Budget Update 2017-18

Welcome to our 2017-18 Budget summary. We have summarised all the relevant areas of the budget that apply to our business and investor clients along with a few other interesting areas of the budget. Overseas investors have been very heavily impacted and the most surprising part of the budget is the increase in the property settlement tax by 2.5% to 12.5% but also the reduction of the threshold to $750,000. This means that an overseas investor will need to pay tax on a purchase of any property that exceeds $750,000. The Government has also dealt the first blow to the […]

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Tax Planning – It’s a Competitive Advantage Most Businesses Don’t Have, and usually, it’s Not Their Fault!

Your business has every right to arrange its financial affairs in order to minimise the tax you pay, and this process is called tax planning. But if you run a business that turns over more than $200-250,000 a year and you don’t tax plan, you are at a major competitive disadvantage when compared to your more sophisticated rivals. Here’s why: How can you expect to effectively compete with businesses who are implementing superior tax planning strategies, ones that effectively leave them with more money to invest in finding new customers, or buying new technology that makes them more efficient? In […]

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August 2017 Tax Update

Purchasing property? You may be required to withhold tax from the purchase price. New rules for foreign resident capital gains withholding (FRCGW) apply to vendors disposing of certain taxable property under contracts entered into from 1 July 2017. The changes will apply to disposals where the contract price for a property is $750,000 and above (previously $2 million) and the withholding tax rate will be 12.5% up from 10%. The previous threshold and rate will apply to any contracts entered into from 1 July 2016 but before 1 July 2017, even if they are not due to settle until after […]

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Victorian SMSF & Accounting Awards

George Kontominas the Principal Accountant at Dendra Accounting Group, has won the 2017 Accounting Award for Partner of the Year in Victoria. The SMSF Accounting Awards is the first state-wide industry awards program recognising excellence in the SMSF (Self Managed Super Fund) accounting and consulting professions, judged on state-based performance criteria. These awards acknowledge individuals and businesses providing leading accounting and consulting services in their state, while maintaining the highest standards of professionalism, as well as bringing innovation to their service offering. The Judging panel for the SMSF & Accounting awards includes top academics in the field of Accounting from […]

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Unpaid Tax Liabilities with ATO

Over recent months, we have seen the ATO vigorously pursue individuals and small business for unpaid tax debts. From 1 July 2017, the ATO will be able to disclose to the Credit Reporting Agencies the names of taxpayers who have unpaid taxation liabilities. This means that for businesses with tax debts, the true financial position of the business will become available to the public. Ignoring the ATO can in some instances be to your detriment At the outset, the threshold for this reporting will be restricted to those ABN’s who have tax debts exceeding $10,000 and with the debt outstanding for […]

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