Workers' Compensation insurance is required to cover the costs incurred by an employee who has been injured at work or while carrying out duties relating to their employment. In the absence of a policy, the employer would have to bear the costs, which they may not be able to afford.

If you were a resident for tax purposes in Australia during the 2015 financial year, then you might be thinking about your tax return as we approach the end of the financial year. Most of our clients will have to lodge a return, but for some of you, your circumstances might have changed and you might not be required to lodge anymore. 

This week, the Senate passed the Government's small business tax cuts including the accelerated depreciation and the 1.5% cut to company tax rate for companies with turnover of less than $2 million. It is unclear whether the 5% tax cut for un-incorporated small business entities was also passed in the Senate.

All businesses use an internal accounting system to record their income and expenses.

The most basic of systems would involve keeping a box full of receipts and invoices and listing them on a piece of paper at the end of the year and then sending this to the accountant, together with other documents such as bank statements and contracts.

The Division 293 Tax is not widely discussed. In fact, most taxpayers do not even realise it exists. 

The tax only affects high income earners with an adjusted taxable income of $300,000 or more, and who have taxable contributions made to their superfunds (e.g. employer superannuation guarantee contributions, salary sacrificing into superannuation etc).

In response to a number of inquiries made by our clients recently about the 2015 Budget, and in particular, the accelerated depreciation for assets under $20,000 (net of GST), we have provided a brief overview of one of the proposed changes and how this might affect our clients.

As tax time is approaching, it is a good time to remind our clients about their obligations to substantiate work-related deductions. One of the ways to substantiate the work-related use of things like home office maintenance, internet use, computer use and mobile phone use, is to

One of the biggest problems with keeping receipts is that they fade, get lost or are difficult to store, and even if you can manage to retain the receipts, summarising them can be extremely time consuming if you don't have a bookkeeper.

Every year businesses in the construction industry that have made payments to contractors for building and construction services will need to lodge a "Taxable payments annual report" listing the details of each building/construction contractor that has been paid during the year.

Watch how to send your documents to us using only your mobile phone

Here is the easiest possible way to send your documents to us using only your mobile phone:

The ATO has published the following information in relation to the new Superannuation Guarantee rates (this is the compulsary superannuation payable by employers on ordinary time earnings):