ATO Current Targets
As is common for this time of year the ATO has let us know what areas they are targeting this year. The first area is a common area for ATO attention and one we have warned you about in the past – rental property dodgy deductions.
The other area to note is cryptocurrencies, and the treatment of profits and losses made on this new form of currency. Our article goes through what will be getting attention during the ATO audits and reviews.
Reporting threshold doubled for large proprietary companies
The financial reporting size thresholds for Large Proprietary Companies under the Corporations Act 2001 (the Act) have been doubled effective for reporting periods on or after 1 July 2019.
If you are a Large Proprietary Company, please click here to view our full article which outlines the new thresholds and what you should be aware of.
Now the coalition has settled in what tax policies are relevant?
Our last newsletter included a comparison of the Coalition and ALP tax and superannuation policies. With the election now well and truly over, we thought we’d put together a quick summary of what the Coalition win means tax wise, please click here to view the article.
The Coalition wins a third term – what happens with superannuation now the dust has settled?
The Coalition Government was re-elected in the May 2019 Federal Election, with a small majority of seats in the House of Representatives after taking, as one of its policies to the election, stability for superannuation.
With the financial year just started there is no reason you can’t plan your superannuation strategy for the coming year. With certainty with the Government and its super policies it is the time to ensure you take advantage of the opportunities that are available. Our article outlines some strategies that you may need to consider and ensure the plans you have in place are the best for you and your SMSF.
Major upgrade to our premises!
Well, after over 30 years of being on the Level 1 at 34 Burton Street, Kirribilli it was time to upgrade. After months of planning, and throwing out years of old records and furniture, on 1 July the sledgehammer swung for the first time and commenced the major upgrade to Level 1.
The plan after the upgrade is finished, in around the middle of August, is to move the whole firm back together on Level 1, We will no longer need the site on the Ground Floor and all meetings rooms, reception and all offices will revert back to Level 1 (as it was for 30 years of our 35 years in residence here). It is a very exciting time and the design of the new premises is fantastic. We are all looking forward to moving into the new premises and we look forward to welcoming you to our new place of business.
If you had seen Level 1 in the past you certainly would not recognise it now. The photo below shows the gutted premises in preparation for the new work to start.
We will let you know when we move back into the newly upgraded Level 1.
Kreston Stanley Williamson Team
*Correct as of July 2019
*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.