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Accounting
Upcoming Audit Focus Areas for the ATO
January 15th, 2018When it comes to industries or areas of particular interest, The Australian Taxation Office (ATO) is relatively transparent about changes or increases in audit activity. Similarly, the media tends to have its finger on the button to report any news of this sort to the public. There are a few key areas which can expectread more
Super Guarantee – What Happens When You Get It Wrong
August 29th, 2017The ATO receives around 20,000 reports each year from people who believe their employer has either not paid or underpaid compulsory superannuation guarantee (SG). In 2015-16 the ATO investigated 21,000 cases raising $670 million in SG and penalties. The ATO’s own risk assessments suggest that between 11% and 20% of employers could be non-compliant withread more
2017/2018 Federal Budget
May 10th, 2017Last 9 May 2017, Federal Treasurer, Mr Scott Morrison, handed down the 2017/2018 Federal Budget. Whilst housing affordability is the budget’s centrepiece, there are significant measures affecting both individual taxpayers and businesses. McKinley Plowman is pleased to present the MP+ 2017/2018 Budget Update. This update provides insight on the proposed tax and superannuation changes whichread more
Top 3 effective Estate Planning tips
May 5th, 2017Estate planning isn’t everybody’s favourite topic however, this will guarantee that your loved ones are taken care of in the event of your passing. It can vary from simple to complex, depending on the assets involved or which needs are to be addressed. To protect the wealth that you’ve built for your family, here areread more
Tax planning tips for businesses
May 3rd, 2017We recently sent our business clients information about our popular tax planning service. Click here for the details. If our tax planning service interests you, please contact us now as time is running out. To assist you further we’ve outlined various strategies to minimise your tax: Consider the timing of income If possible and ifread more
Avoid having troubles with the ATO – Tips to substantiate claims for online purchases
March 29th, 2017Given the ATO has access to so much information, this serves as a timely reminder for businesses who purchase tax deductible assets from peer to peer websites such as Gumtree, Trading Post or on Facebook groups. To help you avoid having troubles substantiating your claims with the ATO, we’ve listed below tips on how youread more
Managing the Debt Drain – the Critical Issues for Small Business
March 5th, 2017February and March are traditionally the worst cashflow months for small business – the Christmas rush is over, the Business Activity Statement is due, and payments slow down with a dip in consumer spending. You might be ok but your customers could be under pressure and often whoever wields the most influence gets paid first.read more
Changes to Fringe Benefits Tax (FBT)
March 3rd, 2017A reminder that another FBT year comes to a close on 31 March 2017. There have been several minor changes in the FBT arena this year, the most notable include changes in the treatment of some electronic devices and meal entertainment for not-for-profit organisations. Limit on Electronic Devices Lifted Since 1 April 2016, employers of smallread more
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