General News
  • ATO Scam Alerts

    August 14, 2018

     In addition to voicemail and email scams, the ATO has recently reported that scammers are now sending text message scams as well!

  • Federal Budget 2018-19

    May 12, 2018

    Mr. Scott Morrison, the Federal Treasurer, handed down his third Budget on 8 May 2018. Mr. Morrison said the Budget is focused on further strengthening the economy to “guarantee the essentials Australians rely on” and “responsibly repair the budget”. With a deficit of $18.2b in 2017/18 and $14.5b in 2018/19, the Budget is forecast to return to a balance of $2.2b in 2019/20 and a projected surplus of $11b in 2020/21.

  • 7-year Div.7A reprieve for some bucket company UPEs

    March 23, 2018

    As was recently discussed on the NTAA’s Tax on the Couch, traditionally, if a trust simply retained funds representing an Unpaid Present Entitlement (‘UPE’) in favour of a bucket company (and no payments, loans or forgiven debts were made by the trust to the company’s shareholders or their associates), it was generally accepted that Division 7A (i.e., a deemed dividend) did not automatically apply.

  • How the ATO uses data matching

    November 13, 2017

    The ATO’s ability to match and use data is very sophisticated. It collects information from a number of sources, including banks, other government agencies and industry suppliers, and also obtains information about purchases of major items, such as cars and real property.

  • Accountants’ Exemption is no more!

    August 10, 2016

    ASIC has warned that, from 1 July 2016, accountants must hold a limited Australian financial services (AFS) licence, or be an authorised representative of a licence-holder or licensee, in order to provide financial product advice on self-managed superannuation funds (SMSFs).