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17
Jun

Rental Deductions a ‘Top Priority’ says ATO as it doubles audits

The Australian Tax Office (ATO) has warned rental property owners to “ensure their claims are correct this tax time” as it will double the number of audits scrutinising rental deductions. From July 2017, for most taxpayers, travel expenses relating to inspecting, maintaining or collecting rent for a residential investment property...

17
Jun

Adopting the New Leasing Standard? Have you considered the tax implications?

The new accounting standard AASB 16 Leases makes significant changes to how operating leases are accounted for, with most operating leases being brought virtually in line with finance leases, with all lessees required to show a lease liability and a corresponding right-of-use asset.

21
May

AFS Licences revoked for failing to obtain AFCA membership

Australian Financial Complaints Authority (AFCA) is a new one-stop financial service external dispute resolution (EDR) scheme which commenced on 1 November 2018. It replaced the two then existing ASIC approved schemes -  the Financial Ombudsman Service (FOS) and the Credit and Investments Ombudsman (CIO)– and the statutory Superannuation Complaints Tribunal (SCT).

21
May

Emotional Intelligence in the Workplace

‘Emotional Intelligence’ has become a bit of a buzz word in recent years as many researchers and HR experts have started stressing the importance of harnessing and building Emotional Intelligence in the workplace. The World Economic Forum even included Emotional Intelligence in its top 10 skills that we will need...

21
May

The Pros and Cons of GST Grouping

A GST group is a group of two or more associated business entities that operate as a single business for the purposes of GST.