The ATO has provided employers with a recent reminder that, from 1 January 2020, there has been a legislative change to ensure that when an employee sacrifices pre-tax salary in return for an additional concessional contribution into superannuation, it will not result in a reduction in the 9.5% Superannuation Guarantee (‘SG’) obligation their employer has even though doing so reduced their Ordinary Time Earnings.
Read MoreAs a result of the financial effects of the COVID-19 pandemic, some self-managed superannuation funds (‘SMSFs’) which own real property may want to give a tenant – who is a related party – a reduction in rent because the related party tenant has had a collapse in revenue.
Read MoreIn addition to our recent relocation we are very excited to unveil a new trading name and brand identity for our business.
Read More“Accumulate is a consulting firm located in Perth, Western Australia that provides a range of successful businesses with strategic business advice, accounting and taxation services. Read on to learn about our small business workshops.”
Read More“The ATO has welcomed the decision of the High Court to basically uphold the decision of the Full Federal Court in a case which the ATO won, in relation to foreign income tax offsets ('FITO')…”
Read More“The Australian Taxation Office (‘ATO’) has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g., additional heating, cooling and lighting costs), as a result of working from home due to the Coronavirus pandemic. Refer to the ATO’s Media Release of 7 April 2020…”
Read More“The Federal Government recently announced the JobKeeper Payment scheme, which is designed to assist employers (and self-employed individuals) affected by the Coronavirus pandemic to continue to pay their workers.”
Read More“We have had a number of clients ask us how to claim the recently announced “JobKeeper payment”. Read on for more information.”
Read More“Editor: What a changed world we are living in as we all try to navigate the challenges arising from the current Coronavirus Pandemic, including protecting the health and safety of our friends and family, and the viability of our businesses, employment and investments…”
Read More“The Mawer Consulting team are here during these difficult times to support and provide positivity to you and your business. We have been working tirelessly in recent times to be able to offer you a COVID-19 Continuation Plan.”
Read More“The Government has announced its economic response to the Coronavirus in the form of a $17.6 billion economic stimulus package. The package has been marketed as a measure to protect the economy by maintaining confidence, supporting investment and keeping people in their jobs…”
Read More“Some employees may wonder whether a work-related expense (or 'WRE') becomes deductible merely because their employer specifically requires the employee to incur the expense. Importantly, the ATO's recent draft ruling on the deductibility of work-related expenses reiterates that an employer’s requirements do not determine the question of deductibility…”
Read More“The ATO has welcomed the decision of the High Court to basically uphold the decision of the Full Federal Court in a case which the ATO won, in relation to foreign income tax offsets ('FITO'). An Australian tax resident had sold some US investments and paid US tax on the gains…”
Read More“Following the enactment of legislation in late 2019, the ATO can disclose certain business tax debt information to external credit reporting bureaus. This information will primarily be used when issuing external creditworthiness reports in relation to relevant businesses, effectively treating tax debts in a similar manner to other business debts.”
Read More“We are pleased to announce that Mawer Consulting has been recognised as a finalist in the 2020 Australian Small Business Champion Awards. We would like to thank all of our great clients for choosing to work with us to achieve your goals.”
Read More“The story centres around how two different businesses dealt with a similar minor issue and how the outcome made all the difference – and will significantly impact this customer’s lifetime spend. One business went above and beyond to rectify the issue, and the other argued a legal point buried deep in fine print.”
Read More“The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft.”
Read More“Our director Greg Mawer provided expert comments to E-Choice regarding the difference between good and bad debt.”
Read More“We are pleased to announce that we have been awarded Top 25 Most Popular Accounting and Tax Services for 2019 by the Search4Accountants Team.”
Read More“Editor: With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing 'entertainment' (including Christmas parties) to staff and clients.”
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