Category Archives: Accounting

If you have a discretionary or hybrid trust that owns residential land in NSW you may need to have your deed amended before 31 December 2018.

Duty and land tax surcharges were imposed from 21 June 2016 where residential land in New South Wales is to be acquired or is owned by foreign persons. Where the land is to be acquired or is owned by a discretionary trust, the trustee of the trust is a foreign person if any foreign persons are beneficiaries (whether or not named in the trust deed) under the trust.

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Most organisations in Australia undertake some form of leasing arrangement and many of these lease arrangements have been classified as operating leases with no impact to the balance sheet.

Over 85% of the leasing commitments do not appear on today’s balance sheets, making it difficult for investors and other users of financial statements to obtain an accurate picture of an entity’s future leasing commitments.

The new leases standard – AASB 16 is effective from the beginning of the 2019 calendar year. Property and equipment operating leases previously recognised off-balance sheet will be accounted for as a Right-of-Use (ROU) asset and lease liability. This will provide more transparency regarding a company’s leasing commitments and change key financial measurements such as gearing ratios, asset turnover and EBITDA. However, lessor accounting will remain unchanged from the current leases standard.

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The New South Wales Treasurer, Mr Dominic Perrottet, handed down the NSW Budget for 2018/19 on 19 June 2018. The only tax-related measure announced in the Budget was an increase in the tax-free threshold for payroll tax from its current level of $750,000 to $1 million.

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“There is a lot to gain and much to lose, we can’t ease off”.

“…it’s not a spend…this is their money…this is Australians keeping more of what they have earned.”

So said Treasurer Scott Morrison as he handed down his third Federal budget on 8 May 2018. The government had five aims, he continued:

  1. Tax relief for individual Australians
  2. Keep backing business to invest and create more jobs
  3. Guarantee essential services
  4. Keep Australians safe with new investments to ‘secure our borders’
  5. Ensure the government continues to live within its means

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Following speculation that the federal opposition may have initially ‘overreached’ in its proposed reform of excess dividend imputation credits, Labor has today announced significant carve-outs for older Australians. In particular, a ‘Pensioner Guarantee’ scheme will operate to exempt pensioners from Labor’s proposals to end cash refunds for excess dividend imputation credits. The exemption will also apply to Self-Managed Superannuation funds (‘SMSFs’) with at least one pensioner or allowance recipient before 28 March 2018.

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From business evaluations to business start-up procedures and planning and identification of appropriate government assistance, our business services deliver sound advice and information for…

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Understanding that every business is different, we provide accounting support for a range of business structures, sizes and reporting requirements. How we work In…

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