Wednesday, 17 January 2018

GST CHANGES FOR PROPERTY DEVELOPERS ON 1 JULY 2018



Be aware of the upcoming change in law, the government has announced that purchasers of newly constructed residential properties or new subdivisions will need to remit the GST directly to the ATO as part of settlement, rather than the seller remitting the GST when they complete their activity statement.

For more details follow the link below:


Please contact Chris Mercieca, Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.   
   

Tuesday, 9 January 2018

EARNING ADDITIONAL INCOME IN THE "SHARING ECONOMY"



If you are thinking of earning additional income during this holiday season through sharing economy activities there will be tax consequences to consider.


Income earned from ‘sharing economy’ activities such as ride sourcing (Uber), renting out property for short term accommodation (Airbnb) etc will affect your taxable income.


Income earned will likely be assessable in your name, some expenses may be deductible.


For more information see the ATO link below:




Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.   
   

Wednesday, 13 December 2017

INVITE SANTA NOT THE TAX MAN TO YOUR CHRISTMAS PARTY



At this time of year business’ often want to reward employees and customers with Christmas gifts.

Generally the FBT and income tax consequences for these gifts are as follows:

1.  gifts to employees and family members – are liable to FBT (except where

     the ‘less than $300’ minor benefit exemption applies) and tax deductible; and

2.  gifts to clients, suppliers, etc. – are not liable to FBT and are tax deductible.

For more information on FBT exemptions for minor fringe benefits please see the ATO link below:




 
Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.