How To Protect Your Business Against Cyber Crime

It’s important to keep your business, staff and client information secure. Below are some tips to help protect you against the growing threat of Cyber Crime in Australia. Ensure your passwords are strong and secure Regularly change passwords and do not share them. Use multi-factor authentication where possible. Multi-factor authentication requires users to provide multiple pieces of information to authenticate themselves – for example, a text message to your phone…  Read more

Last Minute Tax Reminder for Businesses

As we get closer to the end of financial year, you may be thinking about what deadlines you still need to meet for your business, as well as how you may be able to claim some tax benefits. 1. Maximise Deductible Contributions The concessional superannuation cap for 2018 is $25,000 per year. Do not go over this limit or you will pay more tax! Note that employer super guarantee contributions are…  Read more

End of Financial Year Tax Tips

The end of financial year is almost here! Now is the time to review what strategies you can use to minimise your tax. 1. MAXIMISE DEDUCTIBLE SUPER CONTRIBUTIONS Individuals can now make tax-deductible personal contributions to superannuation to reduce their taxable income. The advantage of this strategy is that superannuation contributions are taxed at 15% or 30% compared to typical personal income tax rates of between 34.5% and 49%.Superannuation contributions…  Read more

Work-related travel claims on the ATO’s radar

Last year the ATO went before the Administrative Appeals Tribunal to battle against a truck driver whose large work-related travel claims grabbed their attention. The case revealed that the taxpayer had failed to declare travel allowance received from his employer as income, didn’t keep records for any work-related travel expenditure, and ultimately thought he was entitled to claim the full amount of the Commissioner of Taxation’s reasonable rates each day…  Read more

In an effort to encourage compliance, ATO relaxes rules for private use of work utes

The ATO has plans to relax the rules for the private use of work utes in the lead up to their blitz on Fringe Benefits Tax non-compliance. Existing rules allow utes to only be used for ‘minor, infrequent and irregular’ journeys without incurring Fringe Benefits Tax. At the moment these journeys can include the occasional use of the vehicle to remove domestic rubbish. The draft compliance guidelines allow for more…  Read more

Saving for your first home? Thinking about downsizing? How super can lend a hand

If you’re planning on downsizing, or are at the opposite end of the spectrum and saving for your first home, you may be able to take advantage of the super concessions introduced as part of the housing initiatives in the 2017 Federal Budget. For downsizers, super concessions will allow them to contribute proceeds from the sale of their home to super. For first home savers it means being able to withdraw…  Read more

State tax warning for family trusts

Recent changes to State laws may trigger a surprise tax bill for family trusts (discretionary trusts). The problem for family trusts stems from recent legislative changes in New South Wales (NSW), Victoria (VIC) and Queensland (QLD) that impose a surcharge on foreigners purchasing residential land. While that might not sound like a problem, the issue arises because of the way family trust deeds are often drafted. These trust deeds are…  Read more

Saving on insurance costs

The 2017 State Budget brought with it a change worthy of celebration for small businesses. The NSW small business exemption will mean that from 1 January 2018, small businesses will no longer have to pay stamp duty on certain types of insurance. The exemption applies to small businesses whose aggregated turnover is under $2 million. The types of insurance that the exemption will apply to include: Commercial vehicle insurance Commercial…  Read more

Government incentives to hire new employees

Changes to the Jobs Action Plan and the Small Business Grant are providing incentives for NSW businesses to up their employee count. Companies that are liable for payroll tax can earn up to $6000 for every new employee, and those that aren’t liable for payroll tax can earn up to $2000 per employee. Jobs Action Plan The Jobs Action Plan (JAP) provides eligible NSW businesses with a payroll tax rebate…  Read more

Thinking of purchasing a residential property? Here is what you need to know about recent property depreciation changes

Last month the Senate passed the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017, with which came changes to depreciation for existing residential properties purchased after 9 May 2017. The purpose of the amendment is to stop owners and investors claiming overstated deductions by ‘refreshing’ the values of previously used depreciating assets in residential rental properties. How does this affect me? If you have acquired an existing residential property containing ‘previously…  Read more

Foreign property owners slapped with fee for vacant property

Australia has followed the international trend of penalising foreign owners of Australian residential property who keep their property vacant for extended periods of time. Last month Parliament approved legislation that imposes an annual vacancy fee on foreign owners of residential real estate if the property is not occupied or genuinely available on the rental market for at least 183 days in a particular 12 month period. Foreign owners can avoid…  Read more

The flipside of renovating

Many clients presume that when they renovate their gains will be exempt from tax, so long as the property being renovated is their main residence. This is not always the case. We’ve summarised the ATO’s guide to property development, building and renovating, and pulled out key points about the tax implications of property flipping. To read the full guide, visit the ATO website. What is property flipping? Property flipping occurs…  Read more

Xerocon 2017

Last month we travelled to Melbourne to attend Xerocon, the annual conference held by Xero accounting software. It was a great opportunity for the team to learn more about what Xero has planned in the future, to spend quality time bonding over ramen, and to hear from inspiring speakers. Here’s what our team had to say about their experience:  Keegan I really enjoyed travelling to Melbourne with the team for…  Read more

How to get to our new office

As you will no doubt be aware, last month the team moved into our new premises in North Sydney. We’ve finally settled in and are beyond pleased with the location and refreshing chance of space. We look forward to showing you around! Our new address is: Level 4 1 James Place North Sydney Our new office is really easy to get to by car or by public transport. There is plenty…  Read more

Deductible super contributions are now for everyone!

For many salary and wage earners, the super guarantee that is deducted from each pay is something most of us don’t notice. Some people choose to contribute extra funds to super to further build retirement savings. Concessional super contributions are taxed at 15%* as opposed to marginal tax rates of up to 49% providing significant tax savings. With the recent superannuation reforms, one simple change has provided an excellent tax…  Read more

How Prime Partners automates its accounts

At Prime Partners we’re big fans of using the latest technology to make business as easy as possible. We started using Xero back in 2012 and have always practiced what we preach. A product we’ve been using in our business to great effect is Receipt Bank. This is a receipt and expense processing system that is linked up to Xero. What’s so great about Receipt Bank, is that it can automatically…  Read more

How long do I need to keep records for?

There is no such thing as a silly question, especially when it comes to record-keeping. Records are vital for both individuals and small businesses in ensuring their tax returns are prepared accurately, their figures can be backed, and the ATO won’t come chasing after them. Our clients ask us time and time again ‘How long do I need to keep records for?‘ so below we have compiled some information to…  Read more