How long do I have to keep my tax records for?

By law, you must keep business and taxation records generally for five years from the later of when they are prepared, obtained or the transaction is completed. For those with very simple affairs you may be able to retain your records for only two years, however things are not necessarily that straightforward. Simple individual returns Individuals with simple tax affairs … Read More

Share Transfer vs Share Buy Back – what’s the difference?

Where two or more unrelated shareholders trade through a company, there often comes a time where they part ways, presenting a need for one of the shareholders to exit the company. Broadly, this can be achieved either by the departing shareholder selling his shares to the remaining shareholder, or alternatively by the company itself buying back the shares held by … Read More

How to access invaluable financial information about your competitors

The regulatory and compliance requirements enforced by the Australian Securities and Investments Commission (ASIC) for Companies are often seen to be a burden – but they can also prove to be a useful source of data. Aside from providing investors with safeguards in the manner in which directors carry out their duties in the running of a financially sound company, … Read More

Use of social media can open you up to a Tax Audit

Posting images and content online showing your latest holiday or purchase seemed like a good idea at the time! Just remember who might be looking at your social media as well. The ATO has always looked at different ways to data match what taxpayers declare in their tax returns against information available from other sources. In the past they have … Read More

Helpful App to track your Deductions

The ATO now has an app which will be very helpful in tracking the deductions that you are able to claim against your tax. It is available from both the Apple and Android stores. The app is packed with lots of features as you will see below: For Individuals There is a tool called myDeductions to help track and record … Read More

Superannuation changes from 1 July 2017 – The law has passed!

The 2016 Federal Budget’s superannuation reforms were legislated last week, so the haze of uncertainty surrounding these new changes has lifted. Among these new laws is the provision of Capital Gains Tax (‘CGT’) Relief. This allows the cost base of assets to be re-allocated from the pension phase, back to the accumulation phase, in order to comply with the $1.6m … Read More

NSW Property Surcharge on Discretionary Trusts

If you have a Discretionary Trust (commonly known as Family Trust) and you have residential properties located in NSW within your Trust, then we suggest that you read this article in full. The NSW Government has recently made changes to the definition of “foreign persons” for the purposes of assessing duty and land tax liabilities. If you have a Discretionary … Read More

Are you thinking of doing business overseas?

If you are thinking about doing business in an overseas market, it’s important to get the right advice structuring, set up and tax advice from the start. Did you know that we are part of Kreston International, a global network of independent accounting firms. As a member of Kreston we are able to provide a complete range of financial and … Read More

The $1.6m transfer balance cap explained

Now that all three tranches of the Federal Budget’s proposed superannuation reforms have been introduced to parliament, greater clarity has emerged in regards to the mechanics of the $1.6 million transfer balance cap, and the interaction it will have with non-concessional contribution caps (‘NCC’). What is this $1.6m transfer balance cap? The $1.6m cap is a limit that an individual … Read More

Buy-Sell Agreements – What are they and what are the benefits?

A buy-sell agreement is a legally binding document between the key persons in a business (i.e. the business partners). It acts as a succession planning tool to protect the business interest for each of the key persons in the business, and provides legal certainty for the families or estates of each of the key persons. It allows executors access to … Read More