UPDATE: QLD Government COVID-19 Job Support Loan About the scheme To assist SME businesses get through this extremely challenging time, the QLD Government has announced that it will provide support on procuring loans for SME businesses. Under the Coronavirus SME Guarantee Scheme, the QLD Government will provide a guarantee of 50% to SME lenders for […]

Update – Fact sheet on income support for individuals. The Government is providing support for individuals to assist them during the next six months. See the government’s attached factsheet on support for individuals, which includes sole traders, self-employed, casual workers and contractors.  INCOME SUPPORT FOR INDIVIDUALS  The Prime Minister has announced a second stage economic […]

Update – Standing down Employees Prime Minister Scott Morrison and state and territory leaders agreed on Sunday night (22nd March) to a staged process starting with a shutdown of “principal places of social gathering”. The initial types of venues to be closed include registered and licensed clubs, entertainment venues, cinemas, casinos, nightclubs, indoor sports venues […]

With Coronavirus impacting businesses across all industries, it may be time to consider if your team can work from home. If this is an option for you, it is essential that you implement procedures and policies that keep your team accountably and ensure continuity of your business. We would like to provide some practical tips […]

Update – Second stage economic stimulus package released Monday, 23rd March –  The Prime Minister has announced a second stage economic stimulus package, adding $66 billion of support in the face of the Coronavirus pandemic. For business: Small businesses (under $50 million turnover) will receive tax free cash payment of up to $100,000 with minimum […]

With the share market decimated, the banning of public events with more than 500 people and recommendations of self-isolation, it is inevitable that small businesses will be affected by the impact of COVID-19. So how is the coronavirus affecting businesses and what can you do to prepare for the impact? Employees As a hugely important […]

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but […]

The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus. The yet to be legislated four part package focuses on business investment, sustaining employers and driving cash into the economy.   For business Business investment Increase and extension of the instant asset write-off […]

Business owners are constantly faced with the challenge of gaining competitive advantage over their competition. Developing their unique advantage may mean survival for some or a way to stay on top of competition for others.

You have identified that your business activities are eligible for the Research and Development (R&D) Tax incentive and you have registered the activity with Innovation Australia. So it’s straight forward to make a claim now, right? Unfortunately not. With the ATO focusing on R&D with increased compliance and audit focus, there are important rules that […]

The Research and Development (R&D) Tax Incentive registration deadline for those companies with a 30 June 2019 year end is rapidly approaching with the statutory deadline for lodging an application for the year ended 30 June 2019 being 30 April 2020. Eligibility Criteria for R&D Tax Incentive You can only benefit from the program if your initiatives […]

Low interest rates, government instability, flat bank stocks and threatened changes to franking credits have led to SMSF’s starting to look at chasing the higher returns of crypto-currency. So, is cryptocurrency a bubble waiting to burst or is it the future? Is Crypto a currency? The ATO has released several papers on crypto-currency and has […]

WHEN WAS THE LAST TIME YOU LOOKED AT YOUR WORKPLACE POLICIES? If you’re concerned about your business’ policies, would you be interested in a free fair work health check? Last year, Fair Work issued penalties for over $4.4 million and conducted over 1,000 proactive investigations into Australian businesses. Don’t suffer the penalties, fines or pay-back […]

This is an article that shouldn’t have to be written but with another incidence of devastating domestic violence on the news, it highlights the importance of having the money & resources to escape an abusive relationship. Let us start by reiterating; your safety is number one priority and no amount of saving is worth staying […]

Don’t miss out on claiming the R&D Tax Incentive! If you are an eligible company with a 30 June income year, the deadline to lodge with AusIndustry is 30th April 2020 If you are planning to claim the Incentive and have not yet commenced the claim process, please contact Gavin Austin of our office on […]

We would like to wish one of our Accountants Lorraine Montgomery a Happy Anniversary! On the 10th February, Lorraine celebrated being with our firm for 31 years. Lorraine joined the Walsh & Walsh Chartered Accountants team in February 1983 and been part of the firms growth from 7 staff to a team of 30. As […]

The ongoing devastating bushfires that has ravaged south eastern Australia will leave an everlasting scar on the Australian landscape.  Below is a brief summary of initiatives that could help address some of the tax issues that the fires have caused. Australian Bushfires – Kangaroo hopping in front of flames in NSW. Photo credit: news.com.au Tax […]

This program provides targeted assistance for small and medium business that demonstrate high-growth and employment aspirations. The fund will enable successful applicants to purchase and implement specialized equipment to help them seize growth opportunities. Funding of up to $50,000 (excluding GST) is available for eligible businesses to purchase and implement highly specialized equipment. These purchases […]

What opportunities will this present to your business? In 2019, I attended the annual Family Business Australia conference in Melbourne. I was fortunate to hear a presentation by Vaughan Scott, Professor in practice (MBA Programs) at University of Louisville College of Business. Vaughan highlighted some interesting statistical trends that as a business owner; peaked my […]

As we begin the New Year, many people set themselves to the task of making New Year’s resolutions for themselves.   If you are a business owner and you want to continue to grow your business, then perhaps you should consider making resolutions and setting some goals for your business?  By setting goals for your […]

A quick google of ‘Productivity’ will lead you to an overwhelming avalanche of tips, tricks, hacks, and methods. But what really works? What methods are tried and tested? What small details, the 1 percenters that you could implement to improve your day to save out some extra time? To answer this I have looked to […]

There are two main reasons why you should have a special purpose corporate trustee for your self-managed superannuation fund. Number 1: The 3 Ds – Death, Divorce and Dementia The future is uncertain but one thing that is certain is the avoidable impact of death, divorce and dementia or loss of capacity on a SMSF. […]

Protection from Superannuation Guarantee Charge for high income earners with multiple employees The government has introduced legislation which will prevent high income taxpayers with multiple employers from overpaying their superannuation contributions which results in an Excess Contributions Charge each year.  This will be especially welcome for medical practitioners who often fall victim of this system. […]

ALERT – TRUSTS HOLDING RESIDENTIAL PROPERTY IN NSW MAY NEED TO CHANGE TRUST DEEDS BEFORE 31 DECEMBER OR PAY FOREIGN SURCHARGES ON STAMP DUTY AND LAND TAX For Stamp Duty and Land Tax purposes, any residential land owned by a foreign resident in NSW will be subject to higher rates.  An additional 8% for Stamp […]

We are very proud to announce that Walsh Accountants have been named on the Australian Financial Review Top 100 Accounting Firms for 2019 The second year since making our debut in 2018. Thanks to the Team at Walsh Accountants To say we are proud to be included on the Australian Financial Review Top 100 Accounting […]

The Gold Coast Women in Business awards was held on Friday 18th October at the Gold Coast Convention and Exhibition Centre A powerful platform for Women in Business The Awards is a very powerful platform that celebrates the achievements of women and female leaders across the Gold Coast region. Being an award category sponsor for the past four years, […]

In 2014, the ATO offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time there is no amnesty – the gloves are off. How and what you are taxed depends on your residency status. The residency tests don’t […]

What are your options with purchasing a property with your SMSF? With the legislative restrictions and lack of competitive lenders, a limited recourse borrowing arrangement (LRBA) may not be the answer to all SMSF client prayers when looking to purchase larger assets in their SMSF. If you’re an SMSF Trustee, this may leave you wondering […]

The most common way of building your superannuation is through employer mandated contributions or superannuation guarantee charge (SGC). Therefore it is not uncommon for couples to have large disparity in their superannuation balances where one partner has continuously worked and the other has taken time from the workforce to care for children; or has worked […]

Do you have an Insurance Policy in your Superannuation Fund? Approximately 50% of Australians have multiple superannuation funds and therefore have duplicate insurances policies, informally know as zombie insurances. These double ups add up to an over payment of $1.9 billion! New legislation passed to protect your Superannuation The government has passed new legislation to […]

Are you, or anyone you know, in Manufacturing? Could you/they benefit from The $50 million Manufacturing Modernisation Fund Earlier this month, our Principal Consultant Gavin Austin attended an AusIndustry briefing on a new “Manufacturing Modernisation Fund”.  The fund will potentially benefit any SME manufacturing business Applications for this grant close at 4.00 pm Thursday 31 October, […]

As the dust settles and the Walsh Accountants Entrepreneur’s Cup wraps up for another year, our team are so proud that we managed to organise and host another very successful event. It was a day full of fun and laughter with family and friends all whilst networking with the amazing business people of the Gold […]

The recent income tax cuts do not mean you will personally receive a $1080 tax refund when you lodge your tax return. Why? Let us help to clear up the confusion. This “payment” is a Low to Middle Income Tax Offset (LMITO). The first thing to remember is; being a tax offset; you need to […]

As a Self-Managed Superannuation Fund trustee, it’s difficult to know and understand all the rules around investing with your fund. The area of property investment can be very complex and many trustees are left wondering if they can renovate their property which is owned by their Super? Many self-managed superannuation fund (SMSF) trustees like and […]

Whether it is for diversification, investment preferences, or the fear of the next global stock market and housing meltdown, a common client question is “can my Self-Managed Superannuation Fund (SMSF) invest in gold? If so, what are the rules?” Why would you want to invest in Gold? Your SMSF is usually your largest wealth creation […]

A consistent theme this tax time is over-claiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its approach to data matching, taxpayers can expect greater scrutiny where their claims are more than what is expected. For you Work related deductions Last financial year, over 8.8 million taxpayers claimed […]

A consistent theme this tax time is over-claiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its approach to data matching, taxpayers can expect greater scrutiny where their claims are more than what is expected. Your BUSINESS There are around 3.8 million small businesses, including 1.6 million sole […]

A consistent theme this tax time is over-claiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its approach to data matching, taxpayers can expect greater scrutiny where their claims are more than what is expected. Your TRUST  Timing of resolutions Trustees (or directors of a trustee company) need […]

A consistent theme this tax time is over-claiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its approach to data matching, taxpayers can expect greater scrutiny where their claims are more than what is expected. Your SUPERANNUATION Not making your full superannuation contribution? Now you can catch up […]

STP works by sending tax and super information from your payroll or accounting software to the ATO as you run your payroll. When you start reporting: You will run your payroll, pay your employees as normal, and give them a payslip Your pay cycle does not need to change (you can continue to pay your […]

If your employer reports through STP, they will send us your tax and super information each time they pay you. Don’t worry; you’ll still be paid the same way. However, there will be some changes for you. We have produced the following summary factsheet as a handy resource: Single Touch Payroll for employees factsheet (PDF) Single […]

The ATO are cracking down on exempt car and residual benefits. This catches any ute, dual cab ute or van provided to employees (including business owners) for use in a business. They have now issued clear rules that taxpayers should follow to ensure they will not be targeted for audit, especially if claiming 100% business […]

This is a Budget not only designed to showcase the return to surplus (and by default the Government’s economic credentials) but engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment. The Government has also stated that it will keep taxes as a share of […]

Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more staff (substantial employers). The Bill to extend the Single Touch Payroll (STP) reporting requirements so they apply to all employers has now passed the Senate and will be Law. This means STP is set to be rolled out to […]

The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades. The ATO is accessing more than 500 million records detailing price, quantity and time of individual trades dating back to 2014. The information complements information that the ATO already holds from brokers, share […]

The Taxable Payments Reporting system was introduced to stem the flow of cash payments to contractors and rampant under reporting of income. Since the building and construction industry was  first targeted in 2012, the reporting system has expanded to include cleaning and courier services. Now, a broader set of industries have been targeted. If you have […]

New laws passed by parliament last month directly target the behaviour of taxpayers that don’t meet their obligations. Tax deductions denied If taxpayers do not meet their PAYG withholding tax obligations, from 1 July 2019 they will not be able to claim a tax deduction for payments: of salary, wages, commissions, bonuses or allowances to […]

From 1 July 2017, new rules came into effect that prevent taxpayers claiming a deduction for expenses they incur travelling to and from their residential investment property. The Government restricted travel deductions to curb “widespread abuse around excessive travel expense claims relating to residential investment properties….This will stop residential property investors from using the tax […]

Small business is still a vote winner with the Government and Opposition teaming up to accelerate tax cuts for the sector by 5 years impacting on an estimated 3.3 million businesses. Parliament recently passed legislation to accelerate the corporate tax rate reduction for corporate tax entities that are base rate entities (BREs). Under the new […]

For a while now, the Australian Taxation Office (ATO) has been concerned about tax deductions individuals have been claiming for a whole host of expenses. The latest on their ‘hit list’ are home office expenses.  We guide you through what you can and can’t claim if you work from home. Last financial year, 6.7 million taxpayers claimed […]

We are very honoured to announce that Walsh Accountants has won the 2018 Tax and Compliance firm of the Year for the SMSF & Accounting Awards. Shape We humbly accept this award and would like to take this opportunity to once again thank our clients for the nomination.  We really appreciate your recognition of our work and […]

How the ATO identifies audit targets The ATO is very upfront when it comes to their compliance activity. Every year they publish small business benchmarks that outline what a typical business ‘looks like’ in different industries. If your business falls outside of those benchmarks, the ATO is likely to take a closer look at why that […]

A recent Parliamentary Inquiry into Tax Deductions created some fairly sensational headlines about what and how deductions are being claimed – $22 billion worth to be exact.  In Australia, tax deductions are available for expenses incurred in producing assessable income. These are generally work-related deductions or investment related deductions. And, unlike some other countries, these expenses can […]