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05 Dec, 19

Professionals call for revamp of the accounting education system to attract the young crowd

Accounting professionals, accounts institutes, colleges, universities, and consultants are demanding new standards and education in the accounting sector so that more and more young group gets attracted towards them. According to the accounting education department of Australia’s consultant Heath Smith and pre-eminent product ‘Hype girl’, something is missing in the fundamentals of accounting. Firstly, when […]

10 Sep, 19

Remote area tax concessions and payments should be overhauled

The Productivity Commission has called for significant reforms to the tax concessions and payments for residents and businesses in remote Australia as they are “outdated, inequitable and poorly designed”. Its draft report assessed the zone tax offset (ZTO), the remote area allowance (RAA) and the fringe benefits tax (FBT) remote area concessions. The Commission recommended the abolition […]

31 Aug, 19

Vacant land expenses no longer deductible in “build-to-rent” investments

Starting from 1 July 2019, individuals who hold vacant land may not be entitled to claim those costs as an allowable deduction. Prior to this, claiming tax deductions for holding vacant land was available in certain circumstances. An example of this may have been during the construction phase of a development when no income was […]

04 Jul, 19

Top choices you can make as a new CPA

It is very hard to cross the line for CPA because most of the students who opt the stream of commerce, always look for CA or CPA. So, you should be very joyful and optimistic for your CPA designation. But now it is also very important to identify what sort of choices you want to […]

17 Jun, 19

Changes to payment summaries , income statements are here

How you get your end of financial year information from your employer showing your earnings for the year (also known as a payment summary or income statement) depends on how your employer reports your income, tax and super information to us. You will be provided with either: An income statement – if your employer reports […]

17 Jun, 19

Superannuation guarantee contributions not payable for additional hours or public holidays

The Full Federal Court has held that superannuation guarantee contributions were not payable by an employer in respect of the “additional hours” and “public holidays” components of employees’ salaries since these components did not form part of “ordinary time earnings”. In doing so, it allowed the employer’s appeal against the primary judge’s decision reported at [2018] […]

17 Jun, 19

Payments made to subcontractors by cleaning services companies subject to payroll tax

The Supreme Court of NSW has concluded that the arrangements between the subcontractors and two companies providing specialised cleaning/housekeeping services were employment agency contracts within the meaning of s 37(1) of the Payroll Tax Act 2007 (NSW). Hence, it held that the payroll tax was correctly imposed on the amounts paid to the subcontractors “in relation to” the procurement […]

31 May, 19

Thinking of setting up a self-managed super fund (SMSF)?

If you set up a self-managed super fund (SMSF), you’re in charge – you make the investment decisions for the fund and you’re held responsible for complying with the super and tax laws. It’s a major financial decision and you need to have the time and skills to do it. There may be better options […]

31 May, 19

Why you should keep record for Capital Gain Tax

You must keep records of every transaction, event or circumstance that may be relevant to working out whether you’ve made a capital gain or loss from a capital gains tax (CGT) event. Generally you need to keep your records for at least five years after the year when the CGT event happened. Keeping adequate records […]

Professionals call for revamp of the accounting education system to attract the young crowd

Remote area tax concessions and payments should be overhauled

Vacant land expenses no longer deductible in “build-to-rent” investments

Top choices you can make as a new CPA

Changes to payment summaries , income statements are here

Superannuation guarantee contributions not payable for additional hours or public holidays

Payments made to subcontractors by cleaning services companies subject to payroll tax

Thinking of setting up a self-managed super fund (SMSF)?

Why you should keep record for Capital Gain Tax

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