Mythbusting super
5 super myths explained Although most of us have money in super, there are still some myths and misconceptions surrounding it. Myth 1: Super is a form of tax It’s understandable that some people think super is a form of tax. After all, you’re likely to see super payments on your payslip near the amount […]
Cryptocurrency
Transacting with cryptocurrency With interest in cryptocurrencies (such as Bitcoin) increasing, the ATO has issued guidance regarding various tax consequences of transactions involving cryptocurrencies. Any capital gains made on the disposal of a cryptocurrency (including using the cryptocurrency or converting it to Australian dollars) may be taxed, although certain capital gains or losses from disposing […]
Company tax cuts
Further company tax cuts deferred (for now…) The Government has decided not to put the Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017 to a vote in the Senate… for the present point in time (it had already passed the House of Representatives without amendment). The Bill aims to progressively extend the lower […]
Tax Time mistakes
ATO guide to the 5 most common Tax Time mistakes As Tax Time 2018 has ‘kicked off’, the ATO has profiled the five most common mistakes they see, including taxpayers who are: Leaving out some of their income (e.g. forgetting a temp or cash job, capital gains on cryptocurrency, or money earned from the sharing […]
Key points from Budget 2018
How will the Budget affect you? This year’s Federal Budget is an ‘election budget’ with tax cuts for all Australians that will be funded by the Government’s higher than expected revenue. All-in-all, changes to super were fairly limited in the Budget, with the Government focused on preventing the erosion of super funds with small balances. […]
2018/19 Federal Budget
2018 Federal Budget Update Quick links Changes affecting business taxpayers Superannuation related changes Changes affecting companies Other changes Personal income tax changes Personal income tax plan The Government will introduce a seven-year, three-step, Personal Income Tax Plan, as follows: Step 1: Targeted tax relief to low and middle income earners The Government will introduce the […]
Meet Senior Accountant, Daniel Carlino CPA
Daniel Carlino CPA Omnis Group Senior Accountant As a Certified Practising Accountant, Daniel Carlino manages Omnis Group’s clients by reviewing Business Activity Statements, financial accounts and income tax returns for individuals, partnerships, trusts and companies. He has a strong understanding of how best to work with small and medium enterprise, likely because Daniel hails from […]
Healthcare practitioners
Lump sum payments for healthcare practitioners If you are a healthcare practitioner, you may receive lump-sum payments. It is important to know how to treat these correctly when received. As part of the ATO’s work on the Tax Avoidance Taskforce, they see a number of arrangements in the healthcare services industry where a lump sum payment is made and […]
Peta Berry, Manager SMSF Solutions
Meet Omnis Group Manager, Peta Berry Working across Omnis Group’s Accounting and Financial Planning businesses, Accountant Peta Berry has a strong background in self-managed super fund (SMSF) accounting and administration. She joined Omnis Group in 2008 to run the SMSF Solutions Department, specialising in: SMSF Administration SMSF Preparation of Annual Financial Statements & Tax Returns SMSF […]
Entertainment and fringe benefits
The provision of entertainment means the provision of: entertainment by way of food, drink or recreation accommodation or travel in connection with, such entertainment. Entertainment includes, for example: meals and drinks, cocktail parties and staff social functions sporting or theatrical events, sightseeing tours and holidays entertaining employees and non-employees (for example, clients) over a weekend […]
