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DownloadCompany tax and franking rate changes
19/09/2018 by Collins Hume - We Believe in Business | Ballina Byron Bay 02 6686 3000Last minute changes to company tax and franking rate passed by Parliament
Legislation passed by Parliament late last month introduces a new test that will restrict some companies from accessing the lower company tax rate from the 2017-18 financial year. Across a 3 year period, the company tax and franking rate changed, then the definition of what is a small business entity changed (from a $2 million to $10 million turnover) along with how the franking rates apply, and now we have a whole new set of definitions and rates that have come into play. Complicating the change is the issue of timing; the legislation was passed by Parliament after the end of the 2018 financial year and could impact on not only the tax rate that applies for the year ended 30 June 2018 but also the franking rate on dividends paid since 1 July 2017.
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Lenders Mortgage Insurance
17/09/2018 by Collins Hume | National expertise, local service 02 6686 3000Is Lenders Mortgage Insurance the best investment you can make?
There are several ways to borrow to buy a home – but the two most common are save the 20% deposit that most lenders require or buy Lenders Mortgage Insurance.
Looking at the first option – saving the 20%. If you are on a wage of $75,000 a year and have a child, it will cost you about $40,000 a year for living costs. After tax and the Medicare levy and your
If the home that you want to buy is $500,000 today you will need to save $100,000 plus about $5,000 to cover the legal costs if you are a first home buyer – this means that you will spend the next 6 years saving your deposit. If this is your second or third purchase the scenario does change as stamp duty will apply to your purchase. For first
Corporate Social Responsibility
12/09/2018 by Collins Hume | National expertise, local service 02 6686 3000
Purpose-driven businesses
Study finds high expectation for companies to go beyond profits and positively impact society.
Purpose is more than a popular buzzword or indeed another 'P' to add to the mnemonic. It is a way of doing business that not only influences positive societal change, but also drives company growth.
Study finds high expectation for companies to go beyond profits and positively impact society.
A survey of 1,006 Americans defined purpose-driven companies as "organisations committed to making money and making a positive impact on the world" with strong environmental practices, being a good employer, supporting critical issues and giving back to communities.
The majority of respondents said they'd buy from a business that leads with purpose, knowing they'd make a positive impact whenever they purchased from a purpose-driven organisation. Read more…
Brock Lindsay B Bus (Acc), JP, Xero Certified Adviser
10/09/2018 by Collins Hume | National expertise, local service 02 6686 3000Introducing new Collins Hume Accountant, Brock Lindsay
Collins Hume's newest Accountant Brock Lindsay had a hunch that he was good at problem-solving and working with numbers, but it was only when he helped a mate expand his barbershop into a thriving business (replete with whisky bar) that confirmed accounting was the place he wanted to be.
It helped that, from an early age, Brock's dad Allan had cautioned him that being an accountant would be easier than being a mechanic!"Being an accountant is always a challenge," says Brock. "There are new and interesting issues to learn about plus ways to help people get the best out of their businesses, so dad was right!"
Clothing deductions hung out to dry
The Australian Taxation Office is closely examining work-related clothing and laundry expense claims of taxpayers submitting their 2017-18 tax returns.
The ATO says that clothing claims are up nearly 20% over the last five years with people either making mistakes or deliberately over-claiming. Common mistakes include people claiming ineligible clothing, claiming for something without having spent the money, and not being able to explain the basis for how the claim was calculated."Around a quarter of all clothing and laundry claims were exactly $150, which is the threshold that requires taxpayers to keep detailed records. We are concerned that some taxpayers think they are entitled to claim $150 as a 'standard deduction' or a 'safe amount', even if they don't meet the clothing and laundry requirements," Assistant Commissioner Kath Anderson said.
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