Log into Accountancy Group


Business news and views from Accountancy Group

Warning: Redrawing investment loans

The ATO estimates that incorrect reporting of rental property income and expenses is costing around $1 billion each year in forgone tax revenue. A big part of the problem is how taxpayers are claiming interest on their investment property loans.

We’ve seen an uptick in ATO activity focus on refinanced or […]

By |10 November, 2023|Uncategorized|Comments Off on Warning: Redrawing investment loans

Up to 10 years in prison for deliberate ‘wage theft’

Legislation currently being debated in Parliament will introduce a new criminal offence for intentional “wage theft”. If enacted, in addition to the criminal offence, a fine will apply. The fine is three times the underpayment and:

For individuals – 5,000 penalty units (currently $1,565,000).For businesses – 25,000 penalty units (currently $7,825,000).

The […]

By |10 November, 2023|Uncategorized|Comments Off on Up to 10 years in prison for deliberate ‘wage theft’

The shape of Australia’s future

What will the Australian community look like in 40years? We look at the key takeaways from the Intergenerational Report.

The 2023 Intergenerational Report (IGR) isa crystal ball insight into what we can expect Australian society to look like in 40 years and the needs of the community as we grow and […]

By |15 September, 2023|Uncategorized|Comments Off on The shape of Australia’s future

What to expect from the new government

Anthony Albanese has been sworn in as Australia’s 31st Prime Minister and a Government formed. We look at what we know so far about the policies of the new Government in an environment with plenty of problems and no easy fixes.

The Economy

The Government has stated that its economic priority is, […]

By |15 June, 2022|Uncategorized|Comments Off on What to expect from the new government

Are COVID-19 grants and funding tax free?

Most people would think that money provided by the Government to support people and business during a crisis would be tax free? Otherwise, it’s like giving money with one hand and then taking it away with the other, isn’t it?But, the tax laws don’t work like that. To make a […]

By |10 August, 2021|Uncategorized|Comments Off on Are COVID-19 grants and funding tax free?

JobMaker fails to boost employment

The Government’s JobMaker scheme has created 609 new jobs since registrations opened on 1 February 2021, despite around 15,000 businesses registering their interest in the scheme.

The hiring credit is available for jobs created from 7 October 2020 until 6 October 2021 and provides $200 per week for new employees between […]

By |17 April, 2021|JobKeeper, Uncategorized|Comments Off on JobMaker fails to boost employment

Has COVID-19 devalued your business?

If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19 performance on the basis that ‘we’re going to come […]

By |2 September, 2020|Business, Uncategorized|Comments Off on Has COVID-19 devalued your business?

Tax Scams – what to look out for

Every tax time is an opportunity for scammers to target the unwary.
This time around, the scammers are phoning and claiming to be from the prosecutions department of the ATO.  They then state that they believe you have committed fraud and the Sheriff’s Office has been called.  You can of course […]

By |3 August, 2015|Uncategorized|Comments Off on Tax Scams – what to look out for

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

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
Malcare WordPress Security