Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that under reporting of foreign income…
What do you need to know? Single Touch Payroll (STP) requires you to have your payroll transaction data transferred to the ATO each time your employees are paid. This may…
When I sit with clients I routinely talk about the things that have been worrying "the markets" over the last several years (and for that matter the last few weeks…
The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses warning that it is closely reviewing claims. “Last year around 6 million people claimed work-related clothing and…
Tip-offs to the Australian Taxation Office (ATO) have reached an all-time high with close to 60,000 tip-offs received between June and May 2019 – almost double the number of the…
Here’s a quick video about Sandionecab iuntus eaquisc iisimet atinciis expel iusa vent que sum everit quo beaqui officti.
Could property, Australia’s salvation, ever cause you and me a recession?
Yes.
Will we have a recession?
Maybe. (Recessions used to be normal).
I have only ever worked through one recession, the one Paul Keating said “we had to have” in 1991. I’ve seen my fair share of ups and downs.
Since 1991 our property market has helped Australia avoid recessions, including in 2001 and 2008.
I am alert but not surprised at the number of people who think falling property prices are over. The fat lady is asleep in the dressing room.
It’s true Sydney and Melbourne auction clearance rates have stabilised but these are on very low volumes. Perhaps there is a bit of a pre-election rush to negatively gear.
In a speech last week on the housing market, Reserve Bank Governor Phillip Lowe said
At some point, though, the lower prices draw more buyers into the market. First home owners find it easier to buy a home, investors are attracted back into the market, and trade-up buyers take the opportunity to upgrade to the home they have always wanted. These shifts in sentiment and momentum are seen in most housing cycles, but their precise timing is difficult to predict.
More than they do.
I have several multigenerational clients and I recently counselled a very wealthy patriarch that instead of having yet another family office conference about family money, it may be a better idea to have a family holiday. They did and my invitation was lost in the mail.
This advice is the exception that proves my rule. In my experience, most families are happy to share innermost secrets on most subjects: fun, politics, religion, sex, health.
This advice is the exception that proves my rule. In my experience most families are happy to share innermost secrets on most subjects: fun, politics, religion, sex, health.
From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts.
Employers with 20 or more employees have been required to use single touch payroll since 1 July 2018. The new rules push all businesses with employees into the single touch payroll system. This includes the situation where payments are made to the owners of the business in the form of salary, wages or directors fees.