The question many clients ask is whether an Excel spreadsheet model is adequate for accounting under AASB 16, or whether it is necessary to use a leasing software.
AASB 16 calculations – spreadsheets vs software
Category: Update
Large proprietary company thresholds doubled
The Commonwealth Government has officially doubled the reporting thresholds for ‘large’ proprietary companies. The new requirements will be effective for financial years beginning on or after 1 July 2019.
The ATO’s definition of “carrying on a business”
The ATO has issued a final tax ruling TR 2019/1 in which it confirmed for certain purposes the scope of “carrying on a business” will extend to a company that holds primarily passive assets such as property, shares or other financial investments.
Beware penalties for late SG payments
Punitive costs may be imposed on employers by the ATO for failure to meet their quarterly superannuation guarantee (SG) obligations on time – even if the payment is just one day late.
Changes to residential rental property deductions
Changes to rental property deductions announced in last year’s Federal Budget are now law and will apply from 1 July 2017. The changes affect deductions available for travel expenses. This was part of a package of changes introduced by the Government concerning housing affordability.
GST to impact new home buyers
The Government has now released Exposure Draft legislation in relation to its Budget measure that will require purchasers of new residential premises or new residential subdivisions, to remit the GST on the purchase price directly to the ATO.