2015 Federal Budget How will you be affected? The Federal Government’s second budget has been anointed the ‘Fair Go’ budget. What it can really be described as is short-term relief with no major focus on long-term strategy for Australia’s future. The main feeling from this budget is that of being a little underwhelmed, with the
We’re coming up to a busy time of year when BAS and income tax returns are due and many small businesses find themselves struggling to include Australian Tax Office (ATO) debts in their cash flow projections. Small businesses currently account for 63% of all outstanding ATO debts, which has sparked a push to toughen up
Research & Development Tax Incentive For some time now, we’ve been discussing the proposed changes in the rates at which the R&D Tax Incentive will be paid from 1 July 2014. The changes outlined were to change the amounts from 45% (for turnover less than $20 million) and 40% (for turnover greater than $20
I started using cloud software like Xero, WorkFlowMax, Unleashed and Shoeboxed for the first time in 2011. Accountants like me became known as early adopters and it was electrifying to be involved in the early stages of the small business cloud software revolution. It was well overdue. Back then, whilst it was exciting, the little-talked-about
Long awaited feature “Quotes” has been released in Xero. All users that have been using Invoice Templates, Draft Invoices or Word as a work around can celebrate that quoting can now be done within Xero. We know that many of you, in the absence of Quotes, have been using quoting add-ons like Quotient and
During December 2014, the ATO issued two separate documents pertaining to the tax treatment of crypto-currencies in Australia. The main target in these documents was Bitcoin, as it’s the most prevalent crypto-currency in the marketplace at present. Throughout this blog, we’ll attempt to demystify the confusion surrounding the tax treatment of these crypto-currencies.