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Proposed Business $10K Cash Limit

A controversial bill has been passed by the House of Representatives. "The Currency (Restrictions on the Use of Cash) 2019" bill will make it a criminal offence for businesses to make or accept a cash payment of $10,000 or more, penalties of up to two years of imprisonment and a $25,200 fine can be imposed.…
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RBA Cuts Interest Rates to a Record Low of 0.75 per cent

The Reserve Bank of Australia has cut the official interest rate by 0.25 percentage points to a record low 0.75 per cent. Many interest rates are currently in the low 3.0% range and some finance experts are predicting this could fall further to under 3%. If your interest rate is higher than what we have…
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New Rules Regarding SMSF Lodgements

New rules, which come into effect  from the 1st of October 2019, will see Self-Managed Super Funds whose annual returns are more than 2 weeks overdue have their details suspended and marked as “regulation details removed” on Super Fund Look Up.  Whilst the SMSF is suspended they will be unable to receive employer contributions or…
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$1.65 billion left unclaimed by self lodgers this tax time

The ATO’s crackdown on work-related expenses has seen a reduction in claims being made, with one new study finding that taxpayers are leaving up to $1.65 billion unclaimed this tax time. Over one out of two taxpayers said they have left out a claim in their tax return because of uncertainty and fears of being…
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