ATO property data-matching programs
New ATO data-matching programs involving property The ATO has advised that it will engage in two new data-matching programs dealing with property transactions, as follows: The ATO will acquire property management data from property management software providers for the 2018/19 through to 2022/23 financial years (relating to approximately 1.6 million individuals); and The ATO will […]
FBT rates and thresholds for the 2021/22 FBT year
Updated FBT rates and thresholds for the 2021/22 FBT year have been released The ATO has updated its webpage containing the fringe benefits tax (‘FBT’) rates and thresholds for the 2017/18 to 2021/22 FBT years. Two amounts that were not previously announced for the 2021/22 FBT year are: the FBT record-keeping exemption is $8,923 (up […]
Tax housekeeping
Private health insurance statements now optional Taxpayers with private health insurance should be aware that insurance providers are no longer required to provide statements to their members. Taxpayers lodging their tax returns using a registered tax agent should have their health insurance details ‘pre-filled’ into their return (but they will need to contact their health […]
Latest ATO benchmarks released
ATO has released updated benchmark data from 1.5M small businesses around Australia To “help small businesses across the country . . . gauge the strength of their business and keep an eye on their competition”. Updated benchmarks for more than 100 industries are now available for the following categories: Accommodation and food Building and construction […]
Six FBT issues
FBT issues on the ATO’s radar The ATO has updated their What attracts our attention list with six items that specifically relate to fringe benefits tax (‘FBT’), as follows: Failing to report motor vehicle fringe benefits, incorrectly applying exemptions for vehicles or incorrectly claiming reductions for these benefits. Incorrectly calculating car parking fringe benefits due to: […]
ATO cash economy
Continued focus on the cash economy ATO Assistant Commissioner Peter Holt has announced that, in the 2019/20 financial year, the ATO will be visiting a further 10,000 small businesses across the country. He further said that businesses that advertise as ‘cash only’ and businesses that are operating outside of the ATO’s performance benchmarks for their […]
Chief Financial Officer Program
Stressed by a lack of accurate financial information? Predicting the financial future of your business is not easy. Most businesses understand the need to price their products or services so they cover costs and make a profit. Understanding your business’s fixed and variable expenses is the first step in performing a break-even analysis. What sets […]
Business Valuation Service
Do you know how business value affects your future? Many business owners believe it will be easy to sell their business for the price they want. However, with many more businesses for sale and fewer buyers, smart business owners do not wait and see; they take control of their own future! Ask yourself: What is […]
Omnis Group’s CFO Program
Sleep better at night knowing your numbers are right! A lack of accurate financial information is a major cause of stress and concern for business owners and their families. Appointing a Chief Financial Officer (CFO) in your business is one way to fix this problem, but many small businesses can’t afford a full time, experienced […]
WA SMSF and Accounting Awards 2018
Perth’s Omnis Group shortlisted for 4 industry awards Perth’s Justin Flavel and Omnis Group are officially in the running to take home four awards at the prestigious self-managed super and accounting event of the year. Omnis Group has been shortlisted as Finalists in three categories at the state-based 2018 SMSF and Accounting Awards, in partnership […]
