Blog tagged as Tax Specialists

Australian medical practices face tax compliance risks including misclassifying employees, incorrectly reporting fringe benefits, income tax complexities, GST liabilities, and inadequate superannuation contributions. The ATO Professional Firms Guidelines govern professional profit distribution.

Discover common compliance issues faced by doctors running businesses through companies or trusts and learn how to avoid them. Stay compliant with the ATO to ensure smooth operations and financial success.

Prepare now for finalising STP payroll data by 14 July. Book a time with us today to check essential employee information, verify the numbers and confirm payroll categories are linked to the correct reporting fields before lodging with the ATO.

Recent updates have been announced to the non-arm's length income (NALI) provisions applying to SMSFs.

Get set for a minimum wage increase effective July 2023

Investors in build-to-rent accommodation will benefit from an increase to the capital works deduction from 9 May 2023. Call us if you want to find out more.

The ATO has initiated a crackdown on arrangements where an individual shareholder accesses profits of a private company in tax-free form through an interposed holding company.

ATO has released a draft compliance guideline to address compliance challenges faced by taxpayers when separately identifying home charging costs for electric vehicles from the total electricity consumption of a household.

The super guarantee rate will rise in July this year to 11%. Have you calculated the extra cost to your business? This rate increase may also affect salary packages. Talk to us now to start preparing for the changes, so you don't get caught out.

Working from home? Are you claiming your expenses on your tax return? There are 2 methods available to calculate your WFH claim.

With the ATO’s new directives on the taxation of trust distributions, it's essential to review arrangements. Book a planning session to ensure you've got the best beneficiary arrangements.

The general transfer balance cap is about to increase. Find out how this may affect your retirement plans.

The ATO has finalised a major tax ruling about when distributions from family trusts may be caught by anti-avoidance tax laws. Make sure you are doing the right thing now and in the future.

Are you still wasting time on manual bookkeeping processes? We’ve explained why digital bookkeeping is the way forward for any serious business in 2023

As of 1st Feb, Paid Family and Domestic Violence Leave is a paid leave entitlement for employees of larger employers, and from 1 Aug 23 for employees of small employers. Talk to us to plan for changes to payroll provisions and costs.

Welcome to 2023! To help you understand your tax obligations as you get back into the swing of things, here is a list of key tax dates for February and March 2023.

Operators of sharing economy platforms now required to report transactions to the ATO from 1 July 2023. If you operate in these platforms, such as ride share or short-term accommodation, make sure this information comes to us for your tax return.

Starting a new business in the retail industry in Australia can be an exciting and challenging endeavor. The retail industry in Australia is one of the most competitive in the world, and it's essential to have a well-thought-out plan in place before launching your business.

Holiday breaks are a time to re-charge for the year ahead. However, for some business owners, holidays can be a stressful time for cash-flow. Have you got the strategies in place to ensure you are in the best financial position this year?

Tracking stock levels, costs and profit on every product you sell can get pretty complex – no wonder so many businesses have a fuzzy understanding of their inventory. But inventory accounting is too important to ignore. We can help.