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Business news and views from Accountancy Group

DIVORCE – what it means to you (& your business)

Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of business issues that need to be resolved.

What happens when there is a family company?

A recent ruling from the Australian Taxation Office (ATO) will create a tax burden for many divorcing couples that […]

By |1 January, 2015|Uncategorized|0 Comments

5 steps to a tax-free Christmas

Tax is not the most exciting thing to think about in the lead up to Christmas, that we know. But these are the questions we get asked all the time, and if you are familiar with all the tricks and traps, you can save yourself and your business hundreds if […]

By |2 December, 2014|Tax|0 Comments

Top SMSF property investment mistakes

Former Prime Minister Paul Keating recently suggested that Self Managed Superannuation Funds (SMSF) should be restricted from investing in residential property.

Mr Keating told the Financial Review, “If I was treasurer today, I would be looking very hard at the whole entitlement or availability of debt to SMSFs.  They have gearing […]

By |28 November, 2014|Uncategorized|0 Comments

What happens to your super when you die?

The general rule is that superannuation is not part of your estate unless you expressly make it part of your will, right?  Well, maybe not. A recent case before the courts serves as a warning to make sure that you take care of the details.

Generally, superannuation is passed directly to […]

By |1 November, 2014|Superannuation|0 Comments

Tax Treatment of Virtual Currencies

If you have a digital coin, is it real? And if it’s real do you have to pay tax on it?  According to the Australian Taxation Office (ATO), the answer depends on how you are using it and why.

The ATO recently released its position on the tax treatment of the […]

By |28 October, 2014|Uncategorized|0 Comments

New Financial Year Housekeeping Checklist

For business, July is the month you need to make sure you have properly closed off the last year and can start the New Year the right way.  It’s about basic accounting housekeeping at this time of year — clear out the old and prepare for the new.  In a previous […]

By |1 July, 2014|Business|0 Comments

1 July – what now?

The 2% debt tax is in and the carbon tax is out. We look at some of the highlights for the new financial year.
The push for change
The Senate composition changed on 1 July and with it, the Government’s opportunity to push through its reform agenda.  The reintroduced repeal Bills for […]

By |1 July, 2014|Uncategorized|1 Comment

How to plan for the 2% debt tax

The introduction of the debt tax, or the Temporary Budget Repair Levy as it is formally known, may be the only certainty in the Government’s first Federal Budget delivered on 13 May.

The rest – co-payments for doctor’s visits, deregulated university fees, cuts to family benefits, tightening of access to disability […]

By |10 June, 2014|Tax|0 Comments

What will change from 1 July 2014?

Welcome in the new financial year by brushing up on the changes to your you and your business:
Individuals

Temporary Budget Repair Levy adds 2% to the tax rate for every dollar of a taxpayer’s annual taxable income over $180,000
Increase in the Medicare Levy from 1.5% to 2%
Superannuation Guarantee charge increases from 9.25% […]

By |10 June, 2014|Uncategorized|0 Comments

Top 5 simple tax saving strategies

Here they are folks, the top 5 simple tax saving strategies that you can implement quickly and easily.

Planning on giving to charity?  Make a donation now and claim the deduction this year. If you donate monthly to charities, think about paying the full year’s worth of donations upfront and take […]

By |1 June, 2014|Tax|0 Comments