One of the highlights of Xerocon2018 for me was a presentation from Professor Genevieve Bell: Preparing for artificial intelligence, or the fourth wave of industrialisation.
The National Disability Insurance Scheme (NDIS) is driving unprecidented change in the disability sector. Lynette Broomby – Senior Consultant at Synectic and chair of the Eskleigh Foundation – talks to the Australian Institute of Directors (AICD) about how Eskleigh are adapting.
‘End of financial year’ is a big deal for us accountants. With the intensity of the annual budget, tax lodgement due dates, and FBT deadlines all easing towards the end of June, we’re well and truly ready to relax a bit … maybe even welcome in the new financial year with a wild office party and NFY-eve countdown…
The other thing we love doing around this time of year is tax planning!
And the last few federal budgets have included some serious concessions for primary producers. We’ve listed below a few of the key tax planning opportunities for primary producers, and outlined some of the changes that have been made over the past few years.
Single Touch Payroll (STP) changes the way employers report payroll information to the Australian Taxation Office (ATO), and it is mandatory from 1 July 2018 for employers with 20 or more employees.
So … you might be wondering: ‘What is Single Touch Payroll?’; ‘How do I get ready?’. And they are great questions!
When claiming work-related car expenses, many people miss maximising their claim due to poor record keeping.
Inadequate records can also cost dearly if you are audited by the Australian Tax Office (ATO).
There has been much discussion about the dividend imputation system in recent weeks as the government and the opposition play political tennis with franking credits.
On 13th March, Opposition Leader Bill Shorten announced Labor’s plan to change the dividend imputation system if they win the next federal election. The changes would make franking credits non-refundable and, Labor claims, save the budget $59 billion over the decade to 2028-29.
You’ve heard it all before: change your passwords, make them difficult to guess … blah, blah, blah.
But it’s well past the time for us all to take data security seriously. Cyber criminals are targeting Tasmanians and their businesses of all types and sizes. If you’re not looking after your and your customers’ data you could well be the next victim.
Small and medium businesses were the big winners of last year’s budget. It is therefore no surprise that the 2017-18 Federal Budget announcements have been less stimulating. However, there are still tax and business planning opportunities coming out of the Budget which we look forward to assisting our clients with.
The Farm Management Deposit (FMD) scheme allows farmers to set aside primary production income in years of high income, to draw on in leaner years. The deposits are an excellent cash flow planning tool and an important strategy for primary producers to consider in their tax planning. They help farmers build up cash reserves while smoothing fluctuating income, maximising profits and minimising tax liabilities.
Effective 1 July 2016, the government introduced several amendments to the FMD scheme. The changes give farmers more flexibility in managing their businesses and mean that FMDs should be back on the table during the upcoming tax planning season. In this article we look at two of the changes that we see as particularly relevant to our Tasmanian farming community.