From 1 July 2019, the whistleblower protections in the Corporations Act will be expanded. Read more
As we farewell another Fringe Benefits Tax (FBT) year we often hear questions around private use of vehicles and whether larger ‘utes’ are exempt from FBT, such as Chevrolet Silverados, Dodge Rams, Ford F150s and the like. Read more
The Long Service Benefits Portability Act 2018 has been passed by Parliament and will come into operation by 1 July 2019. Read more
On the global front, growing concerns about a slowdown in economic growth preoccupied financial markets in March. The US Federal Reserve now forecasts no rate rises in 2019 instead of the two it previously planned. US 10 year government bond yields fell below three month yields on the news. This ‘inverted’ yield curve is viewed by markets as an historical predictor of recession.
In Australia, economic growth slowed to 0.2% in the December quarter, for an annual rate of 2.3%. This was reflected in the more cautious mood of business and consumers. Both the weekly ANZ Roy Morgan consumer confidence rating and the monthly Westpac Melbourne Institute survey of consumer sentiment fell below their long term average in March.
Single Touch Payroll – get ready!
Over the last 18 months we have been bringing information and reminders to you about STP for all employers.
STP is a payday reporting arrangement where employers need to send tax and superannuation information to the ATO from their payroll or accounting software each time they pay their employees.
In less than three months these requirements will be compulsory for all employers, regardless of whether you have one employee or 50 employees. Please don’t hesitate to call us if you have any questions. Ask for Kieren Henderson on 03 5443 0344.
Also in this edition:
- AFS Celebrates business milestone
- Economic update
- Removed assets providing ongoing value for property owners
- Time running out for unpaid superannuation by employers
- ATO mail now sent to myGov inbox
- Access to prior year losses now made easier
- The future of franking credits
- 2019-2020 Federal Budget summary
- Team news including seminars, International Women’s Day, Deakin University Expo.
It can take many years and a lot of hard work to build a successful small business. When you finally decide it’s time to sell, tax is often the last thing on your mind. Yet it can have a big impact on how much of the sale price you get to keep – Read more
With almost 4 million Australians making work-related car expense claims, the Australian Tax Office (ATO) has the practice in its headlights. Not only are they on the lookout for people wrongly claiming, but they are also armed with enhanced technology to check these claims. Read more
Depreciation is a complex area, so unless you’re a specialist quantity surveyor or a qualified tax accountant, it can be hard to understand. Read more
Automotive dealers are calling on the federal government to step in to address a power imbalance between large car manufacturers and independent auto retailers amid concern businesses are resorting to desperate measures to stay afloat. Read more
AFS recently celebrated a large milestone in business. Read more
Negative gearing is set to be a key issue in the upcoming federal election.
If elected, Labor intends to reform the practice with the aim of improving housing affordability. The Coalition intends to leave negative gearing as is.
But what is negative gearing, how does it work and what exactly are the changes Labor has proposed? Read more