ATO shifts the responsibility for paying GST from developers to purchasers

May 1, 2018

The ATO will soon be outsourcing the collection of GST on new residential property sales and home site sales to innocent purchasers in an attempt to thwart cowboy developers who do not meet their GST obligations. Parliament has recently passed legislation that changes the way GST is paid and accounted for in transactions involving new... View Article Read More

Company tax rates: difficulties with the current state of play

Feb 15, 2018

The rules for determining which tax rate applies to company taxpayers have changed significantly over the past two years and are still undergoing change. The current rules provide that the lower tax rate of 27.5% applies to a company carrying on a business with turnover (combined with certain connected entities) less than a particular threshold,... View Article Read More

New stamp duty exemption on business insurance for eligible small business entities in NSW

Feb 9, 2018

From 1 January 2018 eligible small business entities are exempt from stamp duty on certain types of insurances in NSW. The exemption applies to the following types of business insurance: commercial vehicle insurance; commercial aviation insurance; occupational indemnity insurance; and product and public liability insurance. To obtain the benefit of this exemption, business entities will... View Article Read More

Important changes to Small Business Superannuation Clearing House

Feb 9, 2018

The ATO Small Business Superannuation Clearing House (SBSCH) is going through some major changes in February 2018. We have prepared a summary on the changes and how it might impact your business:   The current SBSCH system will be available to make super guarantee payment up until close of business Monday 19 February 2018 There... View Article Read More

Farewell to our retiring Senior Partner

Jul 5, 2017

On Friday 30 June, Roberts & Morrow said goodbye to retiring Senior Partner, Simon Croft, after 23 years with the firm. Simon completed a Computing and Accounting degree in Lismore before beginning his career in Brisbane, where he met his wife Susan. They married in 1995 and settled in Armidale. Simon became a Chartered Accountant... View Article Read More

With the FBT year end upon us it is time to focus on these reporting obligations.

Mar 30, 2017

The Fringe Benefits Tax (FBT) year ends on 31 March 2017 and FBT Returns are due and payable by 21 May 2017, including nil returns, if appropriate. As an employer, you should consider all benefits provided to employees or associates during the FBT year 1 April 2016 to 31 March 2017. If a benefit can... View Article Read More

ATO Business Portal Access Options

Dec 20, 2016

The epic battle between browser and user has taken a happy turn in favour of the user. AUSkeys are used by business owners and managers to access the ATO Business Portal in order to communicate securely with the ATO. Issues have been arising from AUSkey’s incompatibility with certain web browsers. To address this, the ATO... View Article Read More

What does Brexit mean for the financial markets?

Jul 21, 2016

On Friday 24 June news came through that Britain had voted to ‘Leave’ the European Union (EU) 52 – 48 per cent. But the debate about the implications for economies and financial markets is just beginning. For an overview of what this may mean for you take a look at this special edition ‘Market Watch’ from Count... View Article Read More

It’s time to lodge your tax return

Jul 21, 2016

As the new financial year commences consider getting in early with your 2015-16 tax return information so you can lodge this sooner rather than later. A reminder of documents you may need to compile to complete your tax return: Payment Summaries from your employer and Department of Human Services; Interest & dividend statements; Annual tax statements &... View Article Read More

Take care with Binding Death Benefit Nominations

Feb 9, 2016

A recent Queensland Supreme Court case highlights the importance of ensuring that your binding death benefit nomination (BDBN) complies with the requirements of the trust deed for your self managed superannuation fund (SMSF). Read More