Insights.

Tax-deductible and FBT Free Christmas Gifts

With Christmas just around the corner, many Business owners start thinking about ways to thank their employee’s for their hard work during the year.

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SMSF Events Based Reporting

There have been a lot of changes over the last 12 months for SMSF’s and this will continue with the introduction of “Events Based Reporting”.

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Safe Harbour Reforms Provide Greater Protection for Company Directors

On Tuesday 12th of September 2017, Federal Parliament passed Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Bill 2017.

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ATO’s Hit List for 2017

We have once again reached Tax Time and the ATO has released a ‘Hit List’ outlining its compliance target areas for this year.

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Are you charging customers a surcharge for paying by Debit/Credit Card? The Rules are changing

From 1 September 2017 the rules are changing for anyone that charges a surcharge to customers who pay by card. Under the new rules the surcharge amount you charge cannot be more than the annual costs for processing your transactions.

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Income Tax Return Checklist – Individuals

Make sure that you maximise your tax refund by claiming all possible deductions for the year ended 30 June 2017.

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Maximum Franking Credits on Dividends

As a result of the reduction to the Company Tax Rate to 27.5% for Small Businesses in the 2017 Financial year, the ATO has advised that dividends will only be able to be franked at 27.5% rather than 30%. 

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Company Tax Cuts

The Government has sealed a deal with Senate cross benchers to pass the small business and company tax reforms proposed in the 2016/17 Federal Budget, with some amendment.

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Borrowing – Related Party

The ATO has recently released guidelines in relation to super funds with related party borrowings.

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New Office

We are excited to announce that for the first time in 30 years Hall Browns Accountants will be moving office. As of November 2016 we will be located at 112 Barry Parade.

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