2019 Australian Accounting Awards

Collins Hume shortlisted for Australian Accounting Awards 2019

Collins Hume Accountants and Business Advisers have been named Finalists in the Australian Accounting Awards for Mid-Size Firm of the Year (20 employees or more), Business Advisory Firm of the Year and Marketing Program of the Year.

Australian Accounting AwardsThe Australian Accounting Awards, in partnership with Intuit QuickBooks Australia, is the only national independent awards program for the accounting industry. Recognising excellence across a true cross-section of the accounting industry, the awards celebrate the contributions of both individuals and firms who are leading the way. 

Partner Peter Fowler and Business Manager David Keith said that they were humbled to be recognised and proud to be a part of such an exclusive network. 

Commenting on being shortlisted, Peter said, "Collins Hume's recognition for our contribution to NSW Northern Rivers industry reinforces the strength of our business in engaging with our clients and connecting with our community."

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2019-20 Federal Budget

Government delivers surplus election-friendly 2019-20 Federal Budget

Leaves superannuation largely untouched

parliamentA surplus election budget is the news coming out of the 2019-20 Federal Budget. With superannuation left largely untouched, the Government focused on further personal income tax cuts.

However, three key announcements include providing more flexibility for individuals to contribute at ages 65 and 66, the ability to choose their preferred exempt income tax method and increased funding for electronic super rollovers are welcomed.

This Federal Budget will provide much-needed stability and flexibility for SMSF members while looking to reduce red tape.

The key changes proposed for SMSFs and superannuation are:  Read more…

Single Touch Payroll starts 1 July 2019

Single Touch Payroll (STP) compulsory for all businesses from 1 July 2019

How will this change affect your business? 

Single Touch PayrollWe've got you covered with all the top questions on STP answered.

What is Single Touch Payroll?
Single Touch Payroll, also called STP or one touch payroll, is an ATO initiative that requires employers to report salaries and wages, PAYG withholding and superannuation to the ATO each time they pay their employees.

Why is STP being introduced?
Legislation made it compulsory for businesses with 20 or more employees to digitally report payroll details to the ATO. However, following an amendment, it is now mandatory for all employers in Australia to adopt a compliant payroll solution, which are often software-based, from 1 July 2019.  Read more…

Contaminated land and property transactions

What lies beneath - contamination in the Northern Rivers

This article has been written by Hailey Spry of Easterly Point Environmental. Hailey is a senior environmental scientist who specialises in the assessment and management of contaminated sites.

contaminationContaminated land is usually thought to be associated with heavy industry such as gasworks, refineries, power stations, and the like. While this is justified stereotyping, the ubiquitous and pervasive nature of contaminants means that any piece of land has a potential to be "contaminated". After all, contamination just means something you don't want, or more formally; the presence of a substance above the concentration at which it is normally present, with an associated risk of harm to human health or the environment.

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Foreign income tax offsets

Tax warning on overseas income

Do you earn income overseas? A recent case highlights why you might pay more tax than you thought on foreign income.

tax planningIf you are an Australian resident and earn income from overseas, such as income from investments, sale of assets such as property, distributions from foreign trusts, etc, you will generally need to declare that income in your Australian tax return. If you have paid tax in a foreign country on that income, you might be able to claim a foreign tax offset to reduce your Australian tax liability. 

Sounds simple enough but a recent case highlights where problems can occur and you might end up paying a lot more tax than you thought. 

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