News

Tax Deductions. What’s in and what’s out?

There are a lot of misconceptions and misinformation out there as to what is – and what is not – tax deductible. What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO).

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HAPPY 2020 EOFY! Its Tax Time (Again)

June 30 is just about upon us and you know what that means? A brand spanking year Financial Year is here!

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tax, tax accountant, capital gains tax

Stamp Duty Abolition: Its Effects on Capital Gains Tax

Tax accountants are discussing the latest development about tax reforms, particularly the abolishment of stamp duty.

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business tax accountant

How Audit Insurance Can Help Your Business

If you are a business owner, you can choose from different types of insurance coverage depending on what your business needs.

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The long-term impact of COVID-19 on Australia’s Economy

What are the predictions about the long-term impacts of COVID-19?

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COVID-19 INCENTIVES

The following chart may help clients navigate their way through the various incentives currently available to businesses in these challenging times.

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JOBKEEPER PAYMENT – INFORMATION FOR EMPLOYERS

Businesses impacted by the Coronavirus will be able to access a subsidy from the Government to continue paying their employees, under the Jobkeeper Payment.

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Small business support

Victoria Government Funding Application

The Victorian Government’s Business Support Fund is now open for applications.

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ARE YOU AN EMPLOYER? NEED ANSWERS?

Im sure everyone is sick (pun intended) about hearing and reading about the Coronavirus, but they say ‘forearmed is forewarned’ right?

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COVID-19 Fraudulent Text Messages

As if people don't have enough to worry about, there is now a text message doing the rounds

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Australian Workplace Laws & COVID-19

Today's article is important for clients with staff and employees in general

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small business

Small Business & Coronavirus

Sphere's advice on how you can protect your small business from Coronavirus

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MyGov ID

MyGov ID

The ATO has changed the way you can log into your Business Portal ... are you ready?

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Coronavirus – The Government Announces Increased Tax Benefits

The Coronavirus has been all over the news of late and its economic impact on Australia is beginning to be felt as parts of the world close their borders to travellers and markets.

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STP Single Touch Payroll

Micro Employers Urged to Start STP Reporting

Single Touch Payroll (STP) is now in force for businesses of all sizes, with small employers needing to begin STP reporting since 30 September last year.

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general ledger accountant

Warning: You’re Losing Money by Not Using General Ledgers

General ledger accountants responsible for the upkeep of financial records use general ledgers, though you can also maintain the general ledger yourself. But what is a general ledger and why do you need one?

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rental properties, tax

Rental Properties 2019 Guide by ATO

If you are an owner of a rental property in Australia, the ATO has released a guide that may help you determine things such as: which rental income is assessable for tax purposes, which expenses are allowable deductions...

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Tax Refund for financial health

10 Smart Ways to Spend Your Tax Refund and Improve Your Financial Health

Need smart ideas on where to spend your tax refund on? Read on and improve your financial health now.

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avoid a tax audit

How to Avoid a Tax Audit

With sophisticated data-matching tools at ATO’s disposal, you can’t avoid a tax audit if you keep waving that one red flag. Find out what it is here.

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Superannuation in Australia. Sphere accountants and advisors

Superannuation in Australia: 5 Things Employers Should Know

When to pay super and who are eligible for super?

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Important Tax Changes for Vacant Land Could Hurt Investors

Important Tax Changes for Vacant Land Could Hurt Investors

New legislative changes to vacant land tax rules could negatively impact vacant land investors as amendments would put limits to tax deductions for expenses relating to vacant land properties.

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Tax Cuts News Australians Declined to Spend Tax Cuts

Tax Cuts News: Australians Declined to Spend Tax Cuts

On tax cuts news, latest data shows Australians are spending their extra cash from interest rates and tax cuts on household debts instead of goods and services.

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6 Critical Reasons You Need a Business Accountant

6 Critical Reasons You Need a Business Accountant

Most people can afford not to hire an accountant. But if you own a business and you absolutely want to succeed, then having a business accountant is a must. 

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Personal Income Tax Rate and How It Affects High Income Earners

Ever wondered why there are high income earners who are not rich? New federal Treasury research shows personal income tax rate system is to be blamed.

The research said the "tax concentration" on high-income earners has been distorting this group’s decisions to save, work, and invest as it puts "pressures" on the personal income tax rate system.

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ATO warns SMSF trustees

ATO Warns SMSF Trustees to Diversify and Formulate Good Investment Strategies

The Australian Taxation Office (ATO) has issued letters to 17,700 SMSF trustees and their auditors reminding them of their responsibility to ensure diversification and liquidity in their investment strategies.

The Office has warned that it will fine SMSF trustees who have 90 per cent or more of their retirement savings invested in a single asset class, which is often property.

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HAPPY EYOFY! Its Tax Time (Again)

June 30 is just about upon us and you know what that means? A brand spanking year Financial Year is here!

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Tips on tax deductions for small businesses blog image

Tips on tax deductions for small businesses

Understanding what tax deductions to claim, the right ways to claim them, and the optimal way to attain financial success for a business may seem like daunting tasks, especially without the help of a tax accounting specialist.

However, here are some great tips business owners should consider to get the most out of their tax returns and to make it a smooth experience as possible.

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Payroll Tax in Victoria

Payroll tax in Victoria and how it works

Payroll Tax is a state tax obligation on the salaries paid out by employers. It is computed on the amount of salaries you pay each month and collected in each state or territory in which your employees are operating in.

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How does bookkeeping work?

So how does Bookkeeping work?

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Single Touch Payroll Update

STP is coming to all employers

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Tax return tips to get a bigger tax refund this 2019

When you do your income tax return each year, do you get the full tax refund that you're entitled to? Or are you looking for a bigger refund but don't have a clue where to begin?

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How a Tax Accountant Can Help You to Keep More of Your Hard-Earned Money blog image

How a Tax Accountant Can Help You to Keep More of Your Hard-Earned Money

Everybody wants to save money come tax time and having a tax accountant can help you to do just that.

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SCAMS!

Current Scams

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santa claus and rudolf

Christmas 2018

SANTA CLAUS IS COMING TO TOWN ... again

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Superannuation Amnesty

Historic Amnesty on Historic Underpayment of Superannuation Obligations
Dont get caught out ...

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FEDERAL BUDGET red Rubber Stamp over a white background.

2018 Federal Budget

The Federal Budget has been announced - how does it impact you?

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Bitcoin

Bitcoin

Bitcoin - It seems to be everywhere ... But, what is it?

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Payroll

Payroll Reporting

The ATO is streamlining Payroll Reporting from 2018

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don't keep calm only 6 days left

Tax Deadline is Looming!

Dont get caught out ....

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HAPPY EOFY! 2017

Yes it is that time again ....

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2017 FBT Ends in 2 Days!

The FBT year ends in 2 days!!!

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Santa Claus

Christmas 2016

With Christmas on the way and office parties and gift giving in full swing, there are a number of important things to remember on how these may impact on your business.

Many of these activities can or may attract Fringe Benefits Tax (FBT) so it is important to ensure you are across any possible implications.

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For Rent

Rental Property Deductions

Thinking about an Investment property?
Already have an investment property?
Make sure you are claiming your deductions correctly ..

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Tax Tables

New Tax Tables

There is a change to tax withholding from 1st October 2016

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minimum wage increase

Minimum Wage Increase

Employers Note : There has been a change to Industry award rates

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TAX TIME

Yes, its that time again....

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Scam Alert

What Can I Do About It?

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Facebook

Sphere Accountants & Advisors Pty Ltd are now on FACEBOOK!

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Retirement

Ever wondered how much money you would need to live a comfortable lifestyle in retirement?

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Tax Deadline

The 2015 Financial Year Tax Deadline is Looming!

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Introducing The Sphere Group

The Sphere Group has come together from the integration of two local accounting firms with a common desire to 'add value' to every conversation they have.

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