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Fortuna at the Australian Accounting Awards 2018

A remarkable effort indeed! We are proud to have emerged as finalists in 3 categories of the prestigious Australian Accounting Awards 2018 : Business Advisory Firm of the year Diversified Firm of the year and Marketing Program of the year The award ceremony was held on 1st June at the Hyatt Regency, Sydney. Our excitement went […]

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The Federal Budget 2018: What you need to know.

Personal income tax cuts for low to middle income earners. From July this year, the 32.5% tax bracket will be lifted to $90,000 from $87,000. A new tax offset of $530 a year, paid as a lump sum. Those earning between $48,000 and $90,000 will get the full benefit of the offset. The Tax system […]

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Do you Import low value goods? If so, this one’s for you!

Are you a small business importing goods worth over A$1,000 from overseas? Are you registered for Australian goods and services tax (GST)? Then you must know that, from 1 July 2018, (GST) will apply to sales of such low value goods. For more information on what this means for your business, click the link Here. (Source: […]

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ATO Cracks down on FBT Lodgements

When it comes to fringe benefits tax (FBT), a simple mistake or omission can attract the ATO’s attention. Small businesses are encouraged to be mindful of focus areas that provide clarity in their reporting obligations and entitlements to avoid penalties from the statutory agency. Businesses are encouraged to avoid behaviours, characteristics and tax issues that may […]

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Single Touch Payroll – How will that affect my Business?

Starting from the 1st of July 2018 employers with 20 or more employees will have new reporting obligations regarding payroll processes through Single Touch Payroll (STP). Employers will have to report to the ATO each time they pay their employees, without the need to change pay cycles. The information required will include employees’ wages and salaries, […]

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Cryptocurrency – Now Under the AUSTRAC Scanner

As of the 3rd of April 2018, AUSTRAC (the government body in Australia which keeps a tab on money laundering and terror related activities) has placed new rules governing cryptocurrency transactions to provide greater transparency for regulators. Now transactions involving cryptocurrency will need to be signed up and logged onto a new Digital Currency Exchange Register. […]

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ATO: Australian residents & non-residents to disclose all foreign income or face stiff penalties.

All Australian residents who receive overseas income, or non-residents receiving Australian income, ought to ensure that they report such income to the local tax authorities to avoid stiff penalties. The Common Reporting Standard (CRS) legislation that sets the bar for foreign tax residents regarding the exchange, collection and reporting of financial account information came into effect on 1 July 2017. The […]

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Issues affecting Australian businesses in 2018

Several key changes will affect Australian workplaces this year, including the commencement of the mandatory data breach notification regime and the replacement of the 457 visa program. Other employee and industrial relations issues that are likely to impact Australian businesses throughout 2018 include increased penalties for the underpayment of workers and poor record-keeping, as well […]

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Top Tax Changes in 2018

SMALL BUSINESSES  AND COMPANIES From 1 July 2017, the concessional corporate tax rate of 27.5% will only be available for ‘‘base rate  entities’’, being entities with no more  than 80% of its income being ‘‘base rate  entity passive income’’ The ATO will be allowed to disclose to Credit Reporting Bureaus the tax debt information of […]

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ATO warning on potential frauds and scams

The ATO has issued a public alert warning of a potential email scam affecting clients, following an increase in fraud activity in recent months.  The ATO is warning of an email scam, which features the tax office’s letterhead and an email address similar to those used in official ATO correspondence. In an example email provided by […]

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