The ATO will start processing 2018-19 tax returns on 5 July 2019 and are expected to start paying refunds from 16 July 2019, with the majority of electronically-lodged current year tax returns completed within 12 business days of receipt. There a few changes to tax returns that individuals should take note of going into this…
While hiring the right staff is a key element when running a business, to be successful you will need to build a strong team. Here are some tips on turning a group of individuals into a cohesive, collaborative team that will help your business to reach its full potential. Have a vision:When starting a new…
A number of changes to superannuation will come into effect from 1 July 2019. The ‘Protect Your Superannuation’ Bill passed through Parliament in February and forms part of the Government’s package of reforms that were announced in the 2018-19 Federal Budget. The new legislation is designed to protect Australians’ superannuation savings by ensuring that their…
The event-based reporting (EBR) framework for self-managed super funds (SMSFs) commenced on 1 July 2018. This system allows the ATO to administer the transfer balance cap. Reporting under the EBR framework commences when your first member begins a retirement phase income stream. The transfer balance account report (TBAR) is then used to report certain events…
Starting your own business can be as daunting as it is exciting. There are many aspects that need to be considered when making the change to becoming your own boss. Here are a few of the essentials to get you moving. Commit to an idea:The possibilities of what you can achieve are vast but for…
The ATO has made recent changes to the application process for an Australian Business Number (ABN). The changes have been made as a measure to protect the process’ integrity and identify those who are attempting to misuse it. An ABN is a unique 11 digit number that identifies your business to the government and the…
Conducting meetings is a regular way of communicating what needs to be done around the office, but if nothing gets accomplished it can be discouraging. Business meetings that don’t produce results can cost companies’ time and money. When organised properly, however, business meetings can be effective and efficient. There are solutions available to counteract problems…
The ATO has identified particular areas relating to business expenses that are commonly entered incorrectly in tax returns. Owners should take the time to carefully review tax returns to ensure all information is correct. Individuals who use a motor vehicle entirely for their business can claim a deduction for the whole amount. However, if they…
Under the super downsizer scheme, eligible individuals that are 65 years and older may be able to make a contribution into their superannuation of up to $300,000 from the proceeds of selling their family home. This scheme came into effect on 1 July 2018 as one of several measures announced in the May 2017 Federal…
When it comes to investing your money, there is the possibility that it may not perform as well as expected with you losing some or all of the original investment. While no investment is free of risk, some carry more risk than others. The higher the expected return, there is generally a greater chance of…