The taxable payment reporting system (TPRS) has extended to further businesses that provide particular services or pay contractors to do so. The extension was approved on 1 July 2019. Road... read more →
If you’re nearing retirement age but don’t want to stop work entirely, another option might be to transition into retirement. For those over 60, Transition to Retirement (TTR) pensions are... read more →
When you’re still employed and earning a salary, there’s money coming in that you can rely on. In retirement, and the absence of a regular salary you’ll need to find... read more →
Leenane Templeton has been named as a finalist in the My Business Awards for Finance Business Of The Year. The My Business Awards is the premier independent awards program celebrating... read more →
During an audit, the ATO requests information to help identify unreported cash income when looking at household expenditure. When making an assessment in the course of examining an individual’s tax... read more →
The Government’s complete package of individual tax adjustments that were announced in the 2019-20 Federal Budget, have passed parliament and are now law. On 4 July 2019, the Treasury Laws... read more →
Financial planning. That’s for people with lots of money to invest, isn’t it? Not necessarily. Sure, investment planning is an important part of financial planning, but underpinning the whole process... read more →
Currently Australia has, relative to the size of its overall economy, one of the highest levels of household debt in the world. Our household debt, as a percentage of GDP,... read more →
People on Instagram are using a filter to make themselves look old. The app called "FaceApp" converts its original picture to make them look elderly. But is Instagrams "FaceApp" helping the... read more →
Taxation Ruling TR 2019/2 Income tax: whether penalty interest is deductible provides the Australian Taxation Office’s (‘ATO’s’) view on the deductibility of penalty interest. It replaces Taxation Ruling TR 93/7W Income tax: whether penalty... read more →
How often do you give your business finances a tidy-up? As another end-of-financial-year rolls by, now is a good time to undertake a bit of housekeeping. The stresses of running... read more →
Reversionary pension vs BDBN: which outcome is preferred? Imagine a conflict between pension documentation and a binding death benefit nomination (‘BDBN’) in a self-managed superannuation fund (‘SMSF’) context. For example,... read more →
The 40s are, for many people, a critical decade for building wealth. Income is usually on the rise, but so are expenses such as mortgages and school fees. Juggling priorities... read more →
Maximise your tax deductions for the 2019-20 financial year by planning and reviewing your records. Here are top tips for businesses and individuals when it comes to year-end tax planning:... read more →
In February this year, the Government passed legislation which prevents trustees of APRA-regulated funds from providing insurance to members with inactive superannuation accounts, unless a member has directed otherwise. It... read more →
As the end of the financial year approaches, now is an ideal time to think about ways that you could grow your superannuation. Here are some strategies you can consider... read more →
The basic function of a trust is to separate control and ownership. The result of using a trust is that assets are protected and profits are distributed in the most... read more →
What’s on and off the table Now that the Liberal/National Coalition has been returned to Government what are the key tax policies that are now on and off the table?... read more →
Staying on top of record-keeping all year round can save time, reduce stress for small business owners and help to maximise your tax return. Although record-keeping can seem like a... read more →
Single Touch Payroll (STP) is changing the way employers report their workers’ tax and super information to the ATO. Employers are expected to report information on a variety of areas... read more →