Latest News

We all get bombarded with information from every source possible and frankly, it's too much. Even if you haven't already flicked it into spam you probably don't have time to read it. We call it Information Overload. So, on this page we've selected big picture news items we think are relevant and of interest to our clients.

Friday, February 26, 2016

There is an old Hotel/Pub in Marble Arch, London, which used to have a gallows adjacent to it. Prisoners  were taken to the gallows (after a fair trial of course) to be hanged. 

The horse-drawn dray, carting the prisoner, was accompanied by an armed guard. The guard would stop the dray outside the pub and ask the prisoner if he would like ''ONE LAST DRINK''. 

If the prisoner said YES, it was referred to as ONE FOR THE ROAD.

If the prisoner declined, he/she was ON THE WAGON.

Friday, February 26, 2016

From 1 April 2016 all salary packaged meal entertainment and entertainment facility leasing expenses (EFLE) benefits: 

  • will be reportable and must be included on an employee’s payment summary;
  • cannot have their taxable value calculated using the elective valuation rules such as 50-50 split and 12 week register methods;
  • are subject to a separate single grossed up cap of $5,000;
  • exceeding the $5,000 grossed-up cap will be counted towards an employee’s existing FBT exemption or rebate cap.
Friday, February 26, 2016

From 1 July 2015 methods for calculating motor vehicle expenses have been reduced to 2 methods; Logbook and Cents per KM methods. 

Friday, February 26, 2016

There have been 2 changes in regards to HECS recently.

Friday, February 26, 2016

From 1 July 2016, the process for applying for registration as a company under the Corporations Act and applying to be registered in the Australian Business Register (ABR) under the Australian Business Number (ABN) Act will be linked.

A company registered before 1 July 2016 will be able to continue to use its ACN (Australian Company Number) and will not require to apply for an ABN if it doesn’t need to have one.

Friday, February 26, 2016

Termination and recruitment can be complex and costly for Employers. Employers who employ more than 15 employees can be subject to unfair dismissal claims. Small business employers with less than 15 employees still need to comply with the Fair Dismissal Code. Do seek advice when terminating employees as there are various matters to consider, for example:

Friday, February 26, 2016

 “If it could be shown, without a shadow of a doubt, that financial advice improves happiness, health and even personal relationships, would it change the way we judge the role of financial planning?”

This is the question at the heart of new research released today by IOOF, “The True Value of Advice” (the Research), which takes a deep dive into the emotional benefits of financial advice.

Friday, February 26, 2016

The ATO has issued a notice announcing that it will be acquiring details of real property transactions for the period 20 September 1985 to 30 June 2017 from various state revenue offices and tenancy boards. In relation to rental properties, the ATO is seeking details of rent paid and contact details of landlords. In relation to property transfers, the ATO is seeking details of the transfers, including details of the transferors and transferees and any state land tax and/or stamp duty concessions sought.

Friday, February 26, 2016

From 1 July 2015, small businesses can immediately deduct certain capital expenses associated with starting up a business.

Thursday, February 25, 2016

In the lead up to the Federal Budget on 10th May, there have been various rumours, speculations, leaks and ‘wish lists’ in regards to superannuation legislation and taxation. Before May, you should utilise all the current benefits that superannuation has to offer as the rules could change.

There are a number of strategies you could consider to take advantage of under the current rules, while they last.