Australia’s performance while Materials and Telecom…
Details
Research and Development Tax Incentive
The research and development (R&D) tax incentive has been around for a while in various forms but it’s worth considering. The Government provides this tax offset to encourage companies to conduct R&D activities that benefit Australia. The current tax-offset rates that apply to qualifying companies are: A 43.5% refundable tax offset for companies with an…
Details
Employee Share Schemes Help Fast-growth Business Attract Talent
Employee share schemes, if structured correctly, can be an effective way of incentivising staff by linking personal reward to company growth. They are also very useful for fast growth start-up and innovative companies that want to attract top talent but lack the capital to compete on salary alone. Recent changes to how Employee Share Schemes…
Details
FBT Audits
FBT Audits and Negotiating a Suitable Settlement Having been the subject of an FBT audit – or any other type of audit for that matter – one must consider negotiating a suitable settlement of the case if circumstances allow. Further, there may also be some scope for a settlement on the level of penalties that were applied by…
Details
Tax Relief for Business Changing Structures
It is common for a business to outgrow its business structure. Alternatively, changes in circumstances over time might mean that a business structure is no longer as effective as it could be. Small business entities can now rollover from one business structure to another without triggering adverse implications under the income tax system. Under new…
Details
When Can I claim Self-education Expenses?
Normally, if you undertake study that is connected to your work you can claim the costs of that study as a tax deduction, assuming your employer has not already picked up your expenses. There is also no limit to the value of the deduction you can claim. While this all sounds very encouraging there are…
Details
New Carrick Aland Business Partner RB Finance
Carrick Aland partners with new, progressive finance business for holistic banking and finance services RB Finance QLD is a new and progressive finance business that focuses on providing holistic banking and finance advice and support to individuals and businesses, and with whom Carrick Aland is delighted to announce a preferred business partnership. Principal Ryan Baddock…
Details
From Warwick to the Western Downs, Gabrielle is our AG Business Belle!
Gabrielle Doyle FCPA B Bus JP From Warwick to the Western Downs, Gabrielle is our ag business belle! Gabrielle Doyle only became one of Carrick Aland’s Client Managers a year ago, but she has a swag of experience under her belt having worked with several firms in regional south east Queensland. This has allowed her…
Details
State Tax Warning for Family Trusts
Recent changes to State laws may trigger a surprise tax bill for family trusts (discretionary trusts). The problem for family trusts stems from recent legislative changes in New South Wales (NSW), Victoria (VIC) and Queensland (QLD) that impose a surcharge on foreigners purchasing residential land. While that might not sound like a problem, the issue…
DetailsQLD Farm Management Grants
Grants of up to $2,500 now available to Queensland farmers Farm Management Grants are now available to assist eligible Queensland primary producers or their relatives offset the costs of professional advice associated with succession planning. Costs eligible for the rebate include those for professional advice provided by suitably qualified professionals including for example, accountants, succession advisors or…
Details
Commercial Websites: Navigating Capital and Revenue Deductions
Australian businesses are increasingly adopting websites as essential sales and marketing tools. The Australian Bureau of Statistics (ABS) has reported that just under half of businesses have a web presence, and online ordering has increased, generating $286 billion in revenue in 2015. Similarly, social media engagement is trending upward, with a third of Australian businesses…
Details
The Update: Super Changes Coming – Are You Ready?
Hello readers, March is here, the first month of autumn. Hopefully we edge away from those volatile summer temperatures and see more stable weather. Although, in this newsletter edition we’ve decided to turn up the heat on a few hot topics in the world of personal finance. This month we review the upcoming changes to…
Details
What to do about Debt
Dealing with delinquent debtors is painful, particularly when you can’t afford to lose the customer. The most obvious tactic is to stay on top of debtors: Ensure that your contracts and invoices have clear payment terms, and you have a procedure to follow through once a customer breaks these terms. Importantly, ensure you keep a…
Details
Why Big Businesses Don’t Pay Small Business on Time
Managing the Debt Drain The critical issues for small business February and March are traditionally the worst cash flow months for small business – the Christmas rush is over, the Business Activity Statement is due, and payments slow down with a dip in consumer spending. You might be ok but your customers could be under…
DetailsEconomic Update March 2017
Following the late January 2017 waver in sentiment, it was back to good news for growth market investors over February, as markets continued along the now labelled ‘Trump rally’. Health Care and Information Technology (IT) were large contributors to the performance of global markets, while Energy and Materials contracted over the month following a period…
Details
FBT: Review Salary Packaging Opportunities for High-income Earners
Review salary packaging Salary packaging has been less attractive over the last few years with the higher FBT rate and restrictions being placed on some of the popular FBT concessions. With the FBT rate changing again on 1 April 2017, it’s important to review all existing arrangements and make sure that everyone understands – employers…
Details
Managing the Log Book Just got Easier
Log books need to be kept by employers using the operating cost method for FBT purposes so that they can estimate and validate the business use percentage of a car. The more personal use the more tax paid. Anyone who has been through this process knows it is time-consuming, particularly where there are multiple cars.…
Details
ATO Adding Tax Debt to your Credit Record
From 1 July 2017, the Australian Taxation Office (ATO) will inform credit rating agencies of businesses that have outstanding tax debts. Given 65.2% ($12.5 billion worth) of these late payers are small businesses, the move will put significant pressure on business operators to prioritise tax debt above other creditors. Announced in the Mid-Year Economic and…
Details
What the ATO is Targeting this FBT Year
Businesses that have bought cars and living away from home allowances Datamatching has become more sophisticated over the years to the point where there very few transactions you can make without the ATO knowing about it. While the officers at the ATO don’t go through data line by line they do look at anomalies. These…
Details
What Employers Need to Know About FBT 2017
We know that no one likes to pay tax and certainly no more tax than they should. But very few people want to be on the wrong side of an Australian Taxation Office (ATO) audit where fees and penalties are paid for neglecting your obligations. The Fringe Benefits Tax (FBT) year ends on 31 March…
Details
The FBT Rate is Changing
The FBT rate will decrease on 1 April 2017 The rate change is because of the 2% Debt Tax (Temporary Budget Repair Levy) on high-income earners which imposes a 2% levy on every dollar of a taxpayer’s annual taxable income over $180,000 from 1 July 2014 until 30 June 2017. The FBT rate was brought…
Details
Penalty Rates and the Impact of Change
The Fair Work Commission (FWC) has moved to cut Sunday and public holiday penalty rates. The changes to penalty rates are not yet in force – see When will the changes take effect? Flagged back in 2014, the review into penalty rates was part of the FWC’s four-yearly review of all Modern Awards. Hearings, submissions and…
Details
Daniel Bartkowski CPA, B Comm
CPA, Daniel Bartkowski, is a Carrick Aland Client Manager who works with all the partners to look after key relationships with clients. Daniel originally joined the team as part of Carrick Ashmead. He has always enjoyed tinkering with numbers and followed his calling into the profession. He believes the combination of his time at Carrick…
DetailsYear End Tax Planning Reminder
Your 2016-2017 taxation estimate In the past many of our clients have found that an analysis of their tax position prior to 30 June can be very useful. Not only from a forward-planning point of view, but also because such an analysis at this time of the financial year gives rise to an opportunity of…
Details
TRUSTEES Important Planning for your Trust before 30 June
Trustee responsibilities Trustees are required to have made a determination or trustee resolution as to the definition of income, any streaming of that income and the allocation of income to beneficiaries of the trust by 30 June or the year to which the resolution applies. This means that a review of the income of the…
Details
Significant Changes to Contribution Limits to Super Could Prove a Challenge
The changes to super and tax laws proposed in last year’s federal budget, then revised and adjusted by the government in September, have been passed through Parliament and are mostly due to take effect from July 1, 2017. That means that you have until July to consider if there is any action you should take…
Details
Employing Someone on a 417 or 462 Visa?
Things have changed for working holiday makers. From 1 January 2017 they now pay 15% tax on all income up to $37,000 after which foreign resident tax rates apply. This means that things have changed for the employers of working holiday makers. Where you have existing employees prior to 31 December and who are continuing…
DetailsEconomic Update January 2017
Following a period of equity market momentum fuelled by expected fiscal stimulus at the hands of President Trump, risk sentiment tapered towards the end of January 2017 as uncertainty surrounding political promises gathered. As such, equity markets gave back some of the November and December 2016 gains and bond markets were able to benefit late…
Details
‘International’ is Still a Dirty Word
Australia’s residency tests don’t necessarily work on ‘common sense’. Just because you work outside of Australia for a period of time does not mean you are not a resident for tax purposes. And, for those with international investments, it’s important to understand the tax status of earnings from those assets. Just because the asset and…
Details
For Business: Innovate or Perish
Part of this is the Chinese Government’s concern about investment outflows (Australia has been a significant beneficiary with Chinese Direct Foreign Investment growing by 72.5% over 2010-15). One of the most alarming statistics comes from the Boston Consulting Group Global Manufacturing Cost-Competitiveness Index. The BCG analysis demonstrates that Australia was the least competitive of the top…
Details
Pride & Prejudice: Top 3 Predictions for 2017
1. Trumponomics will impact on our region Business is business – either an opportunity makes sense or it doesn’t. The biggest pressure from the new US President is unlikely to be the much discussed Trans-Pacific Partnership (Australia’s current Free Trade Agreement with the US (AUSFTA) has been in place since 2005), or President Trump’s controversial…
Details
Protect Your Business Goods and Register Your Interest
Registering your business goods and interest is good risk management. The Australian Financial Security Authority has released a new Personal Properties and Securities Register (PPSR) business guide to help business owners better understand the PPSR and how it can protect their business. What is the PPSR? The PPSR is a 24/7 national online register that…
Details
The Update: Start 2017 Off on the Right Financial Foot!
Start 2017 off on the right financial foot! In the first edition of the Wealth Planning Update for 2017 our goal is to help you make and keep Financial New Year’s Resolutions that will put you on track to achieving your goals and give you peace of mind! Check it out at the link: Click here
Details
Deadline for Current Backpacker Employers Fast Approaching
From 1 January 2017, the working holiday maker tax rate, also known as the backpacker tax, of 15 per cent applied from the first dollar earned to any workers with 417 and 462 visas. Assistant Commissioner Michael Gleeson said that employers of working holiday makers must register with the ATO and check their worker has…
Details
Taking ‘Reasonable Care’ with Your Tax?
It is important to take reasonable care when complying with your tax obligations. The ATO has steadily increased the amount of analysis, reviewing and auditing it does in relation to individual and business tax self-reporting. In some circumstances this activity has revealed that taxpayers have a tax shortfall; that is, they have not paid enough…
DetailsEconomic Update December 2016
The market continued its positive form over December 2016 following the initial panic and rebound triggered by Republican candidate Donald Trump’s successful election victory in November. Attention is now drawn to the impact of the President Elect’s possible policy initiatives, which have the potential for both negative and positive market outcomes. Trump’s rhetoric from his…
Details
The Update: Merry Christmas!
The last edition of The Update for 2016! This month we look at building your personal finance team, retirement investing, TPD insurance, Advanced Care Directives and Donald Trump. We also discuss the importance of checking your superannuation balance regularly, and finish up with a helpful checklist to make sure you start the new year on…
DetailsIs Everything Secure Before Your Holiday Break? Your Handy Year-end Checklist of Critical Financial Issues
It’s that time of year when thoughts turn to relaxing with family and friends and perhaps getting away from it all. If you are going away you no doubt take care to lock the doors and windows, organize for mail and garbage bins to be checked and neighbours notified. But have you secured everything? There…
DetailsEconomic Update November 2016
Against many expectations, Republican Party candidate, Donald Trump, won the United States (US) election. Following an initial bout of sell-offs, many developed share markets calmed after the election as Mr Trump’s victory speech of unity instilled confidence ahead of his induction in the New Year. Equity markets and commodities rallied on the back of expectations…
Details
Taxman Treatment of Serious Hardship Cases
Serious hardship exists when payment of a tax debt would leave you unable to provide basic living necessities for yourself and your dependants. The Tax Commissioner has the discretion to release you from eligible tax debts. However, the Tax Commissioner is not obliged to exercise the discretion in your favour, even if he is satisfied…
Details
Royalty Withholding Rules when Outsourcing
Australian businesses looking to outsource offshore need to be aware of the royalty withholding rules under the tax law. Depending on the substance of an Australian business’s contracts for services, agreements could create a royalty withholding obligation. It is therefore important for businesses to distinguish between payments for services and royalty payments. This article gives…
Details
Would you Buy a House with Friends or Relatives?
The Housing Industry Association shows that it now takes 2.04 average full-time salaries to comfortably service a standard mortgage on a median priced detached house in Sydney. So why not pool your assets? The tax issues Capital Gains Tax applies to any change of ownership of a CGT asset, unless the asset was acquired before…
Details
Christmas Party Fails
Getting beyond merry: parties and alcohol An employee has a few drinks before the work Christmas party, is served and helps himself freely to alcohol during the party, and then retires to a public bar with a few colleagues. This scenario sounds normal for many work Christmas parties. But, in his wake, this employee apparently…
Details
Super Changes Receive Royal Assent
Super changes The changes to the superannuation (super) system, announced by the Australian Government in the May 2016 Budget have now received Royal Assent. These changes were designed to improve the sustainability, flexibility and integrity of Australia’s super system. Most of the changes will commence from 1 July 2017. Your super is your future –…
Details
Holiday Home Owners: Take Note of ATO Scrutiny
The ATO is increasing its focus on holiday home investors and, in particular, whether they are correctly claiming deductible expenses. In the past, the ATO has written to taxpayers reminding them to only claim the deductions they are entitled to, for the periods the holiday home is rented out or is genuinely available for rent.…
DetailsTime to Take Action for a Worry-Free Retirement: Your Handy Year End Checklist for a Secure Future
As another year draws to a close we reflect on the events and changes we have seen and how life seems to pass by more quickly every year. For those of us approaching or in retirement, it’s a great time to take stock of your situation and make some decisive moves for a more secure…
DetailsEconomic Update October 2016
October 2016 saw a turnaround from recent market trends as expectations rose for a rate climb in the United States (US) and inflation showed signs of firming. Global bond returns were weak, and growth markets failed to pick up the slack; instead displaying signs of investor timidity and uncertainty. AUSTRALIAN EQUITIES The Australian equity market…
DetailsPayroll Tax Grouping: Know the Rules
The payroll tax grouping rules are complex and many employers across Australia are not aware of their existence or of employers’ obligations under these rules. The rules require employers to group the payroll tax liabilities of the businesses they control, deeming those businesses to be a single entity for payroll tax purposes. Wages of the…
Details
Applying for a GST Private Ruling
An entity may obtain a GST private ruling to provide certainty about how a GST provision applies to that entity’s particular circumstances. Before making an application for a GST private ruling, an entity should consider the following issues. Application must be in approved form The application must be made in the approved form. The application…
Details
Instant Asset Write-off: Buying a Car for Your Small Business
A small business entity purchases a vehicle for $22,500. The purchase price includes GST, registration, compulsory third party (CTP) insurance and stamp duty. The GST component of the purchase price is $1,960 and the registration and CTP component is $1,300. Does the vehicle qualify for the $20,000 instant asset write-off? The $20,000 threshold applies to…
Details
GST Treatment of Credit Card Surcharges
GST Ruling GSTR 2014/2, issued by the ATO, explains the goods and services tax (GST) treatment of a surcharge imposed by a merchant on a customer in respect of a credit card transaction concerning supplies of goods or services by the merchant to the customer. According to the ruling, a credit card surcharge imposed by…
Details
Work-related Deductions Still on ATO Compliance Hit List
Expenditure you incur as an employee in the course of your employment is generally deductible under the tax law. However, the ATO is aware that not all claims are genuine or made correctly, and has warned that it is becomng easier for it to detect noncompliant expense claims. In the past, the ATO has paid…
Details
Travellers with Student Debts Must Give Contact Details to ATO
Australians with a Higher Education Loan Programme (HELP) debt and/or a Trade Support Loans (TSL) debt who are moving overseas for longer than six months will need to provide the ATO with their overseas contact details within seven days of leaving the country. The requirement follows recent legislative changes. ATO Assistant Commissioner Graham Whyte has…
DetailsClaiming Mobile, Home Phone and Internet Expenses
The ATO has released information on claiming deductions for mobile, home phone and internet expenses for work purposes. The following are some key points made by the ATO. Substantiating claims Taxpayers need to keep records for a four-week representative period in each income year to claim deductions of more than $50. These records may include…
Details
Protect Your Business from False Billing Scams
Small business owners should constantly be alert for scams involving false billings. Small businesses are a particular soft target as scammers recognise they are busy and have fewer resources than larger businesses. False billing scams include attempting to trick busy businesses into paying for unwanted or unauthorised listings or advertisements in magazines, journals or business…
Details
Impact of GST on Stamp Duty and Land Values
In a development that was criticised at the time, many of the Australian states and territories legislated to ensure that stamp duty was imposed on the GST-inclusive value of dutiable instruments. This clearly results in greater stamp duty than if it were imposed on a GST-exclusive basis. The prospect of higher stamp duty may increase…
Details
ATO Data matching and Industry Benchmarking Programs
Data matching enables the ATO to compare amounts shown in people’s income tax returns and activity statements with data from external sources such as other government departments, meaning it can quickly identify taxpayers who might not be complying with their tax obligations. Data matching can also help to identify taxpayers who are not (but should…
DetailsEmployee or Contractor? Know the Key Indicators
The growing need for workforce flexibility and to reduce business costs means that the line between an employer/employee relationship and a principal/independent contractor relationship is often blurred. It is important for businesses to correctly classify their employment relationships, given the marked difference in employer obligations when engaging an independent contractor rather than an employee. This…
Details
Carrick Aland Can’t Wait for this Smart Cookie in 2017!
Carrick Aland Accountants in Dalby were thrilled to help our school-based member of the team, Lachlan ‘Lachie’ Monaghan, to celebrate when he was recognised for academic and sporting achievement at the OLSCC Awards 2016! Lachie was awarded prizes for Maths A, Accounting and Religion, as well as a Bronze Sports Award. He topped it off with a…
Details
What’s Involved in Selling your Business? Part 2
Selling your business can be a stressful time and unless you’ve done it before, it’s hard to know what to expect or what’s required to get the right result. We’ve put together the top issues for business owners or investors to maximise their results. Control the flow of information During the sale process it’s not unusual…
Details
What’s Involved in Selling your Business? Part 1
Selling your business can be a stressful time and unless you’ve done it before It’s hard to know what to expect or what’s required to get the right result, so we’ve compiled the top issues for business owners or investors to maximise their results. Understand what you are selling and the tax implications What you…
Details
Parental Leave. Where are we up to?
How did paid parental leave get to be so contentious? The current debate is not about parental leave in general; the entitlement to 12 months with a potential for 24 months of unpaid leave with your job guaranteed (or an equivalent position) remains. It’s about who pays for paid leave. According to a recent report,…
DetailsEconomic Update September 2016
Despite many markets finishing relatively flat for September 2016, there was still plenty for investors to contend with during the month. The Bank of Japan unveiled possibly the biggest news to the market in September, releasing its plan to target 0% for the 10-year JGB yield and an intention to overshoot its 2% inflation target.…
Details
Carrick Aland Congratulates 2016 Dalby BEA Winners
Carrick Aland Accountants were proud to be sponsors at the Dalby Business Excellence Awards (BEA) and gala dinner ceremony held Saturday 15 October at Dalby Showground Pavilion. Carrick Aland, sponsors of the Home-Based business category, were thrilled to hand the award to the People’s and Judge’s Choice recipients, Dalby’s DanZFit with Ness. On giving out the…
Details
Purchasing Real Property: New Withholding Tax Obligations
The new foreign resident capital gains withholding (FRCGW) regime, as it is commonly known, has been operating since 1 July 2016. This new measure is contained in Subdiv 14-D of Sch 1 to the Taxation Administration Act 1953 (TAA 1953) and imposes withholding obligations on purchasers of certain Australian CGT assets. Broadly, for transactions entered…
Details
Centrelink Age Pension Seminars
Want to know more about the upcoming changes to the Age Pension Asset Test? Centrelink is hosting a series of seminars in our region explaining what’s changing and how it will affect the Age Pension. Find out where and when there’s a seminar near you, and how to book your spot, at the link. Centrelink…
Details
The Science of Bill Collecting
Like it or not, some customers always lag in their payments. It hurts your company’s cash flow and causes frustration for both your accounts receivable personnel and the customers. But you can get your receivables in better shape and keep them there if you put your staff on this regular exercise routine: Be accommodating. Talk…
Details
Are You an Australian Resident for Tax Purposes?
Your residency status determines how much tax you will have to pay. If you are an Australian resident for tax purposes you are taxed on worldwide income. If you do not qualify as a resident, you pay tax only on Australian source income. In addition, your residency status governs your tax rates. A higher rate…
Details
Maintain a Healthy Cash Flow
A major concern for many businesses is maintaining a healthy cash flow. It is the heartbeat of your business and keeping it stable requires juggling most aspects of your operation, including debtors, payroll, credit and stock. When your business is squeezed by a tight economy — and tight credit — its ability to manage cash…
Details
Small Business Tax Rate Cut
Key small business tax concessions introduced in 2015 include a company tax rate cut for small business entities and a tax discount for entities that are not incorporated. Under the tax law, a “small business entity” is an entity that carries on a business and has an aggregated turnover of less than $2 million in…
Details
Build a Road to Enhanced Profits
A major concern for many businesses is maintaining a healthy cash flow. It is the heartbeat of your business and keeping it stable requires juggling most aspects of your operation, including debtors, payroll, credit and stock. When your business is squeezed by a tight economy — and tight credit — its ability to manage cash…
Details
Qld on Show as Xero Targets Aussie Small Business
More than 2,000 accountants and bookkeepers from New Zealand, Asia and Australia descended on Brisbane to attend Xero’s annual Xerocon conference last week. The event is the largest accounting technology conference in Australia, with some attendees who flew in for the first time from New Zealand and Asia. According to Xero, Brisbane was chosen to…
Details
What’s your Family Succession Plan?
Have a valid Will There are many problems that arise if you don’t have a valid Will – problems that can cause a great deal of distress to your family when you die. A valid Will details in writing how you wish your assets to be distributed, and must be dated and witnessed by two…
Details
How does the ATO Treat Uber, Airbnb Style Services?
Uber is calling for drivers, Airbnb is seeking more hosts but what are the implications of becoming part of the sharing economy? The basics of tax apply regardless of how you earn money. That is, even though you may be earning income from different sources or using different platforms to generate income, the fundamental tax…
Details
Dare to Dream!
It’s Financial Planning Week, and this year’s theme is ‘Dare to Dream’. Reports by McCrindle Research have found that while most Aussies have financial dreams, many of us don’t have plans in place to achieve them. Click through to our infographic for all the stats, and don’t forget to get in touch with us to…
DetailsEconomic Update July 2016
Following the late-June sell off driven by Brexit uncertainty, major equity markets quickly resumed the risk-on episode that encapsulated the months leading up to the vote. A strong consensus has emerged that the direct economic impact of the vote will be largely confined to the United Kingdom (UK), with only limited spillover into the European…
Details
Farming on the Front Foot with Carrick Aland
Farming Business Financial Specialists Need a better way to financially manage your farming operations? Farms are businesses too! Carrick Aland Accountants can assist you to know exactly where your farming operation currently stands – and where it’s heading. From crop and livestock tracking to farm budgeting and forecasting tools, we work with you to allow…
Details
What our Software means for your Farm Business
Need a better way to financially manage your farming operations? Carrick Aland’s mission is to assist you in securing and strengthening your farm’s operational and financial business future. We do this by: Technology = Figured is cloud-based software so allows the whole farming team to access one system with real-time data in one place. It is…
Details
Crowdfunding – Is It Worth It?
There are several types of crowdfunding: Donation based – funding a cause without the fundraiser providing anything in return. Reward based – funding to bring an idea or concept to fruition in exchange for a reward – discounted final product, free product or service. Equity based – funding in exchange for a share in the promoter. Debt based –…
DetailsWhat Budget Announcements will Become Reality?
While the Senate count continues, like the last Parliament, the Coalition will not have a majority in the Senate. The Government needs the support of Labor, the Greens, or a combination of smaller parties and/or independents to successfully push through its Budget reforms. From the outset we know that there will be immediate problems passing…
DetailsEconomic Update June 2016
The market news in June 2016 was dominated by the United Kingdom (UK) referendum decision to leave the European Union (EU). The most immediate impact to financial markets following the revelation came through a plunge in the Pound Sterling – dropping to some 30-year lows the day of the referendum count. The immediate market and…
DetailsKeep good business records to back up tax claims
Good record-keeping practices go a long way in assisting with claims in the event of a dispute with the ATO. Cases before the courts and tribunals have demonstrated that the onus of proving a tax claim falls on the business taxpayer. A key requirement is to be able to present the relevant documentation to substantiate…
Details
Taxing the Sharing Economy: A whole new world?
According to the Grattan Institute report published in April 2016, the rise of the sharing economy (also referred to as collaborative consumption or the peer-to-peer market) is expected to provide Australians with the potential to save more than $500 million on taxi bills, as well as the opportunity to put underused homes, cars and other…
Details
The Post-Brexit Investment Landscape
In a surprise to investment markets the UK has voted to leave the European Union (EU). We have seen a surprise fall in share markets and bond yields along with significant moves in currencies. So, where to now? The investment lowdown post ‘exit’ With the exit vote winning the day 51.9% to 48.1% the reaction…
Details
It’s Not too Late to Latch on to Internet Marketing
Australian media consumption habits are always in flux, and the heavy shift towards the Internet suggests you may want to review your business’s marketing strategy. Polls show that Australians in the 18-to-34 age bracket who go online spend more time on the Internet than they do watching television. It is not surprising. Most of them…
DetailsEconomic Update May 2016
The month of May 2016 saw similar investor sentiment to April as growth asset markets again returned broadly positive returns. However it will remain to be seen whether May will be the ‘calm before the storm’ as the referendum in the United Kingdom (UK) (Brexit) looms in June, along with a Spanish election and a…
DetailsEconomic Update April 2016
March market sentiment carried through to April as most major developed equity markets delivered modest but positive returns for the month. The MSCI World ex Australia returned 0.9% in hedged Australian dollar terms. On the back of a strong surge in commodity prices, Energy (+9.4%) and Materials (+9.1%) were the best performing international market sectors.…
DetailsWhat the Budget Means for Small and Medium Businesses
Federal Budget Update 2016–17 What you need to know Tax relief for small and medium-sized businesses with the company tax rate falling to 27.5 per cent Immediate tax deductions given to small businesses in last year’s budget expanded to include entities with annual turnover of less than $10 million Further tax relief for unincorporated small…
DetailsBudget Implications for High Net Worth Individuals and Families
Federal Budget Update 2016–17 Summary: What’s in and what’s out No changes to negative gearing or capital gains tax A reduction in annual concessional super contributions to $25,000 – down from $30,000 for workers under age 50 and $35,000 for workers aged 50 and over An increase in the number of individuals subject to a…
DetailsHow the Budget may Affect Retirees and Pre-retirees
Federal Budget Update 2016–17 What you need to know No material changes to the Age Pension No material changes to Aged Care Sweeping super changes designed to increase the retirement savings of low-to-middle income earners including women Scaling back superannuation concessions to high income earners Capping annual concessional super contributions at $25,000 – down from…
Details2016 Federal Budget Overview- How is Affects your Family and your Wallet
The Treasurer, Scott Morrison delivered the Turnbull Government’s first Budget. The pre-election Budget termed “Australia’s economic plan for the next 12 months” delivered a few surprises but a promise of better things to come. The focus of this Budget is on creating more jobs and promoting economic growth. In addition, the Government announced a review…
DetailsThe Update April 2016
In this month’s CAWP Update newsletter: We help you get a head start on planning for the End of Financial Year, we explain insurance underwriting, and discuss illness and trauma insurance. We also take a look at the challenges of caring for ageing family members, and a short video on the power of saying thank…
DetailsEconomic Update March 2016
After a dreary start to 2016, a return of investor confidence was responsible for a March 2016 recovery. Major fears that had driven markets down earlier in the year began to ease, the United States (US) dollar started to soften and the price of oil started to rise, suggesting that the global economy was not…
DetailsChoosing the Right Legal Structure for your Business
If you are thinking of incorporating your enterprise, carefully weigh all the factors that go into determining if being a corporation is the right legal structure for your organisation. In addition to incorporation, there are three other commonly used company setups: sole traders, partnerships and trusts. This article deals with the differences between corporations and…
Details
Cash Flow vs. Capital Growth
All investors who purchase properties do so hoping to achieve results that will benefit them financially. A positive cash flow scenario is generally associated with buying properties that have a high rental yield. The aim is to select a property that will receive a higher income than the outgoing property expenses; for example, interest rates,…
Details
FREE SEMINAR: Age Pension Changes are Coming!
The eligibility rules for the Age Pension are changing from 1 January 2017. To make sure you’re not caught offside by the new rules, it’s important you have a game plan in place before they kick in. Hosted by Greg Burton (Senior Financial Planner and Director of CArrick Aland Wealth Planning) and Liz Webb (Business…
DetailsEconomic Update February 2016
Global markets were relatively flat over the month of February 2016, despite a push in the last two weeks for several major equity markets. Bond markets continued to provide a modest safe haven for investors with the Citibank World Government Bond Index returning 1.4% over the month. United States (US) equities recorded a small negative…
DetailsEconomic Update January 2016
The start of 2016 began on a treacherous note for risk asset investors as equity and commodity markets plunged over the first month. The MSCI World ex Australia Unhedged index returned -3.2% for the month, with the MSCI Emerging Markets index lagging the developed market index to return -3.8%. Chinese equity market volatility was reinvigorated…
Details
ASX Settlement Period Shortened from 3 days to 2
On 7 March 2016, the Australian Securities Exchange (ASX) is shortening the trade settlement period for Australian sharemarket trades from three days to two days. This means that your buy and sell trades will settle one business day earlier. New settlement period from 7 March 2016 The new Settlement Date will be the Trade Date (T)…
Details
February Fuel Tax Credit Rates Change Due to Indexation
Fuel tax credit rates are indexed in February and August in line with the consumer price index. How to calculate your claim You can use our Simplified fuel tax credits methods if you claim less than $10,000 in fuel tax credits each year. Choose simpler ways to keep records and calculate your claim. ATO’s Fuel…
DetailsEconomic Update December 2015
Domestic equity markets finished off the year strongly in December 2015. The S&P/ ASX 300 returned 2.7%, boosted by strong performances from the Consumer Staples (+7.1%) and Consumer Discretionary (+6.3%) sectors. The Small Ordinaries returned 3.9% for the month to return a double figure result (+10.2%) for investors and remain the pick of the market…
Details