Carley Advisory

29/03/2019

Beware

🚨 SCAM ALERT! 🚨 Be on the lookout for suspicious emails claiming to be from myGov.

This latest phishing scam from a fake myGov email address asks you to fill out a form in order to claim a tax refund. Don’t click anywhere in the email and don’t provide your personal details!

Always think twice about clicking links or opening attachments in emails, and remember – we don’t have an online tax refund form. Warn your friends and family to stay alert, and get all the details at www.ato.gov.au/General/Online-services/Identity-security/Scam-alerts/

Security tip: Make accessing our online services more secure – update your myGov sign-in options at https://my.gov.au so you receive an SMS code for each log in.

08/02/2019

Costs which previously may have been allocated to the Balance Sheet may now be captured under relatively new legislation. Worth noting if you are structuring up and meet the criteria.

  Up until the end of the 2014-15 income year, certain costs incurred by businesses that were starting up were able to be deducted over five years. This was set out in section 40-880(2), and allowed

04/02/2019

Whilst this is an overriding commentary on an article it highlights an issue which has always been a concern....why do taxpayers not bother voicing their complaints with their local members of Parliament

The Tax Institute Blog is the official community for members of The Tax Institute, their friends and colleagues.

01/02/2019

Whilst not "exceptions" to the rule our tax act still needs more work

  The starting point in understanding any complex tax rules (or any complex material for that matter) is usually to understand the “rational” and/or basic “principle” behind the rules. In this case, that basic principle is to

01/02/2019

this would be practical

  The bill Treasury Laws Amendment (2017 Enterprise Incentives No 1) Bill 2017 will be among the first batch of legislation that the government is to consider for 2019 (Parliament resumes on February 12). The bill (click

22/12/2018

Valuations , where not supported with appropriate paperwork will create additional costs for superannuation funds, and potentially jeopardize longer term viability of funds.

The ATO has reminded SMSF auditors on their obligations around verifying asset values in the financial statements of SMSFs following the outcome of two cases this year.

22/12/2018

The importance of Trustees understanding their role in the current superannuation environment is reinforces by these tweaks to the rules

Before the regulations for the work test exemption measure were made, the government decide to amend the regulations so that the bring forward rules could be used under the exemption. The work test

12/11/2018

The Tax Office will listen and assist.

If you’ve lodged your tax return and ended up with a bill, the earliest due date for any tax you might owe will be 21 November.

Tip: We offer a range of payment options to suit your needs – including online, BPAY, and the ability to set up a payment plan if you need more time to pay.

Find out more at www.ato.gov.au/General/Paying-the-ATO/How-to-pay

30/10/2018

Always a vexed topic for clients ... dealing with debit loan balances which cannot be resolved with dividends or additional wages.

  Discussion about reforms to Division 7A has been bouncing back and forth between the tax practitioner community and Treasury/ATO for many years — since the end of 2012 in fact. And while it’s been tempting to

24/10/2018

More overflow from the banking royal commission??

Paul Keating has joined super fund managers and bankers in calling for government support to promote an active secondary market for corporate loans.

22/10/2018

Employers: Mark your calendar! Super guarantee payments are due to your employees by 28 October. As the date falls on a weekend this year, you have until the next business day to get it done.

Find out more at www.ato.gov.au/Business/Super-for-employers/Paying-super-contributions/When-to-pay-super