Tax & Accounting Blog

NEWS, TRENDS AND RESOURCES FOR
TAX AND ACCOUNTING PROFESSIONALS

SMSF return due date extended

January 22, 2018

The Tax Office has extended to 30 June 2018 the due date for lodging self-managed superannuation fund (SMSF) annual returns for the 2016-17 income year. Thomson Reuters Weekly Tax Bulletin (Issue 3, 19 January 2018) reported that the ATO made this decision in recognition of the major choices that SMSF trustees need to make in this first financial year of […]

SMSF return due date extended

SMSF return due date extended

The Tax Office has extended to 30 June 2018 the due date for lodging self-managed superannuation fund (SMSF) annual returns for the 2016-17 income year. Thomson Reuters Weekly Tax Bulletin (Issue 3, 19 January 2018) reported that the ATO made this decision in recognition of the major choices that SMSF trustees need to make in this first financial year of […] … Read More

Are you tax-ready in 2018?

Are you tax-ready in 2018?

Did you know that most landlords can no longer claim a deduction for travel costs connected with an investment property? So that trip to the Gold Coast to inspect your rental unit is no longer deductible. There are also restrictions on claiming depreciation on second-hand assets used in a rental property. There are exceptions, in […] … Read More

35 tax and related Bills stuck in Parliamentary logjam

35 tax and related Bills stuck in Parliamentary logjam

Federal Parliament might have gone for the year, but there are a substantial number of tax and related Bills that are still before Parliament in respect of which debate will not resume until 2018. They include some important amendments affecting a wide range of taxpayers. Issue 52 of Thomson Reuters 2017 Weekly Tax Bulletin lists 35 such […] … Read More

Outstanding draft tax legislation adds to Government’s “to do” list

Outstanding draft tax legislation adds to Government’s “to do” list

Federal Parliament already has a lot on its tax legislation plate for 2018, and that will only be added to by the finalisation of draft tax legislation into Bills in Parliament. Currently, there is a backlog of important draft legislation awaiting finalisation, including: Controversial GST amendments proposing to give effect to the Government’s 2017-18 Budget […] … Read More

Dynamic Duos: The Future of Tax and Accounting

Dynamic Duos: The Future of Tax and Accounting

Almost half of Australian executives and a quarter of CEOs predict that their businesses will be significantly transformed in the next 3 years, either through adapting to new technologies or offering new products or services[1]. However, enterprise transformation is a challenging and iterative exercise. Acquisitions have been the preferred way to pivot into new markets, […] … Read More

Mentally Taxing: Wellbeing and the Accountant

Mentally Taxing: Wellbeing and the Accountant

October is Mental Health month. Only 3 percent of the world’s finance professionals are able to sleep soundly. The role of Senior Corporate Executive came in at number 7 in Forbes Top Stressful Jobs of 2017. And with increasing pressure from governments, boards and investors to disclose an accurate tax position, we as tax and accounting professionals, have our fair share of reasons to feel stressed, anxious and depressed. So what help is on offer? … Read More