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News & Updates

Whats new in business and tax

What’s new in business and tax?

Single touch payroll – what you need to know. What is it? Single Touch Payroll is a new reporting method for payments such as salaries, wages, pay as you go...

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Entrepreneurs set to take off

Runway Geelong is an organisation making big things happen for startups in Geelong. This innovative client of ours runs regular six month programs to help entrepreneurs along the “runway” to...

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Downsizing your home? You could put the proceeds into your superannuation

  Subject to royal assent, from 1 July 2018 the Australian Government is proposing a measure which will allow you to contribute the proceeds of the sale of your home...

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Maintaining your records and making life easier

We know this can feel like the boring part and the “must do” of your business management, however it is vital to running a successful business. Also, if you put...

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Are you protected from the risk of exposure?

On 22 February, the Office of the Australian Information Commissioner (OAIC) introduced the Notifiable Data Breaches Scheme (NDBS) to combat the growing threat to data privacy and security, which is...

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Our Clients

Reed Graduation Services has recently launched a new business, EventBookings.  EventBookings online software allows you to create, sell, host and track bookings for your events. Check it out at https://eventbookings.com/ ...

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Key Tax Dates

21 March          February 2018 monthly BAS due 31 March          Tax return for companies and super funds with total income in excess of $2 million in the latest...

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Whats new in business and tax

What’s new in business and tax

Residential property purchasers to pay GST directly to ATO Draft legislation has been announced to propose new GST rules requiring purchasers of newly constructed residential properties or new subdivisions to...

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Cashflow cycles

Managing cashflow cycles

  ‘Tis the season to be jolly and for some of us, ‘tis also the season to reap the reward of the busiest time of year. We work with many...

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Business partnerships – how do they work and what things should you consider?

Going into business together can be awesome. You get to have the benefit of shared control and management of the business with your partners. We have seen first-hand how like-minded...

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How much are you willing to risk

How much are you willing to risk for your business dream?

There are some who have re-mortgaged their houses and piled all of their assets into their business to establish the start-up capital needed to get established. Some we have even...

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Planning for selling a business or closing down

Planning to close down your business can provide great short term cash flow, however you may also have to: pay out staff entitlements, where applicable clear leases or, if you...

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Our clients

Andre Heimgartner finished second overall for the year in the Carrera Cup. We have had some great news from our clients over the last quarter and would love to share their...

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Our community

Run Geelong On Sunday 19 November the annual Run Geelong was held by Cotton On with proceeds of all registrations going to Barwon Health’s Paediatric Rehabilitation Services. As part of...

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Key tax dates - December 2017

1 December Income tax for taxable large/medium tax payers, companies and super funds due 21 December November 2017 monthly BAS / IAS due 15 January Tax return for taxable large/medium...

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What’s new in business and tax - Sept 2017

  Sharing is caring but what does it mean for tax? Sharing is the new fad. Whether it’s ride sharing (Uber), house sharing (Airbnb) or odd job sharing (Airtasker) our...

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Good news for Geelong

Recently, several of the West Carr & Harvey team had the opportunity to attend a presentation by highly regarded Westpac economist, Bill Evans at the Pier in Geelong. Director, David...

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What NOT to do when you get a text message from “your bank”

A friend of mine recently did the unthinkable. Yes, she responded to a text message from “the commonwealth bank” asking her to “update her details.” She’s still kicking herself. But...

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Property: renting vs selling

So, you’ve just bought a new house and you’re wrapped and excited to move in. It’s no doubt bigger or better than your previous home and you’re looking forward to...

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What’s new in Super – annual concessional contributions cap reduced to $25,000

As of 1 July 2017, the amount of concessional contributions you can make to your super each year has been reduced to $25,000. This is the new concessional contributions cap. ...

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Applications making it easier for you to do business

We are continuously striving to find ways to make it easier for you to conduct your business. You may already be aware that we can provide high level assistance and...

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Client news

  Ronnie and Georgia from "The Block" celebrating their winning guest bedroom. Photo credit: Channel 9 We have had some great news from our clients over the last quarter and would...

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Community news – Geelong Mums fundraiser

  Geelong Mums are excited to be running a charity fundraiser with a view to expanding their premises. These new premises will allow Geelong Mums to continue their great work...

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Key tax dates Sept - Dec 2017

21 September August 2017 monthly BAS / IAS due 30 September PAYG withholding payment summary due 21 October Annual PAYG instalment notice (Form N), due September 2017 monthly activity statement...

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Good news

Three pieces of good news for small businesses!

1. Grant program available for local Geelong businesses   The State Government of Victoria has recently announced a grant program to help grow local businesses in Geelong. Up to $2...

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Planning for your community – taking charge of the change you want to see

  As we approach the new financial year you will no doubt be reforecasting your budgets for 2017-2018. While we often talk about sales, expenses and wages, one thing that you...

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Celebrating your achievements

While we do love talking tax with you, we also love hearing about other aspects of your business! Every so often we will hear of a recent award win, a...

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Four ingredients for a great partnership

Great partnerships often start with a realisation of shared interests, some good company, a passion for the local community, and of course, a glass of wine… We are proud to...

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Superannuation and housing affordability

The Government will allow a person aged 65 or over to make a non-concessional contribution of up to $300,000 from the proceeds of selling their home from 1 July 2018. ...

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Rental properties and CGT on affordable housing

The Government will limit plant and equipment depreciation deductions to outlays actually incurred by investors in residential real estate properties from 1 July 2017 The Government will disallow travel expenses...

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Companies

The Government will reduce the company tax rate to 25 per cent over ten years and will also make targeted amendments to improve the operation and administration of Div 7A. ...

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Individuals

The Government will increase the 32.5 per cent personal income tax threshold from $80,000 to $87,000 from 1 July 2016. The Medicare levy low-income thresholds and phase-in limits will be increased...

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Other areas announced

Other relevant areas of the budget announced include a tax integrity package to ensure compliance, a reduced wine equalisation tax (WET) rebate cap and a reform to the taxation of...

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What's in store for 2016

Government spending will continue to be a focus this year with the interest on Government debt now running at $1 billion per month. The Government has a few ways of...

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The stock market

In the last nine months, we have seen a huge drop in the value of equity markets, especially here in Australia.  The All Ordinaries Index sat at close to 5,955...

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Why kindness is good for business

Chris Hurn, CEO of Mercantile Capital Corporation, returned from a family holiday at a Ritz-Carlton resort without his son’s favourite stuffed toy, Joshie. To get the distraught child to sleep, ...

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Is your Ute tax deductible?

If you own or lease a utility vehicle (Ute) which you claim for business purposes, you may need to provide evidence that it is in fact, for the most part, ...

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How to get your work-life balance right

Business owners tend to be workaholics. They believe that working hard is the route to success. And so it is – up to a point. Unfortunately, too much hard work...

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Salary sacrificing meals and entertainment for those in the not-for-profit and health industries

In the 2015–16 Budget the Government announced a cap of $5,000 per year for fringe benefits tax (FBT) exempt amounts that an eligible employee can claim for: salary sacrificed meal entertainment...

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Good news for farmers

Draft legislation has been released for farm management deposit rules. It deals with the following key changes: Increasing the Farm Management Deposit (FMD) limit from $400,000 to $800,000. Removing the...

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The “Netflix tax”

The “Netflix tax” The cost of Netflix, music downloads, and e-books could increase by 10 per cent, with the Federal Government introducing draft laws imposing the Goods and Services Tax...

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Five rules for managing your cashflow

Five rules for managing your cashflow When it comes to managing cashflow, invoicing is just the beginning. To maintain a healthy cashflow, it’s about more than just strong revenue. You...

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Living outside Australia?

Living outside Australia? If you have a Higher Education Loan and live overseas for 6 months or more, from 1 January 2016 you will be required to make repayments of...

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Your superannuation

Your superannuation It’s quite probable that the current concessions available to superannuation will change. If you would like to explore your options and potentially lock in your current concessions, now...

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Self-managed super funds (SMSFs) and borrowing money

Self-managed super funds (SMSFs) and borrowing money If your fund has borrowed money from a related party, for example a member of the fund, to acquire an asset and the...

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Self-managed superannuation fund (SMSF) asset ownership needs to be clearly recorded

Self-managed superannuation fund (SMSF) asset ownership needs to be clearly recorded The ATO has stressed the importance of clearly recording the ownership of SMSF assets. Some SMSF members have experienced...

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Superannuation and social security

Superannuation and social security The social security income test tightened on 1 January 2016 for those receiving superannuation pensions.  A larger portion of defined benefit income will now be taken...

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Help for entrepreneurs and start-ups

Help for entrepreneurs and start-ups On 7 December 2015 the Government announced its National Science and Innovation Agenda. The main aim of the proposed changes is to provide greater flexibility...

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Data matching tax detectives - continued

Data matching tax detectives - continued In our previous newsletter we explained the ATO’s new data matching system . We can now confirm the system will be obtaining details of...

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Can employers claim GST credits for superannuation funds?

Can employers claim GST credits for superannuation funds? Generally, the short answer is no. Employers cannot claim GST credits for expenses paid by an employer on behalf of a super...

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Congratulations

Congratulations On Australia Day our client, ear nose and throat surgeon Dr John William Vorrath was awarded a Member (AM) of the Order of Australia for significant service to medicine...

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Kids Plus Foundation

Kids Plus Foundation Client profile We are proud to support and introduce our client, the Kids Plus Foundation. This incredible organisation supports babies, children and young people with neuro developmental disabilities...

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Key Tax Dates

Key Tax Dates 21 March         February 2016 monthly BAS due 31 March          Tax return for companies and super funds with total income...

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Christmas safety

While some of these things may seem like simple common sense, when we are in the festive mood it can be easy to forget some of the basics for keeping safe...

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The Food Purveyor - beautiful gift giving

Client profile Nicole and her family have a passion for creating beautiful hampers filled with artisan food found in farmers markets, providores and farm gates from across Geelong, the Bellarine...

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In-house news:

Congratulations: We would like to congratulate our staff member, Fleur Freeland on the safe arrival of her baby girl, Bowie. Fleur is currently on maternity leave from her position as Personal Assistant...

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Key tax dates

1 December Tax return for taxable large/medium entities (all entities other than individuals) – due 21 December November 2015 monthly BAS / IAS due 21 January December 2015 monthly business...

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2015 Harwood Andrews Golden Plate Awards

The Harwood Andrews Golden Plate Awards are an annual acknowledgement of the best food, wine and service in the region. This year we would like to congratulate one of our clients for...

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Skipping the country after getting a degree: no longer an option!

New Bills regarding HELP debts for those living overseas have passed both Houses of Parliament and are awaiting Royal Assent. There was once a time when after completing a degree, Australian...

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Work related car expenses bill now passed

The proposed legislation for work related car expenses has now passed both Houses of Parliament and is now awaiting Royal Assent. These changes include: Eliminating the 12% of original value method...

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Misleading advertising for “Free SMSF setup”

Superannuation Warehouse Australia Pty Ltd (SWA) has been ordered to pay a penalty of $25,000 for false and misleading “Free SMSF Setup” advertising on two of the company’s websites between 22 January...

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New small business rollover relief from 1 July

Treasury has released draft legislation on the small business CGT rollover relief that was announced in this year’s Federal Budget. The new rollover is expected to be available in relation to...

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Case: The tax bill, the doctor’s girlfriend and the trust

Here’s how it started: “In 2000, when Ms Lisa Alderton was 18 years old (and considerably less sophisticated than she now appears to be) she commenced a relationship with a...

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No more Zumba in the boardroom

The ATO has ruled that if an employee participates in a fitness class provided by the employer on the employer’s premises it will not be exempt from tax under FBT. ...

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Data-matching tax detectives

The ATO has a new tax detective in the form of an electronic data matching system. This system will assess tax payers’ income versus their expenditure behaviour by tracking credit...

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Farming: experiments for soil improvers

The ATO has issued a concern about farmers claiming the R&D Tax Incentive for expenses in relation to treating part of a farming property with soil improvers. The concern is...

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The ATO’s New Year’s resolution: 600 random audits

The ATO has now committed to conducting random audits in 2016. This means 600 individuals and small businesses will be audited with a focus on tax evasion and underreporting. The reason...

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How to stay tax savvy in the silly season

Our tips Christmas can be expensive but it doesn’t need to be. If you are keen to celebrate without breaking the bank then it’s best to take advantage of any tax...

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Summer Newsletter 2015

Quote of the season: “Small business isn’t for the faint of heart. It’s for the brave, the patient & the persistent. It's for the overcomer.” - unknown Welcome to the...

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Quote of the season

 “The purpose of a business is to create a customer who creates customers” – Shiv Singh

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Spring 2015 Newsletter

They tell us that the time for overcoats, scarves and gloves are over. Yes, that’s right; apparently winter is done, kaput. This may mean many things. Perhaps for those of...

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How to assess risks to your business

With all of the risks that have the potential to derail a business, having a strong risk management plan in place can often mean the difference between a business surviving...

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What now for the GST?

Fifteen years after the introduction of the GST in Australia debate still rages over what should be taxed and whether the GST rate should increase. Unless the Government changes the...

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Smart Phones and Tablets ATO app

The ATO have developed an app which puts tax and super help in your hand, making it easier for you to conduct your tax and super affairs on the go. ...

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It’s not all about how big your engine is.

Car expense deductions Last issue we discussed the luxury car tax threshold. Now, while a Ferrari may or may not be on the cards for all of us, every vehicle...

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New service for drought affected farmers

A helpline and dedicated support for drought affected farmers has been established by the ATO and the Department of Agriculture. Phone 13 11 42 (option 3). The service is to help...

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Death and Taxes

Making it easier for terminally ill to access super It’s not something we generally want to talk about, but becoming seriously unwell can emotionally impact you and your family enough...

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Getting SuperStream savvy

The ATO has issued a reminder to employers that SuperStream has now started for small business. If you (as an employer) have 19 or fewer employees, you have up to...

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Commonly asked questions this quarter

Why has the ATO stopped sending my Business Activity Statements on paper? If you have previously received a paper activity statement but have linked your myGov account to the ATO, ...

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Congratulations to our clients who received Geelong Business Excellence Awards

The Geelong Business Excellence Awards ceremony was held on the Thursday 20 th August and we are proud to recognise and congratulate our clients on receiving the following awards: Arthur...

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Practice News - RSPCA cupcake day

On the 19 th August we hosted a “Cupcake Day for the RSPCA” in our office. This event helps to raise funds and awareness to fight animal cruelty. Staff baked...

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Key Tax Dates - September 2015

21 September August 2015 monthly BAS / IAS due   30 September PAYG withholding payment summary due   21 October Annual pay as you go (PAYG) instalment notice (Form N), ...

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Client Profile - The Spa Country Collection

The Spa Country Collection – Daylesford For those seeking a peaceful and relaxing escape, The Spa Country Collection in Daylesford, just over an hour from Geelong, offers guests plenty of...

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Tax Diary 2015

22 June May 2015 monthly BAS / IAS due   30 June End of financial year – superannuation contributions must be paid by this date to qualify for tax deduction...

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Tax Planning Tips – pre - 30 June 2015

There are many ways in which individuals and entities can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable incomes. Depending on your...

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Is accessing the 20k Budget tax deduction a smart business decision?

So, your business has a turnover under $2 million and you want to know how to use the $20,000 immediate tax deduction that’s been all over the news? Before you...

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Depreciation for primary producers

The Treasurer has announced that accelerated deduction rates for primary producers that were announced with the Federal Budget will be brought forward to include acquisitions made from 7.30 pm on...

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Assistance for start ups

On 6 May 2015, the Government announced a range of taxation measures designed to assist small businesses and start-ups from July 2016. These include: An immediate deduction of certain start-up...

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Recovering HECS debts from non-residents

Up until now, while Australians living overseas could make a voluntary repayment against their outstanding HECS debt, there is no legal requirement for them to do so. However, this is...

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Transfer of shares to SMSFs

TA 2015/1 Dividend stripping arrangements involving the transfer of private company shares to a self-managed superannuation fund. The Commissioner has issued a Taxpayer Alert expressing concern about contrived arrangements being...

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Warning on franked distributions funded by raising capital

TA 2015/2 Franked distributions funded by raising capital to release franking credits to shareholders. This Taxpayer Alert outlines the Commissioner’s concern when a company which has a significant franking credit...

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Luxury car tax – 2015-16

LCTD 2015/1 Luxury car tax: what is the luxury car tax threshold and the fuel-efficient car limit for the 2015-16 financial year? This determination sets out the LCT threshold for...

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Small business CGT – Current cases

Small business CGT concessions and dividend access shares  Devuba Pty Limited and Commissioner of Taxation [2015] AATA 255 This AAT case considered the impact of dividend access shares on the...

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Next Financial Year - What will change on 1 July 2015

For Business   Small business tax cut - 1.5% for companies and 5% tax discount for unincorporated small businesses under $2m (capped at $1,000)*   Employee share scheme rule changes...

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Practice News - Staff Achievements

Congratulations to employee Anthony & his wife Haley on the safe arrival of their baby boy Felix. We were given the pleasure of meeting 7 day old Felix at our...

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Practice News - Australia's Biggest Morning Tea

On the 28th May we hosted  Australia’s Biggest Morning Tea  in our office. We have been supporting the Cancer Council’s fund raiser for a number of years and this year...

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Practice News - Client Profile

We are pleased to introduce our long standing client Ross Parke (The Good Guys) . In 1952 when the first The Good Guys store, known at the time as Ian...

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Federal Budget 2015

Small business is one of the clear winners from the 2015-16 Federal Budget delivered by the Treasurer, Mr Joe Hockey, last night.  Many key Budget announcements that comprised the Government’s...

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SuperStream and your Self Managed Superannuation Fund (SMSF)

As a member of a SMSF you may receive correspondence from the ATO in relation to the SuperStream requirements. Please see the information below for the possible action required by...

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Recent ATO Case Studies

Taxpayer a non-resident The Engineering Manager and Commissioner of Taxation [2014] AATA 969 The taxpayer worked overseas from 4 January 2010 to 29 April 2011, returning to visit his family...

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Recent ATO Determinations

Income from YouTube videos  ATO ID 2014/41: Application of above-average special professional income provisions to individuals who earn income from uploading videos on YouTube? This ATO ID deals with the...

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Recovery of super entitlements from phoenix operators

The ATO has used its Superannuation Guarantee Estimates (EGE) powers to recover over $8m in superannuation entitlements from labour hire companies in South Australia and Victoria. The powers enable the...

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Proof of identity for non-resident ABN applicants

The Australian Business Register has simplified the proof of identity documentation requirements for non-resident Australian Business Number (ABN) applications. This will come as welcome news for practitioners who are asked...

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Mid Year Economic Review

The Mid Year Economic and Fiscal Outlook or ‘Mini Budget’ was released on 15 December 2104. As part of this review, the Government announced: Software depreciation changes : the period...

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The 1 April salary packaging trap

 Why a tax on high income earners will disadvantage many with salary packaging agreements.   In last year’s Budget, the Government introduced a 2% ‘debt tax’ on high income earners...

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In the company of strangers: should your business bring in investors?

Sometimes the difference between a good business and a great business is simply having sufficient capital to execute your business plan.  For many businesses, the owners have put everything they...

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Tax Diary

3 March December 2014 quarter BAS / IAS due 21 March  February 2015 monthly BAS / IAS due 31 March 2014 Tax return for Companies and Super Funds with total...

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Client Profile - Palladium Homes

We are pleased to introduce our long standing client Palladium Homes . Palladium is a family-owned business, building in Geelong, the Bellarine Peninsula and the Surf Coast since 2004. Managing Director, ...

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What to expect in 2015

The economy It’s almost impossible to predict what the local and global economic environment has in store for us in 2015.  The ‘who knows’ factor is adding to uncertainty and...

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Congratulations

Jade Scarlett gave birth to a healthy baby boy in February. Christie Trost celebrated her wedding to Kent in May.

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SuperStream Delayed

The Government has announced that superannuation funds have until 1 July 2015 to implement the new SuperStream contributions data standards. This is a sensible implementation deferral given the lack of...

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2013/14 Trust Distributions

If you are a trustee of a trust or Director of a corporate trustee you are required to determine which beneficiaries will share in the profits of the trust for...

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Building and Construction Industry – Taxable Payments Reporting

Business owners in the building and construction industry are required to report payments to subcontractors for the 2013-14 financial year to the ATO by 21 July 2014 . The types...

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Minimum Superannuation Obligations – increase from 1 July 2014

For any salary and wage payments made on or after 1 July 2014 the minimum level of superannuation payable will increase to 9.5% (from the current 9.25%). For those using...

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Audit Insurance

The Australian Taxation Office (ATO) continues a high volume of audit, review and investigation activity for all taxpayers. We have also witnessed an increase in the level of activity from...

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West Carr & Harvey Appoints New Director

West Carr & Harvey are very pleased to announce the appointment of David McDonald as a Director with effect from 1 July 2014. In promoting David to Director we are...

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