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From 25 January 2019, North Queensland received heavy rainfall. This resulted in significant flooding in some locations. If you have been affected by these events, we understand your first priority is the safety and security of your family and belongings.…

The Government has released a consultation paper with respect to the implementation of the 2018/19 Federal Budget announcement relating to the direct taxation of an individual’s fame or image at their marginal tax rates. The proposed reform aims to ensure…

The Mid-Year Economic and Fiscal Outlook (‘MYEFO’) report were recently released. It indicates that the underlying Budget deficit is expected to be $5.2 billion in 2019 (down from the $14.5 billion deficit estimated in the 2018/19 Federal Budget). The substantial…

The ATO has updated the hourly rate taxpayers can use to determine deductions for home office expenses from 45 cents to 52 cents per hour for individual taxpayers, effective 1 July 2018 (i.e., from the 2019 income year). According to…

The ATO has been issuing ‘Additional tax on concessional contributions (Division 293) assessments’ with respect to liabilities relating to the 2018 income year. Division 293 imposes an additional 15% tax on certain concessional (i.e., taxable) superannuation contributions. It applies to…

Financial statements are crucial if you are running your own business, investing in one, or simply looking to better understand how your business runs. In addition, there are regulatory requirements for different types of entities that require accurate financial statements…