Fake tax debt scam warning

Scam Warning – Scammers may be impersonating Tax Agents

In a recent twist in the 'fake tax debt' scam, we have received increasing reports of a new scam method where scammers impersonate registered agents to lend legitimacy to their phone call.

phishingThe fraudsters do this by:

  • coercing the victim into revealing their tax agent's name, and
  • initiating a three-way phone conversation between the scammer, the victim, and another scammer impersonating the victim's registered agent or someone from the agent's business.

Victims have fallen for this new approach. In one recent example, a victim withdrew thousands of dollars in cash and deposited it into a Bitcoin ATM, fearing Police had a warrant out for their arrest. The phone conversation with the scammers appeared legitimate, and the victim trusted the advice of the scammer 'tax agent'.

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Interest rates

Mortgages & Lending: to fix or not to fix?

With official cash rates on hold for just over 2 years, is now the time to fix your home loan interest rates?

David SeymourIt would be crystal ball gazing to suggest where interest rates are going. We will leave that up to the economists. Some of the trends we are seeing are:

  • Lenders making small adjustments to variable rates as they jockey for position in a competitive market
  • A number of lenders offering special offers to new customers only (meaning existing customers are left on higher variable rates)
  • Mutterings from banks that they are under increased pricing pressure to increase rates
  • Those same banks reducing fixed rates

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Small business accelerated tax rate reduction

Accelerated tax rate reduction for small business

Small business is still a vote winner with the Government and Opposition teaming up to accelerate tax cuts for the sector by 5 years impacting an estimated 3.3 million businesses.

Parliament recently passed legislation to accelerate the corporate tax rate reduction for corporate tax entities that are base rate entities (BREs). Under the new rules:

  • A 26% rate will apply to BREs for the year ending 30 June 2021, and
  • A 25% rate will apply to BREs from 1 July 2021  Read more…

New primary producers deduction

New immediate deduction for primary producers

Legislation passed Parliament in September enables primary producers to claim an immediate deduction for fodder storage assets such as silos and hay sheds used to store grain and other animal feed. 

The deduction is available if the primary producer first uses the asset or has the asset installed and ready for use on or after 19 August 2018. 

The immediate deduction can be claimed in the year the expense is incurred. Prior to this date, primary producers could generally only deduct the cost of these assets over 3 years.

This is one of several measures announced as part of the Government's package of drought assistance measures which are intended to aid drought-affected farmers.

Taxation can be a major cost to your business. We will work in partnership with you to minimise your tax and help you achieve your key objectives. Call us in Ballina or Byron Bay on 02 6686 3000.

PANALITIX Achievement Awards 2018


Collins Hume's innovation rewarded at international accounting awards
Collins Hume Accountants & Business Advisers were named Accounting Business of the Year 2018 at the PANALITIX Achievement Awards held during THEPAC international accounting conference in San Diego last night.

Peter Fowler Colin DunnPartner Peter Fowler represented Collins Hume via video link before over 200 international accounting delegates, sponsors and industry leaders from Australia, New Zealand, the United Kingdom, North America and Europe. He said he was blown away.

"I know there are so many amazing accounting firms all around the world so this is really awesome, thank you," Peter said.

"We have an amazing team who I can't thank enough for everything they do and always having our clients' best interests at heart. When you work with a great bunch of people who share a common purpose, it makes turning up to work each day so much easier." 

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