Accounting Professionals Blog

Pre-lodgement compliance reviews (PCRs) are increasingly being used by the ATO to resolve potential compliance concerns as they arise. Previously, PCRs have only been applied to significant taxpayers such as public companies, international groups and large Australian...

With the ATO’s compliance targeting of large businesses in the past few years reaping rewards, this tax time, its turning its attention to small businesses. As a small business owner, what do you need to be aware of to stay out of the ATO spotlight? A recent interview...

Did you know that in Australia, any organisation that handles personal information could be captured under the notifiable data breaches scheme which requires organisations to notify individuals whose personal information is involved in a data breach that is likely to...

With the FBT lodgement deadline fast approaching, we give you some tips on areas of FBT which may need particular attention, such as motor vehicles, employee contributions, the living-away-from-home allowance, car parking and the employer rebate. These are the areas...

FBT time is well and truly upon us, with only a month to go until the due date for the lodgement of the return. With the due date so close, most businesses would be in the middle of preparing or even finalising their returns. For those that have put it off, there is...

Death of a family member is often a difficult time, but if the deceased was a member of SMSF, complications from trustee arrangements and payment of the death benefit can make a difficult time even worse for the family members. A recent dispute that reached all the...

The Fair Work Commission has upheld the sacking of a long-term Coles employee who racially abused a co-worker and posted abusive and vulgar snapchats about his manager. Coles sacked Ridwan Ridwan by letter last August for a series of foul-mouthed and aggressive...

Are you ready for e-Audits? The ATO is finally moving with the times and have started conducting e-Audits using computer assisted verification techniques. This process is said to be more efficient, accurate and thorough than traditional audits with the advantage of...

Do you rent out a part of your home, or a holiday home, on Airbnb, Stayz or another sharing site? Perhaps you see this as a way of making a little extra income to help the household budget or to save for that holiday. But what you may not be aware of are the long term...

Cash might be king, but the use of cash by businesses is attracting attention from the ATO. It will begin visits of selected businesses to ensure that all tax obligations are met. Third-party data and risk analysis is being used to identify the types of businesses the...

The exploitation of vulnerable workers has been getting a lot of press recently, but did you know that it is not just the company or business involved that may be liable to penalties? In two recent cases, the Fair Work Ombudsman (FWO) has used accessorial liability...

Tax debts could soon affect the credit scores of businesses, with the government’s introduction of draft legislation to allow ATO to share debt details of businesses to credit rating agencies. The proposal only applies to businesses that meet certain conditions and...

The small business superannuation clearing house (SBSCH) is a convenient service that allows a small business to make superannuation contributions for its employees in one single payment. It’s important to know that access to the service has recently changed...

Bitcoin Part 2 – In the bitcoin business In Part 2 of our series on bitcoin, we examine the tax and GST consequences for business; specifically, those businesses that buy and sell bitcoin or mine bitcoin. We also take a look at the tax and GST consequences for...

If you are an employer the way you report payments, such as salaries and wages, pay as you go (PAYG) withholding and superannuation is changing. The ATO will need you to report these payments directly from your payroll solution in real-time, at the same time as you...

Are you in the market for some general financial advice about superannuation or simple managed investment schemes? Well, you don’t necessarily have to see a financial adviser. Depending on the circumstances, Accounting Professionals could help you with what you need...

A travel consultant, sacked without warning while pregnant, has been awarded more than $19,000 in compensation, in part because she was found to be “a victim of a general reluctance to hire pregnant people”. Green Travel Service dismissed Bernice Zhang, after three...

Bitcoin seems to be all the rage at the moment, and while we all know vaguely what it is, the tax consequences of investing in bitcoin aren’t as apparent. In our two-part series, we look first at the tax effects for individuals who seek to invest in bitcoin. In part...