News - Page 42 of 44 - Boanco

A New Announcement From ATO of Single Touch Payroll

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Single Touch Payroll (STP), is an Australian Government initiative to reduce employers’ reporting burdens to government agencies. With STP, you report employees’ payroll information to us each time you pay them through STP-enabled software. Payroll information includes: Salaries and wages Pay as you go (PAYG) withholding Superannuation. The ATO has made two important announcements […]

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Know Changes to the Application of Foreign Surcharges for Trusts Holding NSW Residential Property

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The State Revenue Legislation Further Amendment Act 2020, which came into effect in New South Wales on 24 June 2020, includes changes to “foreign person surcharges” for purchaser duty and land tax relevant to residential land in NSW owned by discretionary trust. So, if you are concerned about some changes of foreign surcharges for trusts

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Using your SMSF for Property Investment

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It became possible for SMSFs to borrow money to fund a direct property purchase. And, SMSFs have become an increasingly popular choice for Australians in recent years. If you are considering buying a property through SMSF, it is necessary to make sure you know what to do. Here is a guide to use your SMSF

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Advantages and Disadvantages of a Discretionary Trust

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If you are considering starting your business through a discretionary trust, it is important to understand how the discretionary trust will impact your business running and understand this structure is appropriate for meeting your purposes. In this article, we’ll explain the advantages and disadvantages of a discretionary trust. What Is a Discretionary Trust? Discretionary trusts

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Make Trusts Part of Your Future Planning

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Clients often ask, “Why do I need a trust?” This question comes up when people want to make lifetime gifts to their children in the future, and even more frequently when it comes to the potential tax consequences which can arise where they are misused. A trust can provide some protection from creditors and can

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Tips for Freelance Tax Preparation

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Individuals who have been utilized in conventional work settings are thinking that it’s essential to enhance or supplant their revenue sources. While some intentionally exit their positions, others might be the result of cutting back and cutbacks. In any case, numerous who hold energy for their calling discover options, for example, redistributing, to get

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Five Small Business Tax Deductions When Claim Tax

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Running a business is not easy since the more you earn an income, the more expenses you incur most, especially when paying taxes. However, some universal rules help the business to claim a tax deduction on various costs that the company incurs in the long run. Some may be easy to detect while others

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Can Business Loans Be Written Off?

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Acquiring a loan to finance or rather boost business is quite common among different business owners. However, one needs to be cautious when taking the loan and the kind of loan you take since the financial flow in a company is also affected by taxation. This brings us to the question whether all the

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Understanding the ESS changes. Five things you need to know.

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There have been some recent changes to the tax rules when it comes to employee share schemes. There has been an attempt to make them more appealing for employer and employee participation. The changes to the ESS were significant as of 1 July 2015. They allow for a more extended tax deferment. There

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Do you know about Stamp Duty Concession on certain asset transfers in Self-Managed Super Fund?

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Are you a property investor? Are you a trustee of SMSF? Then you should read this article carefully. Aside from the lower tax rates which apply within a self-managed superannuation fund, the trustees of SMSF can also take advantage of the valuable stamp duty concession provided by Revenue NSW. Buying commercial real property

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