News
Tax Lodgments During Tax Time and COVID-19 in Australia
COVID-19 has affected a lot of Australians. Most notably, it affected livelihood, tax time, and lodgments. During these trying times, the Australian Tax Office (ATO) made some changes to support taxpayers and make tax lodgments a seamless process.
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Small Business Grants and Loans Essential in Recovering Losses
Are you a small business owner? If you are, learn how you can avail grants and loans for small businesses.
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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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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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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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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 & Coronavirus
Sphere's advice on how you can protect your small business from Coronavirus
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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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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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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 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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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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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: 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
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
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
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.
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.
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
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.
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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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
Everybody wants to save money come tax time and having a tax accountant can help you to do just that.
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Superannuation Amnesty
Historic Amnesty on Historic Underpayment of Superannuation Obligations
Dont get caught out ...
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.
Rental Property Deductions
Thinking about an Investment property?
Already have an investment property?
Make sure you are claiming your deductions correctly ..
Retirement
Ever wondered how much money you would need to live a comfortable lifestyle in retirement?
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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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