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Many charities’ operations are affected by COVID-19. This might mean that some or all of them might need to be modified or even temporarily
halted. The Australian Charities and Not-for-profits Commission has stressed the importance of charities keeping stakeholders...
In recognition of unique challenges brought about by COVID-19, the ACNC has ruled out investigating certain breaches of governance and external-conduct standards from 25 March until 25 September. This approach is explained below. The commission believes that this...
The ACNC is urging charities with deductible-gift-recipient endorsement to check their registration details. In July, the commission will begin reviewing DGR reforms announced by the federal government in 2017. The DGR review is designed to strengthen governance...
In summary March was the most turbulent month for global financial markets since the onset of the GFC. Evidence of Covid-19 spreading into Europe triggered a sharp fall in equities and other risk assets, combined with a liquidity squeeze as demand for US$ cash...
Over the past few weeks, the Government has announced numerous measures to support the economy during the COVID-19 crisis. A number of those measures specifically relate to the superannuation industry. Temporarily reduce superannuation minimum drawdown rates...
Over the past week, there has been mounting concern with regards to the coronavirus (COVID-19) outbreak. With restrictions in place for travel and gatherings across Australia, and schools and workplaces braced for closures, it is increasingly important to be aware of...
The ATO is providing concessions to businesses affected by Coronavirus (COVID-19), but at the same time is getting tough on employee car parking benefits and investigating lifestyle assets owned by wealthy taxpayers. Here’s a roundup of some of the latest developments...
After a period of optimism, global investment markets have hit the panic button on fears about the possible economic impact of the coronavirus (COVID-19). At times like these, it’s good to get some perspective. Australian shares rose 24 per cent last year, touching...
At the recent Self-Managed Superannuation Fund Association (SMSFA) National Conference, Dana Fleming from the Australian Taxation Office (ATO) outlined the regulatory approach for SMSFs going forward. Since 2014, the ATO has had enhanced powers for dealing with SMSF...
In summary The first three weeks of February saw further good performance by global equity markets. The news from China about Covid-19 seemed to be getting better and the latest economic data was still quite positive. However, all this changed very quickly from 21...
In summary January was a dramatic month for the world economy and financial markets, starting with hostilities between the US and Iran and ending with fears about the new coronavirus (2019-nCoV) from China. Here in Australia, we had the extra difficulties from the...
With a property market recovery underway, most notably in Sydney and Melbourne, Australian investors are once again pursuing their love
affair with property investing. For many investors, a popular way to invest directly in residential or commercial property is...
With interest rates at historic lows and likely to stay that way for some time, retirees and other investors who depend on income from their investments are on the lookout for a decent yield. Income from all the usual sources, such as term deposits and other fixed...
The start of a new year is always a good time to check whether your insurance policies are still serving your needs. But this year there is even more reason to review your cover. If your super balance is less than $6000 or you are under 25 and are a new fund member,...
As a tradie, you are largely dependent on your physical ability to earn a living. So, what would happen if you fell ill or had an accident? Would you be able to continue your current lifestyle? Most tradies work in a far more dangerous environment than any...
Do you claim fuel tax credits for fuel you use in your heavy vehicle, farm equipment or other machinery for your business? The Australian Taxation Office recently announced an increase to fuel tax credit rates on 3 February in line with fuel excise indexation. Fuel...
The way you access the ATO Business Portal is changing. From the end of March this year, you will no longer be able to use AUSkey as it is being retired by the ATO. If you are currently accessing the Business Portal using your myGov details (via Manage ABN...
As you might expect, the current bushfire crisis has many Australians reaching for their wallets or purses to help emergency service organisations and those in need. For people with self-managed superannuation funds (SMSFs), there may be the temptation to use money...
What better year to have your financial health in tiptop shape than the one requiring 20/20 vision! The start of any year is always a good time to assess your financial situation and make sure you are on track to achieving your dreams, but the start of a decade is...
In summary December closed out 2019 on a positive note with equities, bonds and commodities all rallying as key economic data steadied and the US and China agreed to sign the Phase One trade deal. Central banks, including our Reserve Bank, flagged their intention to...
Running a business keeps you pretty busy, so it’s easy to overlook the help that’s available. Many small businesses don’t realise the government offers a range of valuable concessions that can make a real difference to their annual tax bill. Depending on your annual...
Ever look back on past New Year’s resolutions and notice they failed, not with a bang, but with a whimper? There was no dramatic quitting of that new class and no midnight burger binge. Instead, time just gets away from us. Other priorities come into our life. We just...
It was a year of extremes, with shares hitting record highs and interest rates at historic lows. Yet all in all, 2019 delivered far better returns than Australian investors dared hope for at the start of the year. The total return from Australian shares (prices and...
In summary November was a good month for equity markets as the broad risk-on theme continued. Both the local and US equity markets reached new highs. In contrast, the performance of bond markets was mixed, especially for the global bond markets, where expectations of...
Australians delight in their nation punching above its weight. But there’s little to celebrate in being the world’s silver medallists – we’re a nose behind the Swiss – when it comes to household debt. With the present-buying, holiday-taking season nigh, millions of...
You could be forgiven for thinking Australia’s superannuation system is a mess. Depending who you talk to, fees are too high, super funds lack transparency and Governments of all political persuasions should stop tinkering. Yet according to the latest global...
As part of the 2018-19 Federal Budget, the Government announced that it would limit deductions for expenses associated with holding vacant
land for the intended purpose of earning assessable income. This change is now law and applies to expenses incurred on vacant...
Christmas is a time of giving, when thoughts turn to family and to helping those less fortunate. To gift in a meaningful way that maximises the benefits, it’s important to consider tax. While Australia doesn’t have a gift tax, there are tax considerations nonetheless...
If the introduction of Single Touch Payroll (STP) wasn’t a big enough challenge, small businesses can now look forward to the arrival of e-invoicing and changes to the Superannuation Guarantee (SG) rules. Here’s a roundup of some of the latest tax developments. ...
The fifth instalment of the Yellow Bucket Appeal has officially kicked off for the 2019 festive season and we could not be more excited! Signing on to support this year’s cause as the major sponsor for the fourth consecutive year, our team of accountants, advisors,...
Many Australians will soon be jetting or sailing away on their annual overseas getaway. Unfortunately, the value of the Australian dollar has been falling against the US dollar, British pound, euro, yen and even the Indonesian rupiah. Here are some suggestions on how to maximise […]
The lure of greater control over your retirement savings with a self-managed super fund may be enticing but the freedom to chart your own destiny also comes with the responsibility to comply with the rules. An SMSF is a private super fund regulated by the Australian […]
In September, the government re-introduced legislation that provides for an amnesty for employers who have under paid super for their employees. The amnesty will apply to underpayments of super that have occurred up to the original announcement date of 24 May 2018,...
In summary After starting October on a cautious note, markets became a little more optimistic about global economic conditions as the month
progressed. News that the US and China would sign the so-called “Phase 1” agreement in the trade dispute contributed to the...
As the festive season approaches it’s time to start thinking about celebrations and spending time with friends and family. For most business owners, it also means it’s time to start thinking about saying thanks to your employees for another year of hard work. But...
Too often businesses fall short of their goals because they don’t understand how to acquire and interpret data. Some cling to outdated reports that don’t reflect the contemporary market. Some get bogged down in so much information that it becomes meaningless. And...
Every small business owner wants their business to thrive, but it can be tough to keep the money coming in the door while staying on top of all the necessary paperwork. One way to ensure success is to understand the behaviours that separate a well-managed business...
Few of us like to think about death, let alone plan for it. But far from being morbid, getting your affairs in order and drawing up a Will is one of the kindest and most caring things you can do for your loved ones. Not only does a Will make your wishes clear but it...
Australia’s economy is growing at a slower pace than many would like, with small businesses in some sectors doing it tough. Recognising the warning signs of potential insolvency is key to trading through difficult times. An insolvent company is one that is unable to...
The ACNC has launched its ‘Governance Toolkit’, a collection of resources to help charities manage financial abuse, cybersecurity, working with partners and safeguarding vulnerable people. Each topic within the toolkit contains a comprehensive guide, useful templates,...
The ACNC has developed a handy self-evaluation tool that charities may use to assess whether they are meeting governance obligations. With the AGM season in full swing, self-evaluation gives you a chance to see if your charity is meeting ACNC standards. Download the...
In summary September’s market action was in clear contrast to the previous month. August’s concerns about global growth, trade wars and geo-politics gave way to a somewhat more optimistic mood in which the relative performance of key asset classes was reversed. In...
What a difference a year makes. In recent months, Australian shares hit a record high, the Aussie dollar dipped to levels not seen since the GFC and interest rates were cut to historic lows. Towards the end of 2018, shares were in the doldrums and while experts agreed...
The number of young adults living in the family home well into adulthood is growing. ABS data indicates, amongst adults under 35, nearly one third are still at home, and the trend is on the rise. If managed well, multigenerational living can be beneficial to both your...
The Government recently announced an independent review of the retirement income system. The review, which was recommended by the Productivity Commission in their report Superannuation: Assessing Efficiency and Competitiveness will look at the so called three pillars...
In summary August was a turbulent month for global financial markets. The concerns that emerged at the end of July about the trade dispute
between the US and China, and about how much the Fed might cut rates, all spilled over into August. Fears of global recession...
For most people, life insurance provides a safety net against unexpected events. This is particularly the case if you have a mortgage, debts or family who are dependent on you earning an income. In many cases, life insurance has been automatically offered through...
It’s been a long time coming, but up to 630,000 retirees could soon enjoy a small but welcome increase in their Age Pension payments following a cut in deeming rates used for the pension income test. Under the Age Pension income test, you are ‘deemed’ to earn a...
The landscape of Australia’s personal income tax system has changed significantly following the passage of the Government’s tax legislation through Parliament. Here’s a roundup of some of the other recent developments in the world of tax. Tax reform legislation..
Whether it’s to pursue a passion or to make a little extra money, more Australians than ever now have a side gig. But while freelancing, moonlighting and pursuing passion projects can be a great way to add value to your life, they can sometimes complicate how you go...
Negatively gearing an investment property is viewed by many Australians as a tax effective way to get ahead. According to Treasury, more than 1.9 million people earned rental income in 2012-13 and of those about 1.3 million reported a net rental loss. So it was no...
PB Agrifood Director, Peter Brodie grew up on a farm in Dalby. After deciding that a career in agriculture was for him, he enrolled in Gatton college to complete a formal education in the field. After graduation and testing out a Government role with the Department...
July was all about interest rates, with the Reserve Bank and the Federal Reserve both cutting. Here in Australia, the cash rate and bond yields are at new record lows. The RBA said it will pause to assess the impact of its actions, but did not rule out more cuts, and...
If like many Australians you’re looking for ways to put some cash away for a rainy day, a holiday or to earn extra income, the job has just become a bit harder. It’s also become more urgent if you are expecting a handy tax return. In early July, the Reserve Bank cut...
The introduction of the $1.6 million transfer balance cap (TBC) and clarification by the Taxation Office surrounding the ‘cashing’ of death benefits are two things that have recently highlighted the importance of balancing superannuation benefits between couples. Why?...
The Australian Charities and Not-for-profits Commission has released Protect your charity from fraud – the ACNC guide to fraud prevention. It’s opportune – fraud and financial crime are among charities’ biggest worries. The guide highlights some of the risks charities...
AASB 16 Leases became operative on the first of January. If you haven’t thought about it it’s time you did. Implementing Leases isn’t easy. More than 340 pages of authoritative material and four related interpretations replace the 30-year-old AASB 117 forerunner....
The Australian Accounting Standards Board has issued exposure draft Not-for-Profit Entity Definition and Guidance that proposes to replace the existing NFP definition. This draft proposes to: Retain the term ‘not-for-profit entity’ Revise the definition to align with...
For the first time in years, the planets seem to be aligning for homebuyers and property investors. Interest rates are falling, property prices largely appear to be stabilising and constraints on bank mortgage lending have been relaxed. It’s welcome news for first...
Apportioning your GST obligations For many small businesses, reporting the GST you collect after issuing tax invoices to customers can be a headache. But there is a way to save time and make the bookkeeping process a bit easier – if you meet the ATO’s eligibility...