Category : End of Year Strategies

Staying on top of your records

Staying on top of your records  A good record keeping system is essential for small business owners. Staying on top of your records helps to manage cash flow and prepare your business activity statements (BAS) and tax returns more easily. In addition to keeping basic legal records, such as banking, expense and sales

ATO targeting online selling

ATO targeting online selling The Australian Taxation Office is collecting data from financial institutions and online selling sites as part of their data matching programs for credit and debit cards and online selling. The data will include:the total amount of credit and debit card payments businesses received the total amount of credit

Easier GST reporting for food retailers

Easier GST reporting for food retailers Many small food retailers buy and sell products that are both taxable and GST-free. Depending on the point-of-sale equipment used, identifying and recording these sales can be difficult for business owners. These methods help you work out the information you need to correctly complete the GST

Super reforms on the way

Super reforms on the way The changes made to Australia's superannuation system announced in the 2016 Federal Budget will take effect from 1 July 2017. The reforms have significantly changed the landscape for retirement savings, affecting both pre-retirees and retirees. $1.6 million transfer balance cap The introduction of a $1.6 million cap on the

2017 Year end tax tips

Effective planning and preparation is critical for all taxpayers as the end of financial year approaches. The good news is that we are here to support you so you don't have to do all of the heavy lifting yourself. This is the perfect time of year to seek our advice to maximize

CGT relief provisions for SMSFs

Self-managed super funds can access capital gains tax (CGT) relief to provide temporary relief from certain capital gains arising as a result of trustees complying with the super reforms commencing on 1 July 2017. The CGT relief provisions have been made available to preserve the income tax exemption for certain accrued

Tax tips for property investors

The end of the financial year is a great time for property investors to take the opportunity to minimize their tax obligations. Claim travel expenses The cost of traveling to inspect a property, carry out maintenance, undertake repairs or collect the rent can be claimed as a tax deduction. Apportion expenses If your rental