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Helping you reduce tax, protect your interests, and grow your income as professional business advisors and accountants.

PERSONAL TAX CHANGES

Whilst there were no significant taxation proposals in this year’s Budget, the Government has made some relatively conservative personal tax changes to FBT exemption and employee share schemes. FBT exemption for electronic devices To help reduce red tape, the Government will expand the Fringe Benefits Tax (FBT) exemption for work-related portable devices from April 1

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TREATING EMPLOYEES AS CONTRACTORS

The structure of the workforce is transforming, and many business owners are struggling to make sense of the rapid changes. The problem is that regulation, especially from the tax office, will always be a few steps behind changes that are happening in the real world. Sadly, this often means that compliance requirements are not befitting

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BUDGET OUTLOOK FOR INDIVIDUALS & FAMILIES

The 2015 federal budget for families made changes for individual taxpayers and families with its focus on improving the economy. Find out what they were. Car expense deductions The Budget has introduced new modernised methods for calculating work-related car expense deductions from the 2015/16 income year. The ’12 per cent of original value method’ and

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PROPERTY DAMAGE TAX DEDUCTION: CONSIDERATIONS FOR INVESTORS

There is nothing more tedious for rental property owners than dealing with the tax implications of damaged property. Over the past year, natural disasters have severely impacted areas throughout Australia, leaving rental property owners especially feeling the brunt of these disasters through costly repair bills and loss of rental income. It is important for those

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UPCOMING ATO COMPLIANCE TARGETS

Every year, the ATO announces a number of compliance areas that will be subject to additional scrutiny.It always pays to be aware of these focuses, as non-compliance is, more often than not, the result of an honest mistake as opposed to willful deception. Unfortunately, an honest mistake can still cost you dearly in penalties and/or

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THE IMPORTANCE OF RECORD KEEPING IN BUSINESS

The End of Financial Year doesn’t need to be a stressful time for businesses. This week, the Taggart & Partners some helping advice on the importance of record keeping in business. Continue reading for more. It is essential for all small businesses to have an effective record keeping system in place. Having your records in

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