Central Coast Accountants

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The Coronavirus Economic Stimulus Package for Businesses

Published on April 30, 2020 at 12:00 AM

Coronavirus – Covid-19, what does this all mean to people in business, companies, trusts, sole traders and partnerships?…

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The Coronavirus Economic Stimulus Package for Individuals

Published on April 30, 2020 at 12:00 AM

Coronavirus – Covid-19, what does this all mean to Employees and Individuals generally?…

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Principal Michael O'Brien receives 30 year achievement award from the Tax Institute

Published on October 17, 2018 at 12:00 AM

Chapmans is proud to announce that our Principal Michael O'Brien has recently been awarded a 30 year achievement award from the Tax Institute.…

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Small Business Incentives

Published on July 24, 2019 at 12:00 AM

Small business incentives, now a $30,000 immediate write off. Do you need a tax deduction for the 2019 financial year? Previously, I advised about year end tax planning, however we now only have two weeks before the end of the 2019 financial year.…

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What is Single Touch Payroll all about?

Published on April 26, 2019 at 12:00 AM

Single Touch Payroll (STP) has been introduced by the Government to streamline the collection of information about employees’ tax and superannuation so that the Government is not relying on employers who drag the chain and don’t provide the information regularly.…

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What may or may not be covered under the 2019 Federal Budget?

Published on April 26, 2019 at 12:00 AM

It seems a lot of information to cover, however all these topics are carefully intermingled in our current economic environment.What do we know of what may or may not be covered under the 2019 Federal Budget?…

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How those with superannuation will be affected by new taxes

Published on February 18, 2019 at 12:00 AM

The Labor Party’s proposed changes to imputation credits will hit some hard; here’s who will be affected.…

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Lifestyle planning: How to prepare for a great retirement

Published on February 6, 2019 at 12:00 AM

John worked 50 to 60 hours per week in his own business for over 30 years. He was in his 50's and looked forward to his retirement at some stage, but as retirement comes with some major lifestyle and financial changes, he didn't know how to achieve this. So he came to us, and now he's living his very best years in retirement – you should see his golf swing!…

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Single Touch Payroll: What does it mean for a small business?

Published on November 23, 2018 at 12:00 AM

Accountants must ensure that companies have the necessary software and infrastructure to meet the requirements of the Single Touch Payroll (STP) system, as required by the ATO.Effective 1 July 2018, all companies with 20 or more employees are required to report their payroll information to the Australian Taxation Office (ATO) in real time and directly from their payroll or accounting software.…

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Make the Most of Your Small Business $20,000 Incentives

Published on November 21, 2017 at 12:00 AM

Know how small business incentive help you buy various equipment or assets under $20,000. Also discover factors affecting small business tax and how to profit by them.…

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The state of SMSF in 2016/2017; regulatory changes and the rise of the robo SMSF

Published on January 17, 2017 at 12:00 AM

Self Managed Superannuation Funds, otherwise known as SMSFs, are an increasingly-popular way for people to manage their super. Unlike with conventional super funds, in a SMSF, you have control over the investments, and if it’s managed well, the returns to your retirement savings can be significantly greater. …

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Federal Budget Brief 2013

Published on May 15, 2013 at 12:00 AM

A summary of some of the relevant 2013 federal budget announcements, including cap on work-related self-education deductions, medicare levy increase, baby bonus abolishment, Aged Pensioner residence downsizing pilot programme...…

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Living-away-from-home concessions to be tightened

Published on February 28, 2013 at 12:00 AM

The Government has proposed a raft of changes concerning living-away-from-home allowances (LAFHAs) and benefits. Essentially, the Government is restricting access to the concessions. Employers and employees who may…

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Commissioner's new power to withhold refunds

Published on February 27, 2013 at 12:00 AM

Legislation is making its way through Parliament to give the Commissioner of Taxation a new power to withhold “high risk” refunds pending integrity checks of a taxpayer’s claim. The changes are being introduced in response…

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Non-resident tax rate increases on the way

Published on February 26, 2013 at 12:00 AM

Legislation has been introduced into Parliament to amend the income tax rates for non-residents from 1 July 2012. The changes, pending formal enactment, will essentially increase the non-resident tax rates from the 2012–2013 year…

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Minors and low tax offset changes

Published on February 25, 2013 at 12:00 AM

The Government has introduced legislation to implement its 2011 Budget announcement to bring an end to the ability of minors (children under 18 years of age) to access the low income tax offset (LITO) to reduce tax payable on their…

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Director penalty regime - take two!

Published on February 24, 2013 at 12:00 AM

The Government has reintroduced legislation into Parliament to extend the director penalty regime. This will, among other things, make directors personally liable for their company’s unpaid superannuation guarantee amounts.…

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CGT small business concessions denied

Published on February 23, 2013 at 12:00 AM

A recent case before the Administrative Appeals Tribunal (AAT) has demonstrated the need for great care when structuring arrangements to ensure a taxpayer’s eligibility for the small business capital gains tax (CGT) concessions.…

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Private health insurance rebate changes looming

Published on February 22, 2013 at 12:00 AM

Income testing of the 30% private health insurance rebate starts on 1 July 2012. Essentially, singles earning over $84,000 per annum and families earning over $168,000 per annum will receive a reduced rebate that is less than the current…

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Published on March 13, 2013 at 12:00 AM

Useful links and resources…

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Mini-budget tightens fringe benefits, health rebates and more

Published on December 15, 2012 at 12:00 AM

The Government’s mid-year budget update was handed down in late October 2012. The Treasurer revised down the expected Budget underlying cash surplus to $1.1 billion for 2012–2013 – down from $1.5 billion…

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ATO to data-match motor vehicle purchases

Published on December 16, 2012 at 12:00 AM

The ATO is collecting details of individuals and businesses who have purchased or acquired a vehicle with a transaction value of $10,000 or greater in the 2011–2012 or 2012–2013 financial years. The information will be …

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AUSTRAC shares information with the ATO

Published on December 17, 2012 at 12:00 AM

AUSTRAC has recently highlighted the growing role of financial intelligence in tackling crime, including tax evasion. In 2011–2012, AUSTRAC reported that information sharing. AUSTRAC has recently highlighted…

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Honest mistake in not documenting private company loans

Published on December 18, 2012 at 12:00 AM

A taxpayer has been, in most part, successful before the Administrative Appeals Tribunal (AAT) in relation to a matter concerning loans from a private company. These loans were made to him, over various years, as a shareholder and director…

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Depreciation deduction allowed for certain equipment

Published on December 19, 2012 at 12:00 AM

A recent case before the AAT has highlighted the need for businesses to maintain appropriate records of plant and equipment used in business. The taxpayer, who was a partner of a box manufacturing business…

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Special Circumstances Found To Set Aside Excess Contributions Tax

Published on December 20, 2012 at 12:00 AM

A taxpayer has successfully argued before the AAT that there were special circumstances in his situation to allow for the exercise of the Commissioner’s discretion under the law to reallocate superannuation contributions. Accordingly, monies paid…

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Tasmanian bushfires – lodgment and payment deferral

Published on March 1, 2013 at 12:00 AM

For victims affected by the Tasmanian bushfires of January 2013, the ATO announced that it will make arrangements to defer lodgment and payment of certain monthly and quarterly activity statements. The arrangements…

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SMSF investment in property requires care

Published on March 2, 2013 at 12:00 AM

The ATO has warned trustees of self managed superannuation funds (SMSFs) to exercise care in ensuring that arrangements entered into to invest in property are properly implemented, particularly those involving limited…

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ATO Data-Matching Programs

Published on March 3, 2013 at 12:00 AM

The ATO has announced data-matching programs to identify instances where taxpayers may not be meeting their tax obligations. The ATO says it will collect data from various banks and credit card companies relating to credit and debit…

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Deductions for Rental Properties Allowed

Published on March 4, 2013 at 12:00 AM

In a recent decision, the Administrative Appeals Tribunal (AAT) allowed a taxpayer’s claim for rental deductions in respect of two properties for the 2008 income year. The taxpayer owned the properties with her two sons…

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Foreign income assessable

Published on March 5, 2013 at 12:00 AM

The AAT has found that a taxpayer was a resident of Australia and therefore affirmed the Tax Commissioner’s decision to assess the taxpayer’s foreign income earned for the 2006 to 2008 income years…

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Mistaken Belief Does Not Revoke Excess Super Tax Bill

Published on March 6, 2013 at 12:00 AM

A taxpayer has been unsuccessful before the AAT in arguing that her “mistaken belief” as to the timing of a superannuation contribution was a “special circumstance” that warranted reallocating excess superannuation contributions…

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Taxman's new power to address super law contraventions

Published on March 7, 2013 at 12:00 AM

The Government has proposed to establish what it calls a fairer administrative penalty regime for trustees of SMSFs for certain contraventions of the superannuation law. Administrative penalties would range from $850 to $10,200…

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