News & Tax Insights

Australian Research & Development Tax Incentives

Blog Post
The Australian Government offers some great incentives to innovative technology companies who undertake R&D as part of their business or growth strategy. In fact these companies could get up to 43.5% of R&D expenditure back from the government if they meet certain requirements. This video touches on some important considerations and processes that should be followed correctly in order to access available funds. For more information, watch the full video or give us a call on +61 7 3012 9580.

Real-time Tax Reporting & Penalties!

Blog Post
Governments and tax offices are stepping up the use of information technology to provide much more real-time reporting and tax penalties. It's a major trend that is likely to accelerate. This video explores three examples: Single Touch Payroll, imposition of Director Penalty Notices for GST and the Common Reporting System. Check out the video article for more information.

Cash payments to be outlawed in 2020.

Blog Post
Big cash payments will be outlawed from early 2020 with a Government bill making cash payments of $10,000 or more a criminal offence. Watch the video for the full details or give us a call on +61 7 3012 9580.

Tax advantages for celebrities, sports people and entertainers

Blog Post
This video is about Government moves to prevent high profile sportspeople, celebrities and entertainers from gaining income splitting tax advantages by licensing their fame or image to a related company or trust. There was a budget announcement, consultation paper but, as yet, no legislation. Nonetheless, high profile people should take care with licensing arrangements with related entities as the Tax Office has changed its interpretation of existing law and removed earlier guidance that provided a “safe harbour”.

Taxable payments reporting – expanded

Blog Post
New rules apply for the reporting of payments to suppliers by couriers and cleaners for the 2019 financial year and other industries such as information technology, security, surveillance and investigation for the 2020 financial year. Courier and cleaning companies will need to report in August 2019 for the first time. Information technology, security, surveillance and investigation companies will need to put in place systems now so that they are able to report in August 2020 for the first time.

QLD Absentee land tax

Blog Post
Governments have been cracking down with increased taxation on non-residents that own land here in Australia. That’s happening at a Commonwealth and State level. From July 2018, the Queensland Government implemented Absentee land tax rules. Usually, somebody’s home is exempt for land tax purposes. If you are undertaking expatriate duties overseas, it’s important with these relatively new Absentee land tax rules to check your status against the criteria to make sure you don’t get a surprise land tax bill. The recent 2019 Queensland State Budget contained both “carrots” and “sticks” here with a carveout for Australian citizens and permanent residents…

Payroll tax update for Queensland

Blog Post
This is good news for small and particularly regional employers, and includes the following changes: • Reduction in tax payable for small businesses by increasing the exemption threshold to $1.3m • A 1% rate reduction for regional employers • A temporary rebate of up to $20,000 for businesses taking on new employees • Continuing the 50% payroll tax rebate on the wages of apprentices and trainees until 30 June 2021 and • Increasing the payroll tax for employers with taxable wages above $6.5m. The Government is delivering a package of targeted payroll tax measures to drive employment in Queensland businesses,…

Tax advantages for celebrities, sports people and entertainers

Blog Post
This video is about Government moves to prevent high profile sportspeople, celebrities and entertainers from gaining income splitting tax advantages by licencing their fame or image to a related company or trust. There was a budget announcement, consultation paper but, as yet, no legislation. Nonetheless, high profile people should take care with licencing arrangements with related entities as the Tax Office has changed its interpretation of existing law and removed earlier guidance that provided a “safe harbour”.

Australians setting up business in the USA – does it make sense?

Blog Post
The USA is a huge wealthy market with high demand for innovative products and services and Australia has largely been unaffected by the imposing of tariffs on other US trading partners. There are sophisticated supply and logistics capabilities and the world's best technology, however, America's litigious reputation and restrictive immigration can be a downside from a business perspective. There are complex federal, state, county and city taxes and estate and gift taxes, with those negatives somewhat balanced by a low headline corporate tax rates and the flexibility of check the box elections. There are unusual arrangements for corporate residency and complex foreign…

Should I set my business up in Hong Kong?

Blog Post
The “freest” economy in the world even though it is under the overall control of mainland China! Hong Kong has a low corporate tax regime, simple taxation system and a highly entrepreneurial culture and heritage. At seven million people, the domestic market is small, but it is a gateway to mainland China with its huge population. There is no obligation to have a resident director for a Hong Kong small company, but a resident company secretary and audit requirements are mandatory. Australian’s should not forget that they need to navigate the Australian company residency and control foreign company rules. There…

Election promise on reporting thresholds for large proprietary companies

Blog Post
Earlier this year, we filmed this video about some key tax and regulatory, election promises. The first two topics have been superseded but from 2:00 we explain Government moves to change the thresholds for being classified as a large proprietary company. This change has now been put into effect  through the Corporations Regulations for the year beginning July 2019. It’s a good change that will reduce reporting and auditing costs and competitive disadvantages for our large private companies, by not exposing the accounts of as many companies to the scrutiny of competitors or others.

Setting up business in Singapore?

Blog Post
Singapore is a close neighbour to Australia and has many benefits for the establishment of a new business. Nonetheless, it is a foreign jurisdiction and complexities arise within the Australian tax system that need to be thought through and dealt with prior to the establishment of a new business. This video covers the Singapore’s major pros and cons across the business spectrum.

Should I set up my new business here in Australia or go offshore?

Blog Post
There are pros and cons in all the business areas in deciding whether to set up in Australia or taking your business offshore. It’s necessary to consider the small but sophisticated domestic market, close vicinity to large Asian markets and early adoption of technology. Aspects of supply are expensive, but talented people want to live in Australia because it’s a great lifestyle. Taxes are relatively high but there is an absence of estate and gift taxes.

CONSULTING ACCOUNTANTS . TAXATION SPECIALISTS . BUSINESS IMPROVEMENT