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Astute cashflow management is essential for operating a successful business. In today’s competitive environment many businesses prefer to spread their professional fees over the year rather than paying as a single lump sum just like rent or insurance premiums. feeLink is a monthly payment option available to our clients who prefer to fund their professional...

The ATO has reminded taxpayers that the net medical expenses tax offset (NMETO) is being phased out. To be eligible for the NMETO for 2014/15, a taxpayer must have received an amount of the tax offset in both of their 2012/13 and 2013/14 income tax assessments. If a taxpayer’s 2012/13 notice of assessment shows an...

The ATO has set up a new page on its website called “Building confidence”, which talks about its current compliance activities, and the amounts of tax and penalties it has collected in 2014 from its various initiatives. Some of the areas that the ATO has stated it will be focusing on are:  Work-related expenses:...

The ATO has issued a guide for trustees of self-managed superannuation funds (SMSFs) that asks: “Has someone asked you to invest your SMSF funds into a trust, company or investment product, and then offered to lend some or all of that money back to you, your company or any entity you control?” If the answer...

The ATO has identified employers in the following industries as having a higher risk of not meeting their super obligations: ◾child care services; ◾building and industrial cleaning; and ◾pubs, bars and taverns. The ATO is currently running an education campaign for business owners in these industries to help them better understand their super obligations. It...