Employers in the building and construction industry need to be aware of a significant change in reporting requirements for your ‘taxable payments annual report’.
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Entries by synecticgroup
Auditors play a crucial role in the compliance regime of self managed superannuation funds (SMSFs). The legislation that governs the SMSF sector requires that accounts, statements and all compliance needs of an SMSF be audited every year by an “approved auditor”*.
Advances in technology, family-friendly policies and flexible working arrangements have made working from home – whether as an employee or self-employed person – an increasingly attractive and practical option for many people. However, there are some expenses associated with earning an income from home.
This financial year is almost over, but there are still tactics you may be able to employ to make sure you pay the right amount of tax for the 2014-15 year.
The new $20,000 immediate asset write-off for small businesses is welcome, and the Tax Office has already published guidance on this yet-to-be-enacted accelerated depreciation measure.
There are a variety of decisions that are required to be made at year end to manage your tax bill. Your choices will be based on your businesses activities, both past and future, and also when you are looking to exit.
A survey of directors, auditors and other financial professionals has revealed that, on average, directors believe their knowledge of the more technical accounting issues was just “fair”.
Many SMSF trustees contemplate investing in real property as part of the fund’s investment strategy. However, a Tax Office notification has raised concerns that some trustees may not fully consider the risks and issues associated with holding a real property investment and how this can affect other aspects of the fund, such as benefit payments.
The Tax Office says that it has encountered several myths and assumptions adopted by both workers and employers when it comes to trying to decide the tax status of a job appointment. It found that employers continually rely upon some inaccurate factors when making distinctions about what makes a worker an employee or contractor — and […]
At the end of 2014 the government announced its Single Touch Payroll (STP) initiative with a promise that it will cut red tape for employers by simplifying tax and superannuation reporting obligations. The application is still about a year away, but STP builds on the ongoing initiatives to build and improve the current Standard Business Reporting products, and utilises […]
Synectic is a Chartered Accounting and Advisory firm that brings together the skills of accountants, business advisers, financial planners, self-managed superannuation experts, and auditors. Our team operates state-wide from Devonport, Hobart and Launceston offices.
We offer the depth of knowledge, specialist skills and progressive resources usually associated with much larger firms. Yet our size and availability allows us flexibility and enables us to develop an in-depth understanding of your business and financial affairs.
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