Australian Accounting Awards 2018

Collins Hume shortlisted for prestigious Australian Accounting Awards

Collins Hume again in the running for Australia's top accounting industry awards.

awardsCollins Hume have been shortlisted as Finalists in six national categories for Business Advisory Firm of the Year, Community Engagement Program of the Year, Office Administrator of the Year, Executive of the Year, Partner of the Year and Marketing Program of the Year at the prestigious Accountants Daily Australian Accounting Awards 2018.

Now in its fifth year, the Australian Accounting Awards, in partnership with Thomson Reuters, recognises the exceptional contribution of individuals and accounting firms across 31 categories. Winners from the individual categories will automatically be shortlisted for the coveted Accountants Daily Excellence Award.  Read more…

ATO's look at interest

The ATO is Looking at Interest!

Ever woken up in the morning thinking that it was going to be a great day and then you get a letter from the Australian Taxation Office? 

interestIn particular, the letter is in regards to interest deductions where an individual had purchased land for the development of a unit complex and derivation of rental income.

The Australian Taxation Office's Taxation Ruling on interest deduction states "Deductions for interest incurred prior to the commencement of, or following the cessation of, relevant income earning activities". Helpfully this ruling is only 18 pages long and quickly sets out the main points and, after setting these out in easy to understand terms, starts to explain the matter in depth for each of the four points below:  Read more…

Lockdowns, DPNs and directors’ liability

Lockdowns, DPNs and directors' liability

Rounding into Quarter 4 of this financial year, it could be an optimal time to make some New Year resolutions for FY19.

penaltyNamely, to make more of an effort to lodge Business Activity Statements or Individual Activity Statements on time, so as not to attract the attention of authorities and the penalties that go with that type of taxpayer behaviour.

First cabs off the rank are Single Touch Payroll compliance and Australian superannuation reform from 1 July 2018, but there are another half dozen reasons to get your house in order.

Where a company has a PAYG or Super Guarantee debt, then the ATO can issue a Director Penalty Notice (DPN) giving 21 days' notice of the impending personal liability with options for the penalty to be 'remitted' (aka cancelled).  Read more…

SMSFs investing in cryptocurrencies

Bitcoin and cryptocurrencies not money but CGT assets

If a SMSF transacts in cryptocurrencies, SMSF trustees and members need to be aware of tax consequences.

cryptocurrencyIn each case, these will depend on the nature of the SMSF's circumstances. SMSFs involved in acquiring or disposing of cryptocurrency must keep records in relation to their cryptocurrency transactions. There are also super regulatory considerations for SMSF trustees, members and SMSF auditors.

See also:

While SMSFs are not prohibited from investing in cryptocurrencies, the investment must:  Read more…

Jamie Doyle CPA

Update on Collins Hume Partner Jamie Doyle CPA

"You wouldn't go to anyone but a mechanic to service your car. It's the same for any business having an accountant – peace of mind."

Jamie Doyle CPAJamie Doyle is Collins Hume's small business specialist working with established businesses and start-ups, streamlining their set up, structuring and software so they can realise their full potential.

Jamie believes that the NSW Northern Rivers region provides an incomparable setting for work, family and play. The diverse range of people and businesses with which he finds himself working inspires him every day. 

The key to small business success is ensuring that the right processes are in place, and continue to be kept in check. 

Read more…