Insights

We provide our expert opinion, news, and knowledge to help keep you informed and aimed towards building your business.

Understanding Margin Scheme and Upcoming Foreign Residents CGW Changes

Sep 25, 2024

In recent months we have been contacted by the ATO in respect of margin scheme calculations for our clients when an activity statement has been lodged. They have asked for copies of the contract to confirm the margin scheme has been correctly stated. They have also asked for calculations that confirm the GST component when a refund is owed back.

Tax Implications of Subdividing Land in Australia: Key Considerations

Sep 25, 2024

The subdivision of land has been a prominent topic throughout 2024, particularly with the increasing demand for housing in the Australian property market. A shortage of land in desirable locations, such as areas close to city centres, shopping hubs and popular schools, has led many property owners and investors to consider the option of subdividing land as a way to maximise the value of their properties.

What is a Taxable Payments Annual Report (TPAR)?

Aug 28, 2024

Are you aware of the ATO Reporting Requirement due 28 August each year?

QBCC Licence Compliance: Understanding Your Reporting Requirements

Aug 28, 2024

For operators within the Building & Construction industry, adhering to regulatory compliance and financial reporting is crucial for meeting the requirements set by the Queensland Building and Construction Commission (QBCC). This ensures the ongoing validity of the QBCC licence and the ability for businesses to complete existing work and undertake new projects.

Tax Compliance Issues for the Building & Construction Industry

Aug 28, 2024

The Federal and State based laws can often be complicated especially for independent and small construction companies. It’s important to be aware of your obligations so you can avoid any mistakes that might lead to serious compliance issues. Some of the issues include managing subcontractor payments, payroll tax, and handling GST.

Common Mistakes Found In Trust Account Audits

Jul 31, 2024

Management Rights owners, Real Estate Agents and Letting Agents must hold a current licence issued by the Office of Fair Trading (OFT) and ensure that their business complies with the relevant legislation. The OFT oversees the compliance of business operators with the legislation and can inspect agents’ trust account records at any time. Failure to adhere to requirements can lead to licence holders being issued with official warnings or infringement notices.

Management Letting Rights (MLR) and Real Estate Insights 2024

Jul 30, 2024

As we step into the third quarter of the 2024 year, let’s reflect on the key highlights from the MLR and Real-Estate industry during the first two quarters of the year.

Agtech Innovation: Invest in Australia's Future Farms

Jun 28, 2024

As an investor I am always looking for areas of development and themes where great ideas are forming but perhaps main street has not yet caught on or up.

Australia is a beautiful country which has a harsh landscape and difficult weather patterns. Our population to land mass in some areas is low and sparse and can be very lonely for individuals managing the country in these rural and outback areas.

Boost Farm Cash Flow: A Guide to Primary Producer Tax Time

Jun 27, 2024

Tax implications for agribusinesses can vary significantly depending on factors such as the nature of the agricultural activities, the structure of the business and the specific government regulations.

Below is a list of tax strategies and considerations to help primary producers manage cash flow and manage their situations while times are tough.

2024 ATO Key Focus Areas: 3 Areas To Watch This Tax Time

Jun 25, 2024

As Tax Time approaches, the ATO has announced it will be focusing on three commons errors made by taxpayers, and cracking down on Division 7A mistakes.