As a brief preamble, a loan a company made to shareholders or associates before 4 December 1997 (“pre-97 Loan”) and an unpaid present entitlement from a trust to a company made before 16 December 2009 (“pre-09 UPE”) are typically ‘quarantined’ from the ATO’s Division 7A compliance action. In simple terms, if your company has either […]
In recent months we’ve had several people approach us for help with Division 7A due to errors made by their previous accountant. As specialists in Division 7A and WA’s GO-TO in fixing disastrous Division 7A errors, we thought it prudent to publish this series on some of the most common Division 7A Mess Ups. Part […]
What is the downsizer contribution? Since 1 July 2018 it is possible for eligible persons aged 65 or older to make a special “downsizer contribution” into their superannuation fund of up to $300,000! If you are selling a home that you have owned for 10 years or more, then you should consider contributing some of […]
The vast majority of my career of 40 plus years, has been spent in professional services firms. I wouldn’t have had it any other way, because the notion of service is very important, but there have been times when I was tempted to leave the professional life behind, because much of what goes into a […]
AN IMPORTANT MESSAGE TO ALL EMPLOYERS Single Touch Payroll (“STP”) is a new compliance obligation for employers regarding the transmission of payroll information to the ATO (employee name, TFN, wages, tax and super). To satisfy the Single Touch Payroll obligations, employers will either use their own payroll software or engage a third party (e.g. accountant) to […]
Recently I had the pleasure of attending the ASNAF conference in Goa, India. ASNAF is an alliance of accounting firms in various countries across Asia and Australasia; and Munro’s is the only firm in the alliance from Western Australia. Through the ASNAF alliance, Munro’s leverages the local expertise of member firms from countries in Asia […]
Starting a small business usually means taking some financial risks, and for a while, some financial hits. Apart from the initial investment, there may be inefficiencies or errors made during the crucial startup days. According to Dun & Bradstreet, 90% of the small business failures are caused by poor cash flow. For small businesses, the […]
The content in this article is provided for general information purposes and is not tax, legal, investment or other professional advice. Readers should seek appropriate professional advice prior to making any decision. As explained on our Mining page, there are a number of factors to consider in determining the taxation treatment of cryptocurrency mining and forging. This […]
The content in this article is provided for general information purposes and is not tax, legal, investment or other professional advice. Readers should seek appropriate professional advice prior to making any decision. More and more these days Australians have cryptocurrency and are looking at ways to spend it. Some businesses are seeing this as a […]
The content in this article is provided for general information purposes and is not tax, legal, investment or other professional advice. Readers should seek appropriate professional advice prior to making any decision. Some Australians have begun to receive cryptocurrency as part of their salary. This is relatively common for those who have found employment in […]
The content in this article is provided for general information purposes and is not tax, legal, investment or other professional advice. Readers should seek appropriate professional advice prior to making any decision. What happens if a business pays an employee’s salary using cryptocurrency? This is a question likely to come up more and more as […]
The content in this article is provided for general information purposes and is not tax, legal, investment or other professional advice. Readers should seek appropriate professional advice prior to making any decision. Every year Australians save thousands of dollars in tax by investing through superannuation fund accounts. How? Because earnings made within superannuation benefit from […]
The content in this article is provided for general information purposes and is not tax, legal, investment or other professional advice. Readers should seek appropriate professional advice prior to making any decision. You’ve done everything you can to make sure your loved ones know how to access your cryptocurrency when you die. But what about […]
The content in this article is provided for general information purposes and is not tax, legal, investment or other professional advice. Readers should seek appropriate professional advice prior to making any decision. Alright, so you’re into cryptocurrency investing, or about to get started. Let’s look into the income tax issues. Firstly, are you an investor […]
The content in this article is provided for general information purposes and is not tax, legal, investment or other professional advice. Readers should seek appropriate professional advice prior to making any decision. A cryptocurrency trader in the eyes of the tax law is essentially anyone buying and selling cryptocurrency regularly with the intention to profit […]
The content in this article is provided for general information purposes and is not tax, legal, investment or other professional advice. Readers should seek appropriate professional advice prior to making any decision. In very limited circumstances cryptocurrency gains are tax-free. If you acquired cryptocurrency as an investment or part of a business (e.g. mining/trading), then […]
When you decided to take on the farm, you knew it was a lifestyle choice. Early mornings, and long days outside. Demanding physical work, hats and dusty boots. The sun, the rain, the freedom to be your own person. Independence, ingenuity and isolation – no rat race for you or your family. You live by […]
How long do you believe it takes to form a habit? A month, six weeks, six months or a year? Well the answer is often simply: the next time you do the same thing. That could be the next day or even later the same day. We are after all, creatures of habit. And so […]
When you are young life seems to stretch out in front of you – and it seems like you have an almost infinite amount of time at your disposal. You are strong and healthy and not much threatens that feeling of invincibility. Plenty of time to achieve any ambitions, and in any case, you can’t […]
Getting any succession plan right is important, but farming succession plans have complexities not seen elsewhere because of the many and varied vested interests of family members. Financial and emotional ties that bind a family together but equally can break both the family and the business if not recognized and treated properly in the family […]
One of the key components in the process to formulate your family farm succession plan is the family meeting. You need this because everyone involved should be on board with the plan otherwise all you have is a piece of paper. But get this wrong and you may not even get as far as the […]
Divorce, as we know, is unfortunately all too common. It’s a stressful time with emotions running high, which in turn can lead to significant legal and accounting fees being incurred haggling over the division of assets. I have become recently involved in a divorce matter, whereby it has been dragging on now for over four […]
Sadly, it is not uncommon to hear about fraud affecting small and larger businesses alike. I have certainly heard a few stories over the years! And fraud doesn’t discriminate, it can happen anywhere, anytime, no matter how big or small your business is. For every minute fraud goes undiscovered, your business pays! So what do […]
When you ask someone you are meeting for the first time what he/she does for a living and he tells you that he is an accountant, what images go through your mind? Ok don’t answer that! We know that a lot of the time you are probably thinking tax, accounting, compliance – that sort of […]
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