News

Correcting GST Errors

            If a taxpayer finds a mistake made on a previous activity statement, they can:- Correct the error on a later activity statement if the mistake fits the definition of a “GST error” and certain conditions are met;   Lodge an amendment – the time limit for amending GST credits […]

Part 4 – The major benefit of ‘behavioural coaching’

  One important part of a planner’s job, and what adds real value, is being able to keep their clients focused when times are bad.

Fuel tax credit rates raised

The ATO have raised the fuel tax credit rates following an update of the December quarter consumer price index.

3 tips for weathering the market’s bumpy ride

A very interesting graph comparing short term volatility with past long term reality.

ATO set to contact clients for overdue TPAR

The Tax Office will begin contacting clients in the building and construction industry about their overdue taxable payments annual reports.

Common BDBN ‘pitfalls’ flagged in wake of ASIC action

An industry law firm has identified some of the common traps with BDBNs that can land advisers and their clients in trouble.  One example being a recent case of incorrect witnessing of binding nominations.

Reminder on Victoria Property Duties

          Property transfers between spouses and de facto partners in Victoria involving commercial and/or investment properties will incur stamp duty costs at 5.5%.   This means that assets that do not constitute a principal place of residence are no longer exempt from transfer stamp duty.   A spouse to spouse transfer of […]

Case law points to ‘growing importance’ of SMSF document chain

Another thing SMSF Trustees need ot be aware of.

How Australia is performing.

            An up-to-date snapshot of Australia's vital statistics.   Please click on the following link to see all this interesting information. The areas covered are: Overview Markets GDP Labour Prices Money Trade Government Business Consumer Housing Taxes Climate   Access all this data here.   tradingeconomics.com

Global outlook summary: Down but not out

As the global economy enters its tenth year of expansion following the global financial crisis, concerns are growing that a recession may be imminent. 

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