Blogs

With the NRL season officially over, fans have shifted their attention toward the international game – the Rugby League World Cup Nines tournament – set to be held this Friday night, October 18, at Parramatta’s Bankwest Stadium. This year, among the 12 national teams will be Fiji, who will certainly level the playing field –…

At the beginning of each financial year, the Australian Taxation Office (ATO) announces a Tax Ruling. This outlines any changes made to the effective lives of assets – typically plant, equipment, and commercial property assets. This year, however, in tax ruling (TR) 2019/5, the ATO detailed several changes to residential property assets. These changes are…

ASIC has updated its annual review fee and late payment fees. These changes have been effective since 1 July 2019. It’s worth taking a closer look at these updates, so you’re not stung with higher-than-expected fees when the time comes to pay. Let’s get started. The ASIC’s annual review To ensure your company remains registered,…

The Taxable payments annual report (TPAR) gives the ATO valuable information about payments made to contractors for providing services. The ATO uses these reports to identify and follow-up with contractors that haven’t met their tax obligations. Do I need to lodge a TPAR? A whole variety of businesses and entities are required to lodge a…

Claiming deductions for personal super contributions Have you made personal super contributions in the last financial year? You may be eligible to claim a tax deduction. In this article, we’ll discuss your eligibility to claim tax deductions, as well as how to make a claim. Let’s jump right into it. What kind of superannuation contributions…

The ATO’s stance on the sharing economy The sharing economy includes any economic activity that takes place via a digital platform (a website or app, for example) where people offer products or services for a fee. Some common sharing economy activities include the following:             Short-term accommodation rentals like Airbnb…

The ATO has these common compliance errors on its radar According to Revenue NSW, eight out of 10 audits conducted last financial year contained payroll tax shortfalls. This government organisation recently contacted the team here at Pherrus detailing the most common compliance errors identified in their audits. We thought we’d pass this information on to…

In the 2015-16 financial year, the newly introduced taxable payments reporting system (TPRS) safeguarded an estimated $2.7 billion in the building and construction industry from being swallowed up by the black economy. Now, other industries perceived as ‘high risk’ are on the ATO’s radar. For the financial year 2018-19, services businesses – such as couriers,…

What is industry funding? Industry funding was a key recommendation from the 2014 Murray Financial System Inquiry. Developed through a high level of engagement from various industry sectors and government consultation, the new industry funding legislation was passed on 15 June 2017, finalised on 27 June 2017, and took effect on 1 July of the…

In 2017, the Australian Securities and Investments Commission (ASIC) detailed legal changes in funding arrangements. Although these changes were phased in to minimise confusion, some companies may find they experience errors when claiming personal super contribution deductions. One time of year where these errors are most likely to occur is during the rush to file…

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