Patane Accounting Pty Ltd is a CPA Practice

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First Home Super Saver Scheme

Posted on Jun 18, 2019 by admin

The First Home Super Saver (FHSS) scheme was introduced in the Federal Budget 2017–18 to reduce pressure on housing affordability. The scheme allows people to save money for their first home inside a superannuation fund, helping first home buyers to save faster. Changes introduced to the FHSS scheme in the Treasury Laws Amendment (2019 Measures No. 1) Bill 2019, will come into effect on 1 July 2019. The FHSS can now only be applied to a first home that is bought in Australia, as opposed to previously being in any location. Another change is that individuals must now also apply […]

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Tax planning tips for businesses

Posted on Jun 18, 2019 by admin

Although the 2018-19 financial year is coming to an end, there are still a number of tactics you may be able to employ to ensure that you get the most out of your tax return. Bring forward expenses:It is a common recommendation at tax time for small business owners to claim all of the appropriate deductions that are available. These can include rent, utilities, repairs for the business, or work-related travel. You may also consider bringing forward as many expenses as possible to before 1 July, such as pre-paying rent or repair expenses. This can allow you to claim the […]

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Tax time changes

Posted on Jun 11, 2019 by admin

The ATO will start processing 2018-19 tax returns on 5 July 2019 and are expected to start paying refunds from 16 July 2019, with the majority of electronically-lodged current year tax returns completed within 12 business days of receipt. There a few changes to tax returns that individuals should take note of going into this end of financial year. Private health insurance statements:From 1 July 2019, health insurers are no longer required to send private health insurance statements, it is now optional to send this information. Private health insurance information will be available in the pre-fill report, expected by mid-August. […]

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How the ‘Protect Your Super’ changes will affect you

Posted on Jun 11, 2019 by admin

A number of changes to superannuation will come into effect from 1 July 2019. The ‘Protect Your Superannuation’ Bill passed through Parliament in February and forms part of the Government’s package of reforms that were announced in the 2018-19 Federal Budget. The new legislation is designed to protect Australians’ superannuation savings by ensuring that their super balance isn’t negatively affected by unnecessary fees on insurance policies. Changes that may affect you are; Insurance:For those who do not act before 1 July, your insurance may be deemed inactive. Under the Protect Your Superannuation Bill, super accounts that have been inactive for […]

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What and when you need to report in your SMSF

Posted on Jun 3, 2019 by admin

The event-based reporting (EBR) framework for self-managed super funds (SMSFs) commenced on 1 July 2018. This system allows the ATO to administer the transfer balance cap. Reporting under the EBR framework commences when your first member begins a retirement phase income stream. The transfer balance account report (TBAR) is then used to report certain events and is separate from the SMSF annual return. An SMSF must report events that affect a member’s transfer balance, these should include details of: Pre-existing income streams being received on 30 June 2017 that; continued to be paid to them on or after 1 July […]

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Changes to the ABN application process

Posted on Jun 3, 2019 by admin

The ATO has made recent changes to the application process for an Australian Business Number (ABN). The changes have been made as a measure to protect the process’ integrity and identify those who are attempting to misuse it. An ABN is a unique 11 digit number that identifies your business to the government and the wider community. The recent changes focus on: Ensuring that those who are entitled to an ABN are the only ones who will receive one. Identifying people going through the application process multiple times. Confirming entitlement and helping people to understand their obligations. You are only […]

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Reducing errors when claiming business expenses

Posted on May 27, 2019 by admin

The ATO has identified particular areas relating to business expenses that are commonly entered incorrectly in tax returns. Owners should take the time to carefully review tax returns to ensure all information is correct. Individuals who use a motor vehicle entirely for their business can claim a deduction for the whole amount. However, if they use the vehicle for a mix of business and private use, they will need to divide the expense amount and only claim the business portion. Business expenses must be kept separate from an individual’s private expenses, such as personal rent, fines, travel, food and renovations […]

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In’s and out’s of the super downsizer scheme

Posted on May 27, 2019 by admin

Under the super downsizer scheme, eligible individuals that are 65 years and older may be able to make a contribution into their superannuation of up to $300,000 from the proceeds of selling their family home. This scheme came into effect on 1 July 2018 as one of several measures announced in the May 2017 Federal Budget. Benefits to downsizer contributions: It can provide a way to boost your super balance. For those who may not have saved enough to fund their retirement, tax-free downsizer contributions can be a good opportunity to top up their already existing savings. No work test […]

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What disqualifies you from an SMSF

Posted on May 20, 2019 by admin

SMSF’s are regulated by the ATO and have specific eligibility criteria that members and trustees must follow. While anyone 18 years old or over can be a trustee or director of an SMSF, they mustn’t be under a legal disability, such as mental incapacity, or a disqualified person. The ATO can render an SMSF trustee as a disqualified person if they see the need, particularly in relation to illegal early access breaches. There are other ways a person may become disqualified and some may not even realise they have been. Continuing to act as an SMSF trustee or director of […]

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Tax incentives for start-up investors

Posted on May 20, 2019 by admin

Tax incentives may be available to investors that are considering putting their money into qualifying start-up businesses. Eligible businesses are defined by the ATO as early-stage innovation companies (ESICs). The two key tax incentives for eligible early-stage investors, also known as ‘angel investors’, who purchase new shares in an ESIC are: Non-refundable carry forward tax offset that is equal to 20% of the amount paid for their qualifying investments. This offset is capped at a maximum amount of $200,000 for the investor and their affiliates combined in each income year. Modified capital gains tax (CGT) treatment, where capital gains on […]

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