Accounting Professionals Blog

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...

Buying online could soon get more expensive. Previously, purchases under the $1,000 low value threshold were exempt from GST. However, years of pressure from vocal Australian retailers has spurred the Government into passing legislation to collect GST on all purchases...

Did you host a Christmas party for staff to celebrate the year’s achievements? End-of-year parties are a great way to celebrate and to thank staff for all their hard work during the year.While the festive season might be over, the good news is you may be able to claim...

In the previous year, the Government flagged a large number of changes it wanted to make to the tax and superannuation system, but how many of them are still hanging around after the final sitting week of Parliament last December? In 2017, the Government flagged and...

Black Economy Taskforce: Who could be included? In a bid to crack down on tax evasion, the Government has proposed to extend the taxable payment reporting system to two new high risk sectors identified by the Black Economy Taskforce: cleaning services and couriers....

Be alert to sham self-managed super schemes Have you been advised to transfer your super to a self-managed super fund (SMSF)? Perhaps you have been told that you could withdraw your superannuation early, to pay off debt? Either could be a warning sign of an...

Easy money: Is this the end for cash-only business? The prediction of Australia becoming a cashless society by 2020 looks closer to becoming a reality with two developments: the government’s crackdown on cash-only businesses and the imminent launch of instant bank...