Author Archive for: ‘Joseph Hanna’

Many business owners consider employee share schemes as a means by which to motivate and align employees by giving them an ownership stake and share in the growth of the company. The rules around employee share schemes are currently being reformed, and if you are thinking about issuing shares to employees, it is important to understand that the reforms take …

The FBT year is about to draw to a close and any employers in the FBT system should be gearing up to have their 2015 Fringe Benefits Tax return prepared for the period ended 31 March 2015. The end of one FBT year signals the start of a new one, and below are some key FBT rates and thresholds applicable …

For employers For employers with 20 or more employees, SuperStream has already started and you have until 30 June 2015 to be ready. For employers with 19 or fewer employees, SuperStream starts from 1 July 2015 and you have until 30 June 2016 to be ready. If you employ 19 or fewer employees, you should start getting ready now if possible, and begin …

The ATO has declared that it will be targeting profit shifting into SMSFs and the calculation of tax losses in funds, citing these as two of the main issues of concern within the self-managed superannuation sector. The ATO has identified non-arm’s length income as a major income-related tax risk for the sector, and a new compliance program will target income …

If you claimed the Net Medical Expenses Tax Offset in 2013/2014 (and you are therefore eligible to claim in 2014/2015) you may wish to consider bringing forward any impending medical expenses to before 1 July. By doing so, you may be entitled to claim a percentage of those expenses on your 2014/2015 tax return. With some limited exceptions, the offset …

Taxpayers Australia has flagged the increasing surveillance of the SMSF sector, reiterating the consequences for SMSF trustees when the ATO identifies breaches of the SIS Act. 585 SMSF trustees were disqualified in 2014 compared with 100 in 2010. This signals that the ATO believes they have spent enough time educating SMSF trustees, and now the focus is on penalising as …

The last few months have seen a number of new faces join the Isaacs & Cole team. In the Melbourne office, Erwin Avila has joined us in the capacity of Intermediate Accountant, and in the Sydney office Lindy Treloar joins us helping us with administrative needs in the office. Penniel Verzosa also joins Juiel in our Manila-based accounting team, giving …

Our pre-Christmas Business Boost campaign continues to generate strong interest with clients embracing the opportunity to review their financing arrangements and move their businesses forward. We believe that regular review of our clients’ financing arrangements for both their personal and business needs is so important that we are planning to make this part of our annual client review process as …

Cloud-based book-keeping is now a well established industry, and one that is constantly evolving as competitors vie for the number one spot in the market. Those who are early adopters by nature have already embraced it, and now the major providers are targeting the rest of the market. As with all things new, it is easy to fear the unknown. …

Who can believe that it is February already? The business calendar of an accounting practice can’t help but be geared around ATO deadlines, and the realisation that it is mid-February brings with it the realisation that there are just 3 months until the final income tax return deadline for the year. If we have not received your 2014 tax records …