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September 2019   |  Newsletter

 

GST on imports:

are you optimising your cashflow?

Looking for opportunities to improve cashflow? If you import goods as part of your business, you don’t have to pay goods and services tax (GST) upfront if you’re registered for the ATO’s deferred GST scheme. Instead, you can defer and offset GST amounts in your next activity statement. However, there are some eligibility requirements – including that you lodge activity statements monthly (rather than quarterly).

Contact us to discuss how this scheme could benefit your business and improve your cashflow.

 
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The ATO’s top 4 mistakes

to avoid this tax time

It’s tax time, and as usual the ATO is warning taxpayers to take care with their returns. But did you know that the ATO is using increasingly sophisticated data analytics to detect problem claims? 

So, it’s more important than ever to get it right. Here are the top four mistakes the ATO says to avoid: 1. Lodging before you have all of your income data; 2. Getting work-related deductions wrong; 3. Not keeping receipts; and 4. Claiming expenses you never incurred. Don’t risk headaches with the ATO – talk to us today for expert help to make this tax time stress-free!

 
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SMSFs:

ATO to check on investment strategy compliance

Over 17,000 SMSFs that are heavily invested in one asset class will soon receive a “please explain” from the ATO to check whether they can justify their diversification risk. Diversification is just one of five key matters that all SMSF trustees must regularly review as part of their investment strategy. 

The others are risk, liquidity and cash flow requirements, liabilities and insurance. There are no rules about what your strategy must look like, but it must be in writing and must be “reviewed regularly”. We can help you ensure your fund’s strategy is airtight.

 
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