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ATO Debts: When are they due and payable?

. Category: Accounting News.

With the recent increase in debt recovery efforts by the Australian Taxation Office (ATO), many have resorted to negotiating payment arrangements. However, there are some downfalls to such arrangements. The recent decision of Smith v Bone [2015] FCA 389 highlighted the potential liability a director faces where a company enters into a payment arrangement with… Read more »

Tips for your Property Portfolio

. Category: Accounting News.

Are you a property investor or looking to get into the market? Being a property investor is not always easy, but here are some helpful tips that could help you along the way:

Should you Franchise your Business?

. Category: Accounting News.

Franchising can be a very effective way of expanding and growing your business quickly. For a well-run business, with systems and processes in place, franchising can provide benefits and satisfaction to both parties.

Holiday rentals under greater scrutiny

. Category: Accounting News.

The Australian Tax Office (ATO) has begun to monitor tax deduction claims made for holiday rental properties much more closely, with the purpose of preventing excessive rental deduction claims. They have advised that they have sent letters to taxpayers in about 500 postcodes across Australia with regards to this issue.

When is the best time to appoint an external chairman?

. Category: Accounting News.

There are numerous advantages to having an independent chairman. The main advantage is the ability to bring a different perspective into the business. A business owner may become too close to what is going on in his or her company. Furthermore, people who run a family business sometimes do not have a broad enough range… Read more »

Independence of Auditor

. Category: Accounting News.

Under sections 301 of the Corporations Act 2001 all disclosing entities, public companies, large proprietary companies and managed investment schemes are required to have their financial reports audited and lodged with the Australian Securities & Investments Commission (ASIC).

What is the value of a parking spot?

. Category: Accounting News.

There is no definitive answer to this question, however these days it would not be out of the ordinary to say a couple of hundred thousand dollars, if the space is in a prime location in Sydney.

ATO and Phoenix Activity

. Category: Accounting News.

Both the Australian Securities & Investments Commission (“ASIC”) and the Australian Taxation Office (“ATO”) regularly investigate “Phoenix Transactions”. What is phoenix activity? Illegal phoenix activity refers to activities that involve the intentional transfer of assets from an indebted company to a new company to avoid paying creditors, tax or employee entitlements. The directors then leave… Read more »

The New $20,000 Depreciation Rules

. Category: Accounting News.

New laws have passed that allow small businesses to claim an immediate deduction for assets they start to use – or have installed ready for use – provided each depreciable asset costs less than $20,000. This will temporarily replace the previous instant asset write-off threshold of $1,000.