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ATO gets tough with SMSF trustees
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 …
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Personal Developments
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 …
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Business Boost Update
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 …
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To cloud or not to cloud?
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 …
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Have we done your tax work?
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 …
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2015 has begun
My how time flies when you are having fun!! 2015 has begun, Australia are the football champions of Asia and the school holidays were a wonderful chance to enjoy some family time and an opportunity to enjoy looking at life through the eyes of others …
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Time limits for family assistance payments
If you want to claim family assistance payments for the 2014 financial year, you must lodge your 2014 income tax return (or advise Centrelink that you do not need to lodge a 2014 return) by 30 June 2015.
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Six-monthly indexation alert for Fuel Tax Credits
Fuel tax credit rates increased for fuels acquired from 2 February 2015 due to an increase in CPI. Rates are indexed twice a year – generally on 1 February and 1 August. Check the rates at fuel tax credit rates and eligible fuels before you complete your BAS. You …
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RBA cuts interest rates
The RBA has moved to reduce the cash rate by 25 basis points to 2.25%.
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ATO increasing its use of data
The ATO is increasingly using data analytics to identify anomalies in GST reporting by businesses. If you are in business, now is a good time to review your accounts payable and accounts receivable processes to ensure GST is being captured correctly in your accounting system.
Registered Tax Agent