Top Cairns City QLD 4870 Accountants
clwu9dexa000b08l6578sdq1v Div 7A loans: minimum repayments
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As the end of the financial year approaches, along with the company lodgment date, now is the time for the decision-makers of private companies to ensure that arrangements are made for loans to shareholders and associates to be repaid before the company lodgment date, or alternatively, to ensure that complying loan agreements are in place. This avoids the application of Div 7A, which captures payments such as loans to shareholders and associates and treats them as unfranked dividends.
clwk9gujn000n08l45vef3ff0 Get ready for tax time 2024
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The end of the financial year is fast approaching and with that, tax time 2024 is kicking into gear. As with previous years, the ATO has flagged three primary areas where taxpayers frequently make mistakes. These consist of incorrect claims of work-related expenses, inflated rental property claims, and the omission of income from tax returns. The ATO recommends that taxpayers not lodge too early, and instead wait until the end of July or later to lodge, to avoid having their returns flagged as incorrect by the system.
clwaa0jjc001c08jr8t7fhewj Federal Budget 2024: Business Measures
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Treasurer Jim Chalmers has handed down the 2024-25 Federal Budget. The major tax-related measures concerning small to medium enterprises (SMEs) and businesses announced in the Budget include: the extension of the instant asset write-off for small businesses; changes to the foreign resident CGT rules; extension of energy relief payments to small businesses; Future Made in Australia tax incentives; extension of the BAS notification period; more funding for the ATO; the extension of existing ATO compliance programs; and funding for the new Administration Review Tribunal.
clw08opyi000c09jv4s5cdofb ASIC warns consumers to beware of cold callers
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ASIC has issued a warning to consumers to remain vigilant against high-pressure sales tactics and deceptive online advertisements used by certain cold calling operations to offer unsuitable superannuation switching advice. It has expressed particular concern about these practices, noting that individuals aged between 25 to 50 - the primary targets of these operations - are at risk of significant retirement savings depletion due to a combination of reduced super value owing to unsuitable investments, excessive fees, and/or other charges.
clvq8qzjj000b08jz3mmjeoik Navigating complexities of crypto investments: SMSFs
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The digital currency landscape continues to be treacherous terrain for Self-Managed Super Fund (SMSF) trustees, with a growing number of reports indicating significant losses due to a variety of factors, including scams, theft, and collapsed trading platforms. The ATO is urging trustees to educate themselves on the potential pitfalls of crypto investing, including the fact that many crypto assets are not classified as financial products. This means that the platforms facilitating their trade often lack regulation, increasing the risk of loss without recourse.
clvg9axsm000h08jxcdr5359z Trust reporting changes from 1 July 2024
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Trustees and beneficiaries should be aware that reporting changes as part of an ATO Trust Administration Systems project will be occurring from 1 July 2024. From the 2023-24 income year and onward, four new capital gains tax (CGT) labels have been added into the trust tax return statement of distribution which trustees will need to be aware of. In addition, a new schedule will also be introduced for all trust beneficiary types, and new data validations will be added.
clv68yqgs000b08jv5ui6cuje Old ATO debts: IGTO weighs in
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ATO’s recent actions to activate debts, some decades old, and either offsetting them against tax refunds or issuing demands to pay from taxpayers have caused considerable angst among many. In light of this, the Commonwealth Ombudsman/ACT Ombudsman, and the Inspector-General of Taxation and Taxation Ombudsman (IGTO) have jointly issued new guidelines aimed at improving how Australians are notified about government debts to ensure that the process of debt notification is handled with transparency, clarity and sensitivity towards impacted individuals.
cluw8slsx000h08l69308hcxw Get ready for FBT time
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The start of April signals the approach of FBT lodgment time. With the landscape of FBT evolving every year due to legislative amendments and administrative updates, employers need to be mindful of the changes applying for the current FBT year. For the 2023-24 FBT year, 25 May 2024 is the deadline for employers to lodge returns and pay any associated liabilities. However, employers that lodge FBT returns electronically through tax practitioners will have access to a deferred due and payment date of 25 June 2024.
clum80x99000b08l141ya58xk ATO’s use of small business benchmarks
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The small business benchmarks used by the ATO for various purposes, including identifying business which may be avoiding their tax obligations has been updated for the 2021-22 income year. The benchmarks consist of 9 broad categories covering accommodation and food; building and construction trade services; education, training, recreation and support services; health care and personal services; manufacturing; professional, scientific and technical services; retail trade; transport, postal and warehousing; and other services.
cluav397h000b08la3utk9311 Rental bond data matching program continues
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The ATO has announced that it will continue rental bond data matching to the 2025-26 income year. This program first commenced in 2005, collected data dating back to 1985 and has continued since then. According to ATO estimates, records relating to around 900,000 properties will be obtained each financial year. This data will be used to identify under-reporting or non-reporting of income in tax returns, the misapplication of CGT provisions leading to under or non-reporting in relation to sale of properties, and non-compliance with foreign investment laws.
clu28nk5y000j08l52k0lbyx7 ATO concerns over Div 7A
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Division 7A of the ITAA 1936 was originally introduced as a way to uphold the integrity of the tax system by ensuring the fair taxation of transactions between private companies and their stakeholders. As it is such a complex area, the ATO is working in partnership with tax professionals in 2024 to raise awareness of common errors and issues identified. These include keeping adequate records, properly accounting for and reporting payments as well as the use of company assets by shareholders and associates, and complying with rules around Div 7A loans.
clt88jn19001g08jr8fbug6ub SBSCH and SMSF bank account validation
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To safeguard retirement savings held in SMSFs from fraud and misconduct, the ATO is rolling out new security features. One soon to be implemented feature consists of checking for a match between an employee’s SMSF bank account details and the SMSF record when electronic payments are made via the Small Business Superannuation Clearing House (SBSCH). Where there is a mismatch, SBSCH cannot accept payments to an employee’s SMSF until the error is resolved.
clsy8d5aq000d08leehw61e23 Australia’s love affair with SMSFs continues
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Establishing a self managed superannuation fund (SMSF) offers a variety of benefits, so it is perhaps no surprise that in the latest data released by the ATO, the number of SMSFs in Australia continues to grow as more people seek to take advantage of control and flexibility offered. However, taxpayers seeking to establish SMSFs should also be aware of the challenges and considerations that can significantly impact these funds’ suitability for individual retirement planning, such as the complexity and responsibilities involved.
clso8fkfq000b08l6dqdoehkz FBT electric vehicle home charging rate
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With the rise in businesses purchasing EVs for the use of their employees, the ATO has finalised its guidelines setting out the methodology for calculating the cost of electricity when an eligible electric vehicle is charged at an employee’s or an individual’s home. The rate of 4.20 cents per km has been listed as the appropriate figure and will apply from 1 April 2022 and later FBT years. To use this rate, employers will need to keep a record of the distance travelled by car and a valid logbook must be maintained if the operating cost method is used.
clse7g7dw001o08jz0a8j7ows Tackling offshore tax evasion
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With the revelation that an increasing number of ordinary professional Australians are turning to establishing offshore companies as a way to decrease the amount of tax paid in Australia, the ATO has warned against the move and is using the many tools available to it to tackle the problem before it becomes established. This includes using advance data analytics to identify and cross-reference information from various sources, actively participating in the exchange of tax information with various countries and gathering information through multi-agency taskforces.
cls47y7or000b08ju9hcagvik Stage 3 tax cuts vs proposed changes
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With the government finally caving into pressure to change the stage 3 tax cuts despite previous promises to keep the already legislated measure, new proposed tax rates have been flagged to come into place from 1 July 2024 which largely benefits those earning less than $45,000. The government will now be starting a campaign to win support for these proposed changes from various senators to ensure amending legislation is introduced and passed before 1 July 2024 when the original stage 3 changes were due to apply.
clrk7xow9000f08jscdb71310 Employee vs contractors: new rules
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Following two prominent High Court decisions which dealt with the distinction between employees and independent contractors, the ATO has sought to provide guidance to businesses in the form of a Taxation Ruling. The most significant departure from its previous position is that the ATO now considers that various indicia of employment identified in case law, while relevant, should only be considered in respect of the legal rights and obligations between the parties, with the most important factor the holistic consideration of the contract between the parties.
clq676u4u000q08jx2vxp90sf ATO areas of interest for the coming year
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As 2024 approaches, the ATO has highlighted three areas of focus for businesses which will persist into the new year. These include steps to address cyber security and increased protection of personal data, addressing the growth in the collectable debt book particularly for small businesses, and improving overall tax performance and stamping out the shadow economy. The takeaway message for businesses, especially small businesses, for the coming year is to be proactive and engaged with the ATO in terms of any unpaid tax or super debts and securing their data.
clpw7a0y4000b08lb3knhdtoz Holiday homes not genuinely available for rent
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Owners of holiday homes should be aware that deductions may not be able to be claimed where a property is not genuinely available for rent. Factors that may indicate a property is not genuinely available for rent may surprise, and could include “unreasonable or stringent conditions” placed on renting out the property, such as “no children” and “no pets”. In instances where there is a short-term accommodation restriction by the State or Local government for part of the year, or where the owner uses the property for personal purposes for part of the year, expenses may have to be apportioned.
clpm74dwo000b08iff5q90p9h ATO pauses debts on hold campaign
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The ATO has apologised for the “unnecessary distress” caused to taxpayers with its recent awareness campaign around tax debts that were previously put on hold. Recently, the ATO had written to some small businesses with debts on hold greater than $50 to inform them that offsetting of debts will apply. It notes that the purpose of the letters was to ensure that taxpayers had full visibility of their existing debts with the ATO, however, it will pause the campaign to allow a review into its overall approach to debts on hold before progressing any further.
Need an affordable accountant open now? These 88 results near you are waiting for your call. Here are our top Cairns City Accountants with reviews & ratings.
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Flexi Accounting Quick Info
Bookkeeping Services
Tax Returns
Accounting Services
Taxation Services
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Bookkeeping Services
Tax Returns
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BAS
GST
Tax Planning
Preparation of Income Statements
Xero Cloud Accounting
Taxation Services
Online Appointments
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Providing accounting and taxation services to Cairns and the North Queensland area.
Mount Sheridan QLD
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Overlack Accounting Group Quick Info
Tax Returns
Taxation Advice
Internal Accounting
Bookkeeping Assistance
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Tax Returns
Financial Statements
BAS/IAS
Year-End Tax Planning
Taxation Advice
Internal Accounting
Business Advice
Bookkeeping Assistance
Accounts - Cairns, Redlynch
GST - Cairns, Redlynch
Set Up of Accounting Software
ASIC Compliance and Maintenance of Company and Trust Registers
About
Overlack Accounting Group (OAG) - a small family business offering individuals and businesses a professional yet personalised service. We're proud Cairns locals with over 40 years combined experience in public practice accounting - Kaine and Cheryl Overlack aim to take the tax and accounting burden away from their clients. OAG is focused on creating lasting and meaningful partnerships with their clients - from those who need assistance with a new business, to established and growing businesses, to individuals who just need their tax return done. Contact OAG to see how their wealth of experience can benefit you with your tax and accounting needs.
Brinsmead QLD
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David Williams Chartered Accountant Quick Info
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David Williams Chartered Accountant, located in Holloways Beach, offers professional accounting services to businesses and individuals. With years of experience, David Williams is an esteemed accountant providing expert financial guidance and tax planning. From bookkeeping to audits, he meticulously analyses your finances, ensuring accuracy and compliance. With a personalized approach and attention to detail, David Williams Chartered Accountant is your trusted partner in navigating the complexities of the financial world. Trust in his expertise to optimise your financial success and maximise your wealth.
29 Casuarina St, Holloways Beach QLD
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Redi Tax Quick Info
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Free Initial Consultation - New Clients
Bookkeeping Services & Software Set Up
Individual Tax Returns
Business Tax Returns
Financial Statements
Audit & Assurance
BAS & IAS
Shop 3 Piccone Village 113 Bruce Highway, Edmonton QLD
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Edge Hill Accountancy Gordonvale Quick Info
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Business Advice
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Self Managed Superannuation Fund Services
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Edge Hill Accountancy is a small practice located in the heart of the Edge Hill. The practice has been in existence for nearly 25 years. Edge Hill Accountancy offers a relaxed atmosphere with professionals dedicated to helping you to plan and manage your professional and business needs.
29 Norman St, Gordonvale QLD
Adept Tax & Accounting Quick Info
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Preparation & Lodgement of Income Tax Returns for Individuals/Partnerships/Trusts/Companies & Self-Managed Superannuation Funds
Preparation & Lodgement of Business Activity Statements
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Local business providing professional, personal and confidential taxation and accounting services at affordable rates.
17-19 Bullion St, Goldsborough QLD
5 (2)
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Tablelands Business Solutions Quick Info
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Bookkeeping Services
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Risk and Financial Compliance Management
End of Year
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Tracey
3 years ago
Amazing work, the girls that work in here are just amazing and helped with me everything that I needed help with. Cheapest printing on the tablelands.
2/39 James St, Malanda QLD
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