Each semester the UOW: University of Wollongong, Australia Bega Campus gives recognition to some of its highest achieving students. Kothes Accounting Group is lucky enough to sponsor awards for the highest achievers in the University’s accounting fields, and Kothes Principal Gary Skelton had the honour of awarding two prizes – both to our very own...
And just like that, it is May! Tax and finance have dominated the news with the handing down of the 2019-20 Federal Budget, but with a Federal Election called for Saturday May 18, any measures not yet passed will need to be reintroduced in new Bills after the election if they are to become law....
The instant asset write-off threshold has increased to $30,000, and has been extended to 30 June 2020. The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or...
ATO Assistant Commissioner Peter Holt has announced that, in the 2019/20 financial year, the ATO will be visiting a further 10,000 small businesses across the country, including up to 500 small businesses in Tasmania. He further said that businesses that advertise as ‘cash only’ and businesses that are operating outside of the ATO’s performance benchmarks...
April promises to be another busy month! For many coastal businesses Easter and the school holidays around it are a busy time before things quieten down over winter. And for some the extended break is an opportunity to take a few extra days off to regroup. It could also be an opportunity to think about...
You may dream about overseas holidays, home renovations or simply spending more time with your friends and family in retirement. However, the reality is that many people’s savings are unlikely to match their ideal retirement lifestyle unless they take action. When you retire, your superannuation, assets and other investments are your lifeline. You no longer...
Both Facebook and Google have been victims of a sophisticated phishing attack which stole $100 Million over two years. It’s surprising that two major tech companies could fall for such a scam, but the truth is that phishing is now a big business and the criminals behind it are getting better at it every day....
Australian lawmakers have passed legislation that requires even the smallest of employers to electronically file each pay run with the tax office using Single Touch Payroll, starting July 1. It’s a big ask for the nation’s 2.3 million small businesses, which employ 40 percent of all workers. It’s also a big opportunity. Good time to...
Incorrectly claimed rental deductions, specifically ones relating to holiday homes, are being targeted for audit by the ATO. The focus on deductions being claimed will be based on information being shared between the ATO and holiday rental providers. The target will be over the next four years, however any consistent misuse of the rental deduction...
Our February edition of Kothes Advantage covers a broad range of topics but the biggest one that needs attention is changes to the Single Touch Payroll that start on July 1. We’ve included an article published by Xero, who we are Gold Partners with, as it gives a good overview of opportunities for small businesses...