From 1 July this year, the ATO will be able to pass on to credit agencies the tax debt information of businesses that have not effectively engaged the ATO to manage these debts. This should encourage business to pay taxation debts in a more timely manner to avoid affecting their... read more →
Jun
14
Jun
09
Capital losses Selling poor performing assets may enable you to bring forward a tax loss that can be offset against any capital gains made throughout the financial year. Write-off bad debts To obtain a bad debt deduction, a debt must not be merely doubtful and must be written off as... read more →
Jun
07
The ATO has issued a warning of an increased number of scammers at this time of year. Last year we saw a number of tax scams including an aggressive phone scam threating taxpayers with arrest and legal action unless they comply, this and many other scams look to continue. ATO... read more →
May
29
Leenane Templeton Wins Australian Accounting Awards for Community Engagement. Leenane Templeton Chartered Accountants & SMSF Advisors have won the community engagement award at the prestigious Australian Accounting Awards, partnered by Thomson Reuters. Andrew & Sarah Frith of Leenane Templeton took out one of Australia's top industry awards. Leenane Templeton was shortlisted... read more →
May
09
We have pleasure in enclosing a summary of the significant announcements from the Federal Government's 2017 Budget. This is a fairly subtle budget in terms of changes when compared to recent years - almost boring, however there was a strong emphasis on the "political hot potato" of housing affordability. Despite... read more →
Apr
12
Newcastle based Leenane Templeton Chartered Accountants & Business Advisors has been shortlisted for the prestigious Australian Accounting Awards, partnered by Thomson Reuters. Andrew Frith of Leenane Templeton is in the running to take out one of Australia’s top industry awards. Leenane Templeton has been shortlisted as a finalist to win... read more →
Apr
02
Here's an easy way to understand asset allocation The allocation of your money to different types of investment assets, generally referred to as “asset allocation”, is the major factor that determines the risk level and performance of an investment portfolio as a whole. For example, if you have all of... read more →
Mar
27
It’s a common question asked by employees: “what should I do about my super?” If you are an employer or manager and feel confident of your knowledge of superannuation and investment, it can be tempting to give an answer. However, just about anything helpful you have to say will likely... read more →
Mar
21
Despite the Australian Tax Office’s education campaign on GST reporting, many small business owners continue to make errors when claiming GST credits in their GST returns or Business Activity Statements. The vast majority of errors are easily avoidable and relate to the over-claiming of GST credits. Here are the top... read more →
Mar
14
Late last year saw the Australian Tax Office (ATO) develop a safe harbour for car fringe benefits. A safe harbour is a guideline that allows Australian businesses to make use of an efficient way to calculate tax where certain conditions are met. After collaborating with other industry representatives, the ATO... read more →
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