Accounting & Wealth Insights

Recently, the ATO has issued a point of emphasis for the upcoming tax lodgement season. They will be employing additional audit resources along with updated data analytics to scrutinise large car expense claims.

Mr Scott Morrison, the Federal Treasurer, handed down his third Budget at 7.30 pm (AEST) on 8 May 2018. Mr Morrison said the Budget is focused on further strengthening the economy to “guarantee the essentials Australians rely on” and “responsibly repair the budget”.

In the healthcare services industry, it is now common for some practitioners to operate from healthcare centres run by third parties. This frequently occurs without any stated partnership or employment relationship between the third party and the practitioner.

The ATO has updated its guidance on simplified transfer pricing record keeping options to include the minimum interest rate of 3.79% for small related party outbound loans for the 2018 year. Paragraph 75 of Practical Compliance Guideline PCG 2017/2 has been updated to reflect the new rate.

Are you drowning with paperwork and dream of a paperless office or home? Do you wish your accountant will stop harassing you for documents? This is a possible dream right now!

It sounds strange, but the FBT law is full of exemptions and concessions. The FBT law was introduced way back in 1986 with the intention to tax non-cash fringe benefits. But in doing so, the law has allowed for exclusions, concessions, reductions and exemptions.

You may have noticed significant media coverage recently regarding the Australian Labor Party’s proposed policy to stop SMSFs from receiving tax refunds for the franking credits they receive in conjunction with the dividends paid from Australian companies they own.