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ATO Simplifies BAS for Small Businesses
January 23rd, 2017Good news to start the new year! The Australian Tax Office (ATO) has announced that they are working on making the Business Activity Statement (BAS) simpler for small businesses. The ATO said that they have “listened to the concerns of entrepreneurs, tax professionals, and software providers that BAS has too many GST labels,” making recordread more
From Sole Trader to Company… Is My Business Ready?
December 17th, 2016A large number of small businesses in Australia generally start out as a sole trader as it is a simple and cost-effective business structure. As a sole trader, you have full control over the business. However when operating under this structure, you are personally liable for all aspects of your business, including debts. This meansread more
What’s your New Year’s resolution going to be?
December 13th, 2016Another year is coming to an end as we head full throttle into the festive season, which will be sure to test our waistlines and our purse strings! It’s the time of year where we start to ramp up the social calendar, take a family trip and shop for those planned (and unplanned) gifts. Christmasread more
Changes to super rules mean planning is essential
December 12th, 2016Recent changes to superannuation legislation have raised some interesting points and highlighted that planning is key. Ian Gath, McKinley Plowman’s superannuation specialist explains how these changes may affect you. New pension rules From 1 July 2017, tax exemptions on super income streams are limited to pension balances of $1.6m for each tax payer. This meansread more
Should you fix your home loan or investment loan
December 9th, 2016Interest rate movements have always been hard to predict, but even more so now that more lenders are acting independently of the RBA (Reserve Bank of Australia). In fact, several Banks have only recently increased their fixed rate and variable loans by approx. 0.10% - 0.20% without any RBA movement. Part of this is broughtread more
Are you ready for an ATO risk review & audit?
December 5th, 2016As technology develops so do the data matching capabilities of the Australian Taxation Office (ATO). It’s a powerful tool and can often lead to compliance risk reviews and ultimately tax audits. How does it work? The ATO obtains information from a number of sources including banks, other government departments and industry generally. The information isread more
Do you pay wages to employees, or are you an employee? Recent changes to tax tables may affect you!
December 2nd, 2016Tax tables have changed from 1 October Changes to individual tax rates for the 2016 – 2017 year were announced in the Government’s May budget. As a result, the Australian Taxation Office (ATO) has updated a number of tax tables taking effect from 1 October. How does this affect you? The key change is theread more
MP+ Pension Transfer Information Evening
December 1st, 2016Thank you to everyone who attended our information evening on 29 November. We had the pleasure of hearing from guest speaker Philip Parker, Executive Chairman/Chief Investment Officer from Altair Asset Management who discussed the market outlook for the GBP and explained their portfolio. Our pension transfer team explained the options available for transferring UK Pensions andread more
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