如果您不确定您的企业是否有资格获得此次刺激计划的现金流返税或学徒工资补贴，或者应如何申请税局的援助政策，Pitt Martin Group 可以帮助您审核并记录您的财务状况，权衡现金流补助、资产立即抵扣及加速折旧，并准备好支持生意持续经营和恢复所需的申请。
作为悉尼的税务会计师，我们为企业提供刺激计划申请、税局援助及实用的税务策划建议。
皮特马丁会计师事务所 Pitt Martin Group是一家提供税务，会计，生意咨询，自管养老金，审计及贷款等综合性服务的经澳洲特许会计师协会认证的注册会计师事务所。我们每年会花上几百个小时去研究新的税法，以保证我们的客户可以最大化合理避税。我们的中文联系方式是 Robert Liu +61292213345 或邮件 info@pittmartingroup.com.au。皮特马丁会计师事务所Pitt Martin Group坐落在交通便利的悉尼市市中心，是一家拥有可以说中文合伙人的悉尼会计师事务所。我们的荣誉包括2018年CPA新州首席优秀奖， 2020年澳大利亚小生意年度冠军入围奖, 2021年澳洲知名媒体《每日会计师》年度最佳会计师事务所冠军入围奖，2022年最佳会计师事务所新人入围奖和2023香港澳大利亚商业协会最佳积极生意入围奖 。
皮特马丁会计师事务所 Pitt Martin Group资质包括超过十五年的从业经验，澳大利亚税务注册代理，澳大利亚与新西兰特许会计师协会（CAANZ）会员，新州、维州和西澳律师协会信托账户 (Trust Account) 认证审计师，澳大利亚金融贷款经纪人协会（FBAA）执业认证会员，澳大利亚证券及投资委员会注册代理，XERO, QUICKBOOKS, MYOB等会计软件授权单位及认证顾问。
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting and mortgage industry. Skilled in Tax, Accounting, Business Advisory, SMSF, Audit and Mortgage. Strong entrepreneurship professional with qualification Master of Professional Accounting, CA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
With
the development of COVID-19 from epidemic to pandemic status, businesses across
Australia are facing the possibility of harmful effect. We are all aware of the
impact and potential expansion of Coronavirus on the world, but what are the
potential impacts on the Australian economy over 2020 and how the impact can be
managed and mitigated.
It
is unknown if Covid-19 will be long forgotten in 12 months or something that we
all have to accept as part of our lives. The truth is Australian businesses are
likely to face many challenges including cash flow issues, loss of trades,
supply shortages and changes to working arrangement for staffs which resulting
in operational disruption.
As the situation develops there is more uncertainty than assurance that the issue will be resolves at this time. It is important to keep yourself constantly updated with Government advice releases.
What to do?
There
is no need to be panic. Remember that tough times don’t last, tough people do. Businesses
should consider taking an immediate action to develop strategic plan to mitigate
the disruption and financial loss for immediate and future threats. It is vital
for businesses to identify all significant risks and potential opportunities it
may be exposed to during this time and develop an action plan to ensure
business continuity throughout.
Businesses
can assess and evaluate their trading performance, financial position and
current cash flow position via review of the relevant aspects. This process
will enable assessment of the business financially, the business challenges in
the short to medium term and thoroughly test financial forecast assumptions.
Constant
communication with clients, suppliers, employees, financiers and all other key
stakeholders regarding the development of this situation is important.
Government
The Australian Government is acting decisively in the national interest to address the potentially significant economic consequences of the virus, without a permanent or structural impact on the budget balance.
The
government has now announced an economic response totalling $17.6 billion
across the forward estimates, representing 0.9 percent of annual GDP to strengthen
the economy during this tough period.
The
package is intended to support confidence, employment and business continuity.
It is designed to support business investment, help small businesses manage
short-term cash flow challenges, provide targeted support to individuals and
assistance to the most severely affected communities and regions. It includes
cash grant of up to $25,000 for small businesses, $750 one-off payments for
potential consumers, and a significant temporary extension to the instant asset
write-off scheme (from $30,000 to $150,000)
The Australian Taxation Office (ATO) is also providing administrative relief for some tax obligations for people affected by the Coronavirus outbreak, on a case-by-case basis including potential deferrals of lodgements.
If you are unsure how COVID-19 will affect your cash flow, or whether your business qualifies for the Government’s stimulus measures, Pitt Martin Group can help you review and document your financial position, weigh up grants, write-offs and ATO relief, and prepare a practical action plan that supports your business continuity and recovery.
As Sydney tax accountants, we assist businesses with cash flow forecasts, stimulus measures and practical continuity advice.
Pitt Martin Group is a firm of Chartered Accountants, providing services including taxation, accounting, business consulting, self-managed superannuation funds, auditing and mortgage & finance. We spend hundreds of hours each year on training and researching new tax laws to ensure our clients can maximize legitimate tax benefit. Our contact information are phone +61292213345 or email info@pittmartingroup.com.au. Pitt Martin Group, Sydney tax accountants, is located in the convenient transportation hub of Sydney’s central business district. Our honours include the 2018 CPA NSW President’s Award for Excellence, the 2020 Australian Small Business Champion Award Finalist, the 2021 Australia’s well-known media ‘Accountants Daily’ the Accounting Firm of the Year Award Finalist and the 2022 Start-up Firm of the Year Award Finalist, and the 2023 Hong Kong-Australia Business Association Business Award Finalist.
Pitt Martin Group qualifications include over fifteen years of professional experience in accounting industry, Registered Australia Tax Agents, membership certification of the Chartered Accountants Australia and New Zealand (CA ANZ), certified External Examiner of the Law Societies of New South Wales, Victoria, and Western Australia Law Trust Accounts, membership certification of the Finance Brokers Association of Australia Limited (FBAA), Registered Agents of the Australian Securities and Investments Commission (ASIC), certified Advisor of accounting software such as XERO, QUICKBOOKS, MYOB, etc.
This content is for reference only and does not constitute advice on any individual or group’s specific situation. Any individual or group should take action only after consulting with professionals. Due to the timeliness of tax laws, we have endeavoured to provide timely and accurate information at the time of publication, but cannot guarantee that the content stated will remain applicable in the future. Please indicate the source when forwarding this content.
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting and mortgage industry. Skilled in Tax, Accounting, Business Advisory, SMSF, Audit and Mortgage. Strong entrepreneurship professional with qualification Master of Professional Accounting, CA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
如果您不确定自己是否有资格获得山火税收减免，或者能否向税局申请延期申报和缴款，Pitt Martin Group 可以帮助您审核并记录您的财务状况，权衡补助、延期及援助方案，并准备好支持您个人或生意恢复所需的申请。
作为悉尼的税务会计师，我们为受影响的客户提供税局援助、补助申请及实用的灾后恢复建议。
皮特马丁会计师事务所 Pitt Martin Group是一家提供税务，会计，生意咨询，自管养老金，审计及贷款等综合性服务的经澳洲特许会计师协会认证的注册会计师事务所。我们每年会花上几百个小时去研究新的税法，以保证我们的客户可以最大化合理避税。我们的中文联系方式是 Robert Liu +61292213345 或邮件 info@pittmartingroup.com.au。皮特马丁会计师事务所Pitt Martin Group坐落在交通便利的悉尼市市中心，是一家拥有可以说中文合伙人的悉尼会计师事务所。我们的荣誉包括2018年CPA新州首席优秀奖， 2020年澳大利亚小生意年度冠军入围奖, 2021年澳洲知名媒体《每日会计师》年度最佳会计师事务所冠军入围奖，2022年最佳会计师事务所新人入围奖和2023香港澳大利亚商业协会最佳积极生意入围奖 。
皮特马丁会计师事务所 Pitt Martin Group资质包括超过十五年的从业经验，澳大利亚税务注册代理，澳大利亚与新西兰特许会计师协会（CAANZ）会员，新州、维州和西澳律师协会信托账户 (Trust Account) 认证审计师，澳大利亚金融贷款经纪人协会（FBAA）执业认证会员，澳大利亚证券及投资委员会注册代理，XERO, QUICKBOOKS, MYOB等会计软件授权单位及认证顾问。
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting and mortgage industry. Skilled in Tax, Accounting, Business Advisory, SMSF, Audit and Mortgage. Strong entrepreneurship professional with qualification Master of Professional Accounting, CA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
In the past few months, more than 10 million hectares of land has been burned by the devastating Australian bushfire, thousands of homes have been destroyed and millions of animals were dead. The country is suffering billions of dollars’ loss during the bushfire season. Returning life to normal is a long way to go for most of us. Therefore, we summarize some assistance available offered by the ATO and other agencies to those impacted by the recent bushfire.
What we can help with
If you are affected by the bushfire and need assistance and
support from the government. We are here to help you out FOR FREE. Of course,
we can also reach out to ATO on your behalf to seek some tax relief.
Tax relief
If you live in one of the identified impacted postcodes, around 3.5 million enterprises, individuals and SMSF have received the relief and support which are listed below:
Automatically deferred income tax, activity statement, SMSF, and FBT lodgement, and associated payments until 28 May 2020
Defer does not apply to:
Super Guarantee Contribution and Lodgements
Large PAYG withholders (although they can apply for relief, it will be assessed by the ATO on a case by case basis)
Fast tracking of refund due
Tax payable can be deferred to 28th May 2020
Impacted taxpayers can apply for special consideration. The ATO announced that if the applicant is under the ongoing difficult condition, they might be released from income tax and fringe benefit tax debts.
Remit penalties or interest charged during the time you have been affected by the bushfire.
PAYG instalment can be adjusted to nil without
any penalty
If you are not in one of the identified postcode but have been suffered from the bushfires, you might also be entitled to the relief. We can work with the ATO on your behalf.
Individual and families support
Australian social welfare agencies have mobile units to assist with families in the affected areas. People in the affected areas can also receive economic assistance and other forms of relief:
Disaster recovery payment is a tax free Federal Government payment for those who are seriously injured, have lost their immediate family member, have lost their home and had a significant asset loss during the bushfire period:
$1000 for each eligible adult and
$400 for children under age of 16
Additional $400 of educational expense for the eligible children. These payments are automatic if you are the primary carer of a child affected by the bushfire after 30 June 2019.
Loss of Income: Disaster recovery allowance
You are entitled to apply for the government allowance, if you are an Australian resident over 16 years old who works in a bushfire affected area and have lost your income but haven’t received the Government allowance. The allowance provides the income support for up to 13 weeks (equivalent to the maximum Newstart or Youth Allowance).
To be eligible for this allowance, you are required to prove your income is below the relevant income threshold. Although these payments are normally taxable, the government has announced to put it in law and make it tax-free.
Mental health support
Provide up to 10 free support session through primary health networks. In addition, Medicare rebate for 10 psychological therapy session will be granted if you are treated by the eligible GPs, psychologists, occupational therapists and social workers. (you are not required to have a GP referral for these services)
Phone, internet and energy
Many telecommunication
providers offer support package including free call diversion, extended payment
period, bill waivers under the extreme hardship, to bushfire victims. Please
get in touch with your provider for more information.
Many of the energy providers are also offering support such as freezing accounts.
Support for business
Businesses who are directly or indirectly affected by the bushfire are entitled to :
Up to $50,000 recovery grant (tax free)
Offer a concessional loan of up to $50,000 to the eligible small businesses (including farmers, fishers and foresters) and non-for-profit organizations who suffered a significant asset and monetary loss during the bushfire period. The loan period can be extended to up to 10 years with the intension to repair and replace damaged assets and working capital.
Volunteer firefighters in NSW and QSL may be entitled to the allowance up to $300 per day with a cap of $6,000. These kinds of allowance will not to be tested and they are tax-free. The payment is initiated by Federal Government and administered by the State Government (please refer to NSW Volunteer Firefighter Payment and QLD Volunteer Compensation Package for more information).
If you are in public sector, you are entitled to an extra 20 days paid emergency service leave to work on the front lines on the top of your normal annual leave.
Many telecommunication providers offer support to volunteer firefighter and SES (State Emergency Service) volunteers. Optus and Telstra, for instance, waive the payment for them from Dec 2019 to Jan 2020.
Need Help?
If you are unsure whether you qualify for bushfire tax relief, or whether you can defer lodgements and payments with the ATO, Pitt Martin Group can help you review and document your financial situation, weigh up grants, deferrals and relief options, and prepare the applications needed to support your business or personal recovery.
As Sydney tax accountants, we assist affected clients with ATO relief, grant applications and practical recovery advice.
Pitt Martin Group is a firm of Chartered Accountants, providing services including taxation, accounting, business consulting, self-managed superannuation funds, auditing and mortgage & finance. We spend hundreds of hours each year on training and researching new tax laws to ensure our clients can maximize legitimate tax benefit. Our contact information are phone +61292213345 or email info@pittmartingroup.com.au. Pitt Martin Group, Sydney tax accountants, is located in the convenient transportation hub of Sydney’s central business district. Our honours include the 2018 CPA NSW President’s Award for Excellence, the 2020 Australian Small Business Champion Award Finalist, the 2021 Australia’s well-known media ‘Accountants Daily’ the Accounting Firm of the Year Award Finalist and the 2022 Start-up Firm of the Year Award Finalist, and the 2023 Hong Kong-Australia Business Association Business Award Finalist.
Pitt Martin Group qualifications include over fifteen years of professional experience in accounting industry, Registered Australia Tax Agents, membership certification of the Chartered Accountants Australia and New Zealand (CA ANZ), certified External Examiner of the Law Societies of New South Wales, Victoria, and Western Australia Law Trust Accounts, membership certification of the Finance Brokers Association of Australia Limited (FBAA), Registered Agents of the Australian Securities and Investments Commission (ASIC), certified Advisor of accounting software such as XERO, QUICKBOOKS, MYOB, etc.
This content is for reference only and does not constitute advice on any individual or group’s specific situation. Any individual or group should take action only after consulting with professionals. Due to the timeliness of tax laws, we have endeavoured to provide timely and accurate information at the time of publication, but cannot guarantee that the content stated will remain applicable in the future. Please indicate the source when forwarding this content.
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting and mortgage industry. Skilled in Tax, Accounting, Business Advisory, SMSF, Audit and Mortgage. Strong entrepreneurship professional with qualification Master of Professional Accounting, CA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
The proposal in 2017-18 Federal Budget for stopping foreign residents from claiming CGT main residence exemption has passed by the Parliament before Christmas 2019 and takes effect retrospectively from 9 May 2017. Unless special circumstances applied, all foreign residents are not able to claim a full or partial exemption from CGT for the sale of their main residence. All foreign (non-tax) residents, including Australian expatriate, will be affected by the new rule.
Before that, all taxpayers (residents, foreign residents,
temporary tax resident) are entitled to a CGT exemption when they sell their
property as main residence.
Under new rule
The new rule, which comes into effect from 9 May 2017,
excludes foreign resident from the CGT main residence exemption. The exemption
will not be granted because you are an Australian tax resident for a period of
time or will not be partially granted on a pro rata basis according to the time
of your tax residency. The result of exemption will be determined on your tax
residency at the time when you dispose your dwelling.
As mentioned, if you are an Australian tax resident when you
sell your home, you will satisfy with the main residence exemption requirements
even if you become a foreign resident while owing your main residence. For
example, if you are an Australian expatriate working overseas and own a home in
Australia. It is highly likely that you are still entitled to the exemption as
long as you returned back to Australian and re-established your residency prior
to selling your main residence.
Australian tax residents will not be affected by the new
rule.
With some changes from the rule proposed in the 2017-18
Federal Budget including an extension of the transitional provision period,
there are some other new exceptions.
Transitional rules applied before 30 June 2020
Transitional rules apply to foreign residents who satisfy
the CGT exemption under the current rule. Foreign residents whose dwelling was
held as at 9 May 2017 and disposed on or before 30 June 2020 are entitled to
the exemption. Therefore, if you own
your home in Australia and live overseas, this would be your last chance to
sell the property to be exempt from CGT tax.
Exceptions under the new rules
The same as other rules, the new rule has some exceptions.
For example, if you are still qualified to access to the CGT exemption under
the current rule and become foreign resident less than 6 years, exceptions will
apply to you when the following “life events” occurred:
“Life events” refers to
The death of the individual’s spouse or the
individual’s minor children
Diagnosis of a terminal medical condition of the
individual, spouse or their minor children
Distribution of assets between the couple as a
result of divorce, separation or similar maintenance agreements
When the above events occurred, you are still entitled to
claim the CGT main residence exemption even if you are a foreign resident.
However, you will lose CGT main residence exemption if you
are a foreign resident for more than 6 years. That is, both you and your
beneficiary are not entitled to CGT main residence exemption once the
transitional period is over unless otherwise you become a tax resident at the
time before you sell your dwelling.
Definition of Australian tax residency
Australian tax residency is hard to determine since it doesn’t have any quantitative criteria. Most people think they are tax resident as long as they’ve been living in Australia for more than 183 days which is wrong. In Australia, four residency tests have been placed to determine tax residency, namely resides test, domicile test, 183-day test and superannuation test. Each test is supported by many past cases and analysis always requires combining four tests and other multiple considerations together, which could be quite complex.
Need Help?
If you are unsure whether you are an Australian tax resident when you sell your home, or whether a life event exception could still apply, Pitt Martin Group can help you review and document your tax residency, weigh up timing, exceptions and withholding, and prepare for the capital gains tax that may apply.
As Sydney tax accountants, we assist expatriates with property sales, CGT withholding and practical residency advice.
Pitt Martin Group is a firm of Chartered Accountants, providing services including taxation, accounting, business consulting, self-managed superannuation funds, auditing and mortgage & finance. We spend hundreds of hours each year on training and researching new tax laws to ensure our clients can maximize legitimate tax benefit. Our contact information are phone +61292213345 or email info@pittmartingroup.com.au. Pitt Martin Group, Sydney tax accountants, is located in the convenient transportation hub of Sydney’s central business district. Our honours include the 2018 CPA NSW President’s Award for Excellence, the 2020 Australian Small Business Champion Award Finalist, the 2021 Australia’s well-known media ‘Accountants Daily’ the Accounting Firm of the Year Award Finalist and the 2022 Start-up Firm of the Year Award Finalist, and the 2023 Hong Kong-Australia Business Association Business Award Finalist.
Pitt Martin Group qualifications include over fifteen years of professional experience in accounting industry, Registered Australia Tax Agents, membership certification of the Chartered Accountants Australia and New Zealand (CA ANZ), certified External Examiner of the Law Societies of New South Wales, Victoria, and Western Australia Law Trust Accounts, membership certification of the Finance Brokers Association of Australia Limited (FBAA), Registered Agents of the Australian Securities and Investments Commission (ASIC), certified Advisor of accounting software such as XERO, QUICKBOOKS, MYOB, etc.
This content is for reference only and does not constitute advice on any individual or group’s specific situation. Any individual or group should take action only after consulting with professionals. Due to the timeliness of tax laws, we have endeavoured to provide timely and accurate information at the time of publication, but cannot guarantee that the content stated will remain applicable in the future. Please indicate the source when forwarding this content.
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting and mortgage industry. Skilled in Tax, Accounting, Business Advisory, SMSF, Audit and Mortgage. Strong entrepreneurship professional with qualification Master of Professional Accounting, CA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
The Government has restored the
Superannuation Guarantee (SG) amnesty aiming to provide employers who have
fallen behind with their SG obligations the one-off opportunity to
“self-correct”. However, this time those continually fail to take any action
will be heavily penalised.
The announcement of the Amnesty is proposed
to have immediate effect from May, commencing on 24 May 2018 and ending on 23
May 2019. The original amnesty failed to go through Parliament as many claims
that the Amnesty is unnecessary to the recalcitrant employers.
Since the original announcement, the ATO
reports that over 7000 employers have come forward to voluntarily disclose
historical unpaid super. The government has estimated that around $2.85 billion
in SG payments is currently owed in late or went unpaid.
When is the Amnesty effective?
The legislation to give effect to the Amnesty
was introduced into Parliament on 24 May 2018, and if enacted, will apply
retrospectively and end six months from the date it receives royal assent.
During this six-month time frame, employers are required to voluntarily
disclose underpaid or unpaid SG payment.
The Amnesty applies to disclosures of
previously undeclared SG shortfall amount up to until March 2018 quarter.
How do employers qualify under
the Amnesty?
To be eligible for the Amnesty, an employer
must voluntarily disclose SG shortfall amounts. Employers are obligated to pay
all that is owing to their employees. Alternatively, employers can set up a
payment plan with ATO if your company is not able to pay off the full shortfall
SG amount. Defaulting on a payment plan will expose the employer no longer
qualify under the SG Amnesty.
Should bear in mind that the Amnesty only
applies to voluntarily disclosure. The ATO are, in the meantime, continuing its
compliance activities against employers during the Amnesty period. Employers
will face full amount penalties if they are subsequently caught by paying late
or not paying any unpaid superannuation in full. The Amnesty does not apply to
the amounts that have been identified by ATO as unpaid SG shortfall or where
the employer is subject to an ATO audit.
What do employers pay under the
amnesty?
Normally, if employers fail to meet their obligation on time, they are liable to pay the SG charge (SGC) imposed in relation to this SG gap and lodge a Superannuation Guarantee Statement. The SGC cannot be waived even if you pay the outstanding SG soon after the deadline.
No Amnesty
Under Amnesty
The SG Charge is made up of
The charge is made up of
SG shortfall amounts
(this amount might be higher than if it paid on time)
SG shortfall amounts
Interests on those amounts (currently 10%)
Interest on those
amounts (currently 10%)
An administration fee of $20
per employee, per quarter
No administration fees
Penalties of up to 200 percent of the SGC payable
(minimum 100% for quarters covered by the Amnesty)
No penalties
General interest charged if the SGC or penalties are not
paid by the due date
General interest charged if the SGC or penalties are not
paid by the due date
SGC amount is non tax deductible
SGC amount is tax deductible
Under the quarterly superannuation
guarantee, the interest charged is calculated on the employer’s quarterly
shortfall amount from the first day of the relevant quarter to the date when
the SGC would be payable (not from the date when the SG was overdue)
Under the Amnesty, employers who voluntarily
disclose previously undeclared SG shortfalls are entitled to claim a tax
deduction for these “catch-up” payments made in the Amnesty period.
If employers are late in making
superannuation payments to their employees, special provisions in legislation
applies to automatically protect employees from inadvertently breaching
concessional contribution gap limits if the unpaid SG amount is paid to the
Commissioner and then transferred to the employee’s superannuation fund. Where
employers pay the superannuation directly to the affected employee’s superannuation
fund(s), employees then would need to apply to the Commissioner requesting the
exercise of discretion to either disregard the concessional contributions or
carry them forward to the following year.
What happens if you don’t take
advantage?
If an employer doesn’t take advantage of the
Amnesty and are caught down the track, they are liable for the harshness fines,
equal to double the amount of the SGC, i.e.200 percent of the SGC payable The
Commissioner may remit all or part of the additional SGC payable by an
employer. The legislation gives the power to the Amnesty to impose
significantly higher penalties on employers who are not willing to voluntarily
deal with SG gap by removing the ATO’s capacity to reduce the penalties below
100%. In fact, the Commissioner loses power for leniency even in cases where an
employer has made a genuine mistake.
What to from here?
Even if you don’t think you have an
outstanding obligation in relation to superannuation, it is wise to undertake
an audit of your payroll in order to ensure your superannuation payable is
calculated correctly and employees’ pay rates are in line with their
entitlements under law and legislation.
If your business has engaged any contractors
during the Amnesty period, reviews should be properly undertaken to ensure they
are classified as employees under the SG provision even if two parties have
reached the consensus that they should be treated as contractors. In other
words, you cannot contract out of SG obligations.
If a problem is revealed, you can correct it
without excessive penalties applying under the Amnesty. If you are uncertain
about what Awards and pay rates apply to employees, there’s a pay calculator
available on the FairWork
Ombudsman’s website or you can contact them online or
call them on 131394.
Need Help?
If you are unsure whether your business has underpaid employee super, or whether some of your contractors should have received super as employees, Pitt Martin Group can help you review and document your payroll records, weigh up amnesty eligibility, payment plans and penalties, and prepare a voluntary disclosure before the amnesty deadline passes.
As Sydney tax accountants, we assist employers with super guarantee obligations, payroll audits and practical compliance advice.
Pitt Martin Group is a firm of Chartered Accountants, providing services including taxation, accounting, business consulting, self-managed superannuation funds, auditing and mortgage & finance. We spend hundreds of hours each year on training and researching new tax laws to ensure our clients can maximize legitimate tax benefit. Our contact information are phone +61292213345 or email info@pittmartingroup.com.au. Pitt Martin Group, Sydney tax accountants, is located in the convenient transportation hub of Sydney’s central business district. Our honours include the 2018 CPA NSW President’s Award for Excellence, the 2020 Australian Small Business Champion Award Finalist, the 2021 Australia’s well-known media ‘Accountants Daily’ the Accounting Firm of the Year Award Finalist and the 2022 Start-up Firm of the Year Award Finalist, and the 2023 Hong Kong-Australia Business Association Business Award Finalist.
Pitt Martin Group qualifications include over fifteen years of professional experience in accounting industry, Registered Australia Tax Agents, membership certification of the Chartered Accountants Australia and New Zealand (CA ANZ), certified External Examiner of the Law Societies of New South Wales, Victoria, and Western Australia Law Trust Accounts, membership certification of the Finance Brokers Association of Australia Limited (FBAA), Registered Agents of the Australian Securities and Investments Commission (ASIC), certified Advisor of accounting software such as XERO, QUICKBOOKS, MYOB, etc.
This content is for reference only and does not constitute advice on any individual or group’s specific situation. Any individual or group should take action only after consulting with professionals. Due to the timeliness of tax laws, we have endeavoured to provide timely and accurate information at the time of publication, but cannot guarantee that the content stated will remain applicable in the future. Please indicate the source when forwarding this content.
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting and mortgage industry. Skilled in Tax, Accounting, Business Advisory, SMSF, Audit and Mortgage. Strong entrepreneurship professional with qualification Master of Professional Accounting, CA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
如果您不确定出售自住房时自己是否为澳大利亚税务居民，或者”生活事件”例外条款是否仍然适用，Pitt Martin Group 可以帮助您审核并记录您的税务居民身份，权衡出售时机、例外条款及预扣税，并为可能需要缴纳的增值税做好准备。
作为悉尼的税务会计师，我们为海外人士提供房产出售、增值税预扣及实用的税务居民身份建议。
皮特马丁会计师事务所 Pitt Martin Group是一家提供税务，会计，生意咨询，自管养老金，审计及贷款等综合性服务的经澳洲特许会计师协会认证的注册会计师事务所。我们每年会花上几百个小时去研究新的税法，以保证我们的客户可以最大化合理避税。我们的中文联系方式是 Robert Liu +61292213345 或邮件 info@pittmartingroup.com.au。皮特马丁会计师事务所Pitt Martin Group坐落在交通便利的悉尼市市中心，是一家拥有可以说中文合伙人的悉尼会计师事务所。我们的荣誉包括2018年CPA新州首席优秀奖， 2020年澳大利亚小生意年度冠军入围奖, 2021年澳洲知名媒体《每日会计师》年度最佳会计师事务所冠军入围奖，2022年最佳会计师事务所新人入围奖和2023香港澳大利亚商业协会最佳积极生意入围奖 。
皮特马丁会计师事务所 Pitt Martin Group资质包括超过十五年的从业经验，澳大利亚税务注册代理，澳大利亚与新西兰特许会计师协会（CAANZ）会员，新州、维州和西澳律师协会信托账户 (Trust Account) 认证审计师，澳大利亚金融贷款经纪人协会（FBAA）执业认证会员，澳大利亚证券及投资委员会注册代理，XERO, QUICKBOOKS, MYOB等会计软件授权单位及认证顾问。
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting and mortgage industry. Skilled in Tax, Accounting, Business Advisory, SMSF, Audit and Mortgage. Strong entrepreneurship professional with qualification Master of Professional Accounting, CA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
Cash
flow is one of the most important components of success for a SME business.
Without cash, profits are meaningless. Organisations that don’t implement good
cash management may not be able to make the investments needed to compete, or they
may have to pay more to borrow money to operate.
Most
business owners don’t really have a handle on their cash flow because they are
too busy running their business. Inadequate cash flow management is causing
more business failures today than ever before.
Cash
flow is basically the movement of cash in and out of the business. You should
be tracking this either weekly, monthly or quarterly. Positive cash flow occurs
when the cash channelling into your business from sales is more than the amount
of the cash leaving your businesses through expenses. On the other hand,
negative cash flow occurs when your outflow of cash is greater than your inflow
of cash. This generally brings concern for a business, but there are steps you
can take to remedy the situation and generate more cash while maintaining expenses.
You should review operating costs such as electricity, phone and internet frequently
ensure you are getting the best deal.
You
should have a clear debt collection process because late payments can put a significant
strain on your cash flow. You could put your clients on direct debit with pre-authorisation
checks so that the banks can draw against their accounts at scheduled intervals.
You could also try offering discounts to clients if they pay invoices quickly.
As
a small business owner, you might have areas that you are not so strong in.
Perhaps you are great at sales but struggle with accounting, tax and
bookkeeping. Hiring a professional or consultant who’s an expert in the areas that
you need support with makes business sense. At the same time, you won’t have to
pay a full-time additional salary ongoing. The consultant can work ‘in’ your
business and you can focus ‘on’ your business.
Moving
to a cloud accounting solution is a must because you can access your financials
at anywhere and anytime. This means you can stay on top of your bookkeeping
from overseas, home or on the road. Cloud accounting solution has made it easy
for you to log in and add expense as you generate them, track overdue payments
or review your profit and loss statement. You can securely share your financial
information with your consultant, so they always have a live and up to date data
to provide you with any advice as needed.
Most small business
owners see growth as the solution to a cash flow issue. They often achieve
their goal of growing the business only to find they have increased their cash flow
issues in the process. Plan for growth and the related cash expenses in
advance, so they don’t come as a surprise.
Cash
flow shortages are often hard to predict, largely if they’re caused by a large unpredicted
expense or unexpectedly slow payment from a major client. You should always
have a plan in place to access additional capital if you need it.
One way to keep the
situation under control is by tracking your cash flow results every week, month
or quarterly to determine if your management is generating the type of cash
flow your business needs. This also helps you get better at creating cash flow
projections you can rely on as you make business decisions about expanding your
business and taking care of your existing invoices.
Need Help?
If you are unsure whether your business is generating enough cash to cover its expenses, or whether growth plans will put pressure on your cash flow, Pitt Martin Group can help you review and document your finances, weigh up costs, collections and funding options, and prepare cash flow projections you can rely on.
As Sydney tax accountants, we assist businesses with cloud bookkeeping, cash flow management and practical growth advice.
Pitt Martin Group is a firm of Chartered Accountants, providing services including taxation, accounting, business consulting, self-managed superannuation funds, auditing and mortgage & finance. We spend hundreds of hours each year on training and researching new tax laws to ensure our clients can maximize legitimate tax benefit. Our contact information are phone +61292213345 or email info@pittmartingroup.com.au. Pitt Martin Group, Sydney tax accountants, is located in the convenient transportation hub of Sydney’s central business district. Our honours include the 2018 CPA NSW President’s Award for Excellence, the 2020 Australian Small Business Champion Award Finalist, the 2021 Australia’s well-known media ‘Accountants Daily’ the Accounting Firm of the Year Award Finalist and the 2022 Start-up Firm of the Year Award Finalist, and the 2023 Hong Kong-Australia Business Association Business Award Finalist.
Pitt Martin Group qualifications include over fifteen years of professional experience in accounting industry, Registered Australia Tax Agents, membership certification of the Chartered Accountants Australia and New Zealand (CA ANZ), certified External Examiner of the Law Societies of New South Wales, Victoria, and Western Australia Law Trust Accounts, membership certification of the Finance Brokers Association of Australia Limited (FBAA), Registered Agents of the Australian Securities and Investments Commission (ASIC), certified Advisor of accounting software such as XERO, QUICKBOOKS, MYOB, etc.
This content is for reference only and does not constitute advice on any individual or group’s specific situation. Any individual or group should take action only after consulting with professionals. Due to the timeliness of tax laws, we have endeavoured to provide timely and accurate information at the time of publication, but cannot guarantee that the content stated will remain applicable in the future. Please indicate the source when forwarding this content.
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting and mortgage industry. Skilled in Tax, Accounting, Business Advisory, SMSF, Audit and Mortgage. Strong entrepreneurship professional with qualification Master of Professional Accounting, CA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
如果您不确定如何回应税局的欠税通知，或者作为公司董事是否需要承担个人责任，Pitt Martin Group 可以帮助您审核并记录您的税务欠款情况，权衡付款计划、罚款及争议处理方式，并在追讨行动升级前及时准备好回应。
作为悉尼的税务会计师，我们为客户提供税务纠纷处理、欠款协商及实用的董事罚款建议。
皮特马丁会计师事务所 Pitt Martin Group是一家提供税务，会计，生意咨询，自管养老金，审计及贷款等综合性服务的经澳洲特许会计师协会认证的注册会计师事务所。我们每年会花上几百个小时去研究新的税法，以保证我们的客户可以最大化合理避税。我们的中文联系方式是 Robert Liu +61292213345 或邮件 info@pittmartingroup.com.au。皮特马丁会计师事务所Pitt Martin Group坐落在交通便利的悉尼市市中心，是一家拥有可以说中文合伙人的悉尼会计师事务所。我们的荣誉包括2018年CPA新州首席优秀奖， 2020年澳大利亚小生意年度冠军入围奖, 2021年澳洲知名媒体《每日会计师》年度最佳会计师事务所冠军入围奖，2022年最佳会计师事务所新人入围奖和2023香港澳大利亚商业协会最佳积极生意入围奖 。
皮特马丁会计师事务所 Pitt Martin Group资质包括超过十五年的从业经验，澳大利亚税务注册代理，澳大利亚与新西兰特许会计师协会（CAANZ）会员，新州、维州和西澳律师协会信托账户 (Trust Account) 认证审计师，澳大利亚金融贷款经纪人协会（FBAA）执业认证会员，澳大利亚证券及投资委员会注册代理，XERO, QUICKBOOKS, MYOB等会计软件授权单位及认证顾问。
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting and mortgage industry. Skilled in Tax, Accounting, Business Advisory, SMSF, Audit and Mortgage. Strong entrepreneurship professional with qualification Master of Professional Accounting, CA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
A new law has come into effect through the Parliament last
month, denying the deductions for holding expenses associated with vacant land,
which currently would be deductible in the ordinary course. The legislation is
not only retrospective but also go beyond purely vacant land. Before, the old
law allows those who hold vacant land with an intention to build a rental
property on it to claim the tax deduction for costs of holding the land such as
interest expenses, council rates and other ongoing cost.
When the new law enacted, deductions will be denied mostly for individuals, closely held trusts, and self-managed super funds (SMSFs). It applies retrospectively to costs or outgoings incurred on or after 1 July 2019, regardless of whether the land was held prior to this date. Without the grandfathering provision, the new law is likely to have a significant impact not only on those intending to develop vacant land but also those who have already acquired land for development purpose. This is the same target as previous tax changes that carve out travel claims to visit rental properties and depreciation claims on plant and equipment in some residential rental properties.
The new laws, however, go beyond purely vacant land for
residential purpose. Deductions would be denied on land if there is no
substantial structure on it. The only problem is that there is no clear
definition of “substantial” given by the legislation. The Bill suggests that,
for example, a silo or shearer is substantial, but a residential garage is not.
The non-deductible holding costs of vacant land under the measure will be added to the cost base of the asset if the expenses otherwise meet the cost base rules for CGT purposes, which will give relief against any capital gain or loss when the taxpayer ultimately sells the property. Please be aware that the cost of holding capital gains assets purchased before 21 August 1991 cannot be added to the cost base, which means it cannot be used to reduce capital gains or increase capital losses.
Is there any exception to the new law? The answer is YES.
Some holding costs that relates to vacant land may continue to be eligible for
deductions. For example, land leased to third parties under an arm’s-length
arrangement who carries a business activity on the land or land used in a
primary production business. However, deductions would be apportioned (at least
to some extent) if there are residential premises on the land or being
constructed on the land.
In addition, vacant land that is affected by natural
disasters or out of control by the owner for a certain period are also exempt
from the new law.
There is no denial of any deductions where the person or certain related parties use the land in carrying on a business or where the land is owned by companies, superannuation funds (other than SMSFs), managed investment trusts or certain public trusts.
Need Help?
If you are unsure whether your SMSF’s investment strategy still suits the fund, or whether it needs reviewing after a change such as a member starting a pension, Pitt Martin Group can help you review and document your strategy, weigh up diversification, liquidity and insurance, and prepare the evidence your auditor will expect.
As Sydney tax accountants, we assist trustees with SMSF compliance, investment strategy reviews and practical superannuation advice.
Pitt Martin Group is a firm of Chartered Accountants, providing services including taxation, accounting, business consulting, self-managed superannuation funds, auditing and mortgage & finance. We spend hundreds of hours each year on training and researching new tax laws to ensure our clients can maximize legitimate tax benefit. Our contact information are phone +61292213345 or email info@pittmartingroup.com.au. Pitt Martin Group, Sydney tax accountants, is located in the convenient transportation hub of Sydney’s central business district. Our honours include the 2018 CPA NSW President’s Award for Excellence, the 2020 Australian Small Business Champion Award Finalist, the 2021 Australia’s well-known media ‘Accountants Daily’ the Accounting Firm of the Year Award Finalist and the 2022 Start-up Firm of the Year Award Finalist, and the 2023 Hong Kong-Australia Business Association Business Award Finalist.
Pitt Martin Group qualifications include over fifteen years of professional experience in accounting industry, Registered Australia Tax Agents, membership certification of the Chartered Accountants Australia and New Zealand (CA ANZ), certified External Examiner of the Law Societies of New South Wales, Victoria, and Western Australia Law Trust Accounts, membership certification of the Finance Brokers Association of Australia Limited (FBAA), Registered Agents of the Australian Securities and Investments Commission (ASIC), certified Advisor of accounting software such as XERO, QUICKBOOKS, MYOB, etc.
This content is for reference only and does not constitute advice on any individual or group’s specific situation. Any individual or group should take action only after consulting with professionals. Due to the timeliness of tax laws, we have endeavoured to provide timely and accurate information at the time of publication, but cannot guarantee that the content stated will remain applicable in the future. Please indicate the source when forwarding this content.
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting and mortgage industry. Skilled in Tax, Accounting, Business Advisory, SMSF, Audit and Mortgage. Strong entrepreneurship professional with qualification Master of Professional Accounting, CA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
