Business, Tax & Audit, Superannuation, DTW Services, Davies Thompson & Wright Chartered Accountants, Muswellbrook NSW, Australia

Payday Super - Key changes to super guarantee

Wed, 22 Apr 2026 04:43:17 GMT

Payday Super - Key changes to super guarantee.

Payday Super is a change to how you calculate and when you pay your employees' super guarantee. From 1 July 2026 employers will need to pay employees their super guarantee on payday, at the same time as their salary and wages.

Download the Payday Super fact sheet as a PDF by clicking the link below.

Business & Tax Update - April 2026

Wed, 22 Apr 2026 04:25:03 GMT

Business & Tax Update - April 2026

In this month's edition of the Business & Tax Update we look at: -

What the New Div 296 Tax Means for Individuals with Large Super Balances
A Wake-Up Call for Family Businesses on Fringe Benefits Tax
Key Lessons from the Kilgour Case: Smarter Valuations in Business Sale Transactions
The ATO Targets FBT on Work Vehicles: Don’t Let Assumptions Cost You

To download the PDF of the April newsletter click on the link below.

Business & tax Update - November 2025

Thu, 27 Nov 2025 23:26:59 GMT

Business & Tax Update - November 2025

In the November Business & Tax Update we look at : -

Super Tax Shake-Up: Big Balances Beware
When Medical Bills Meet Tax Rules - Lessons from a Heartbreaking Case
Proposed Extension of the Instant Asset Write-off and other Tax Measures
Cyber in Accounting: Safeguarding Financial Data in a Digital Age

Download the November Newsletter in PDF Format by clicking on the link below.

Business & Tax Update - October 2025

Tue, 11 Nov 2025 04:54:37 GMT

Business & Tax Update - October 2025

In the October Business & Tax Update we look at :-

Trust Resolutions - Why Timing and Evidence Matter.

ATO Interest Charges Are No Longer Deductible – What You Can Do ........... .

Government Review of Supermarket Unit Pricing: What It Could Mean for Your Business .

Accessing superannuation funds for medical treatment or financial hardship .

Download the October Newsletter in PDF Format by clicking on the link below.

Business & Tax Update - July 2025

Fri, 04 Jul 2025 00:31:00 GMT

Business & Tax update - July 2025

Happy New Financial Year!

The first newsletter for the 25/26 financial year includes information on : -

- Div 296 super tax and practical things to consider

- Important tax update - Deductions for ATO interest charges scrapped

- Financial "influencers" - Be wary of bad tax advice

- Are trust funds still worth the effort?

- The Big Beautiful bill and how it may affect Aussies

Download the July 2025 Newsletter below (PDF)

Business & Tax Update

Wed, 15 Jan 2025 01:50:25 GMT

Business & Tax Update - December 2024

What's ahead in 2025?

The last few years have been a rollercoaster ride of instability. 2025 holds hope, but not a guarantee, of greater stability and certainty.

In our December 2024 Business & tax Update newsletter e explore some of the key changes and challenges.

Download the December 2024 Newsletter below.

Business & Tax Update

Thu, 07 Mar 2024 05:09:46 GMT

Business & Tax Update - March 2024

In the March edition of the Business & Tax Update we look at The Fringe Benefit Tax Traps, exploring the problem areas likely to attract the ATO’s attention.

Also in this edition: -

The ATO Debt Dilemma
How to Take Advantage of the 1 July super cap increase
Loans to get a business started
Revised stage 3 tax cuts confirmed for 1 July

Download the March Newsletter below.

Business & Tax Update

Thu, 01 Feb 2024 01:27:37 GMT

Business & Tax Update - February 2024

In the February edition of the Business & Tax Update we look at the Stage 3 personal income tax redesign proposal. The proposed revised tax cuts redistribute the reforms to benefit lower income households that have been disproportionately impacted by cost-of-living pressures.

Also in this edition: -

- Can my SMSF Invest in property development?

- The problem when the evidence doesn't match what the taxpayer tells the ATO

- Contractor or employee?

Download the February edition below.

Business & Tax Update

Wed, 08 Nov 2023 00:36:47 GMT

Business & Tax Update - November 2023

Welcome to November.

In this month's Business & Tax Update newsletter:

Workers owed $3.6bn in Super Guarantee
Single touch payroll matched to super fund data
When SG is paid late
The danger of misclassifying Contractors
‘Payday’ super from 1 July 2026
When trust distributions to a company are left unpaid
Fixed-term employment contracts limited to 2 years
Up to 10 years in prison for deliberate ‘wage theft’
Warning: Redrawing investment Loans
30% tax on super earnings on balances above $3 million
When is food GST-free?

Download the latest Newsletter below.

Tax Time 2023

Tue, 01 Aug 2023 05:35:47 GMT

TAX TIME 2023

Your 2023 tax refund may be much lower than the past couple of years.

In case you haven’t heard, the government discontinued its low and middle income tax offset (LMITO) as of 30 June 2022.

Therefore, if you have about $1,500 less in your 2023 return refund, compared to last year, the missing LMITO could be the cause.

At DTW Services we can do your 2023 income tax return via email - no visit to our office required*.

*New clients must come into our Muswellbrook office and provide their identification in person.

3 Simple Steps - Taxtime

Taxtime Checklist for Individuals

Use our taxtime Individual Tax Return Checklists (Links below) to determine the extra information we may need to complete your tax return.

We will access your information direct from the ATO, however this is not always complete and up to date (especially in July and August).

Therefore, we need you to check your myGov to see if it’s all there or email us original documents.

2023 FYI

Your Finalised PAYG Payment Summary (Employer Group Certificates):

When your end-of-year payment summary is finalised by your employer at the ATO it will be identified as ‘Tax ready’ in your myGov. The ATO will send a notification to you.

**Please wait until it says 'Tax ready' before asking us to complete your return.

Tax Time Again

Thu, 14 Jul 2022 02:28:58 GMT

Taxtime Again - are you ready?

Email: taxtime@dtwservices.com.au

Phone: 02 65 43 2766

Mail Us: PO Box 128 Muswellbrook

It's that time again! Here at Davies Thompson & Wright we try and make it as easy as we can. Come in and see us or do your 2022 tax return via email/phone/mail – no visit to our office required*.

*New clients must make a time to come into our Muswellbrook office and provide their identification.

3 Simple Steps - taxtime

taxtime Individual Tax Return Checklist.pdf

taxtime Rental Checklist.pdf

Use our Individual Tax Return Checklists to determine the extra information we may need to complete your tax return. We will access your information direct from the ATO, however this is not always complete and up-to-date (especially in July and August). So it's always best to send us your original documents to cross-check with.

Reminder

** You should wait until it says 'Tax ready' before asking us to complete your return .

The ATO should send a notification to your myGov inbox when all your income statements are 'Tax ready'.

Business & Tax Update - July 2022

Thu, 07 Jul 2022 01:44:28 GMT

Welcome all to the new financial year! We all are wondering what this year will have in store after the whirlwind that has been the last two years!

We start the year with our Business & Tax Update for July 2022.

Tax and the family home - We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption.

What's new July 2022 - check out changes from 1 July for both business and individuals.

Need to encourage your customers to spend? - one of the biggest complaints from sales people in a tight economy is the time it takes to achieve a sale. See what you can do to speed things up.

"You can't change conditions. Just the way you deal with them."

Jessica Watson OAM, the youngest person to sail solo and unassisted around the world.

Business and Tax Update July 2022

2021 Christmas Closure

Sun, 12 Dec 2021 22:00:00 GMT

We take this opportunity to thank all our clientele, both loyal and new, for your support throughout 2021.

What a trying year it has been! Our DTW team has paddled hard along with you all and we are sure everyone is wishing for smoother sailing in 2022!

We wish you a very Merry Christmas and a safe and Happy New Year!

Our office will close 5.00pm Thursday 23 December 2021 and re-open 9:00am Tuesday 4 January 2022.

New Director ID Requirements

Mon, 08 Nov 2021 22:00:00 GMT

Your Director ID

All Directors are now required to register for a unique identification number they will keep for life.

Please read further to see what you need to do:

Your Director ID

Timeframes for registration for Corporations Act Directors

COVID-19 LOCKDOWN

Tue, 03 Aug 2021 23:00:00 GMT

Please be advised that due to COVID-19 lockdown restrictions in the Greater Hunter area, our office will be closed from 5pm Thursday 5th August 2021 and will re-open in accordance with NSW Health advice.

We thank you for your business and apologise for any inconvenience caused during this time.

If you are affected by Coronavirus we urge you to seek immediate medical assistance. Further information can be obtained by contacting:

Visit the following sites for information on caring for mental health:

Stay home, stay safe and stay well. We'll be happy to see you all on the other side.

Updated COVID 19 Support Measures Available

Tue, 27 Jul 2021 23:00:00 GMT

If you or your business have been affected by the current lockdown in NSW or Victoria please see the attached guides to determine if any of the new government assistance measures are available to you.

What lock down support is available Individuals (updated 29 July 2021)

What lock down support is available to business in NSW (updated 29 July 2021)

What lock down support is available in VIC (updated 29 July 2021)

For further details on eligibility please refer to either Services Australia or Service NSW COVID Business Grant Guidelines

If you require our assistance we are here to help, please call 02 65432766 or email admin@dtwservices.com.au for further details.

New COVID-19 Assistance Available

Sun, 18 Jul 2021 23:00:00 GMT

What lockdown support is available to you?

What lock down support is available Individuals (updated 20 July 2021)

What lock down support is available to business in NSW (updated 20 July 2021)

What lock down support is available in VIC (updated 20 July 2021)

For further details on eligibility please refer to either Services Australia or Service NSW COVID Business Grant Guidelines

JobMaker and other Business Assistance Measures

Wed, 28 Oct 2020 22:00:00 GMT

There have been a raft of different measures introduced to assist business to not just survive, but grow in these unusual times. Our business and tax update cover a few of the most recent announcements made.

Read more here and as always please get in touch if you would like to discuss anything further, we are here to help.

Business and Tax Update November 2020

JobKeeper v2 - What you need to know...

Tue, 13 Oct 2020 22:00:00 GMT

JobKeeper Version 2 - need to know more? Please read our update and if you have any queries or need our help we are here to assist.

Business and Tax Update October 2020

#tax2020

Sun, 12 Jul 2020 23:00:00 GMT

#tax2020 - at Davies, Thompson & Wright

Email: tax2020@dtwservices.com.au

Phone: 02 65 43 2766

Mail Us: PO Box 128 Muswellbrook

We know this year has been difficult. Your 2020 tax return doesn't need to be. We'll do your 2020 tax return via email/phone/mail – no visit to our office required*.

*New clients must make a time to come into our Muswellbrook office and provide their identification.

3 Simple Steps - tax2020

tax2020 Checklist for Individuals

Use our tax2020 Individual Tax Return Checklist to determine the extra information we may need to complete your tax return. We will access your information direct from the ATO, however this is not always complete and up-to-date (especially in July and August). So it's always best to send us your original documents to cross-check with.

2020 What's New

NO PAPER COPY of Your PAYG Payment Summary (Employer Group Certificates ):

Most employers report your wages information directly to the ATO - by the end of July 2020 via Single Touch Payroll (STP), so your employer is not obliged to give you an end-of-year payment summary. When your end-of-year payment summary is finalised by your employer at the ATO it will be identified as 'Tax ready' in your myGov.

** You should wait until it says 'Tax ready' before asking us to complete your return .
The ATO should send a notification to your myGov inbox when all your income statements are 'Tax ready'.

NO PAPER COPY of Your Annual Health Fund Statement (NIB, BUPA, HCF etc):

Your health fund will automatically send your private health insurance policy info to the ATO in July 2020.

WORKING FROM HOME:

The ATO have a simplified COVID hourly rate method for home office expenses from 1/3/2020. You must keep a record of the number of hours you have worked from home.

Business & Tax Update - July 2020

Thu, 09 Jul 2020 23:00:00 GMT

Not surprisingly most of the stories in this month's edition are related to COVID-19 and it's financial impact. Funding for the arts - the music and performing arts industries and their workers continue to be some of the hardest hit by COVID-19 restrictions. Read more about what help is available to both individuals and organisations. ATO's fraud warpath - not surprisingly, with so much government assistance available at the moment the ATO has commenced the weeding out of those who have fraudulently taken advantage of any of the Coronavirus Economic Response Package measures, including those that have entered into schemes to gain access to the stimulus measures. Do not worry though, if you have made a genuine mistake, the ATO has stated if you work with them, they will give you the support you need without needing to repay money or be penalised. Minimum wage increases - 2020 wage increases will be rolled out rather than all commence on 1 July 2020. Read more to see where your industry sits in the time line. New flexible parental leave payment rules - more flexible arrangements commenced 1 July 2020, so if you're expecting a new addition you can read here how these might change how you return to work. Business and Tax Update July 2020

HomeBuilder - Further COVID-19 Stimulus Measures

Thu, 04 Jun 2020 23:00:00 GMT

HomeBuilder - what is it and who is eligible?

The Government has announced the $680m HomeBuilder grant. Administered through State and Territory governments, grants of $25,000 are available to individual residential home builders and renovators. There are some quirks to the grant for both individuals and the building and construction industry. Please read our summary for a quick rundown:

HomeBuilder

Further information can be found here:

Restrictions Easing and End of Financial Year

Sat, 30 May 2020 23:00:00 GMT

1 June 2020 Restrictions Eased and the End-of-Year Approaching

Firstly - the team here at Davies, Thompson & Wright haven't stopped working! We are here to service our clients as professionally as always, and we continue to take our client's health and well-being seriously. Now that restrictions have started to ease we will observe the following:

From 1 June 2020

From 20 July 2020

Everyday

As always, our staff are happy to assist you via telephone and email every weekday. Please don't hesitate to contact our office on 6543 2766.

JobKeeper

Wed, 15 Apr 2020 23:00:00 GMT

The $1,500 JobKeeper Subsidy

Valued clients , JobKeeper Subsidy is here and the time frame to claim for April 2020 is very short and requires your immediate attention.

Following is a basic summary of the Government's new JobKeeper scheme. We urge you to consider carefully if this is applicable to your business.

Both the employer and each employee are responsible for assessing their eligibility before applying, with written supporting evidence. It is vital that each employee understands they can only claim from one employer as the ATO will not treat double-dipping lightly. If any overclaim occurs, repayment plus interest and penalties may apply.

The scheme extends to persons actively engaged in a business through a sole trader, partnership, company or trust – but not employed. This claim is limited to only one working owner in a partnership, company or trust. The same business revenue reduction test (down 30%) applies. This area is still being finalised.

As always we are here to assist you, so please contact us should you wish to discuss your individual situation, including the 30% decline in turnover required to qualify.

Steps required:

Set up a MyGovID to access your ATO Business Portal (if you have not already done so) – this will allow you to electronically register and report.

ATO Setting up your MyGovID and Business Portal

1. Establish your eligibility as an employer. You MUST calculate a 30% downturn in your GST reportable turnover for one of the following periods:

This is a once-off test, once eligibility is established you will not need to calculate again. WARNING – you must get this right or risk repaying the ATO plus penalties. ATO Employer Eligibility

3. Determine eligible employees - ATO Eligible Employees

4. Provide Nomination Forms to ALL eligible employees and have them signed and returned ASAP – you cannot claim without these. JobKeeper Employee Nomination Form

JobKeeper Employee Nomination Form

5. REGISTER electronically for JobKeeper via the Business Portal (from 20 April 2020). This is different to the registration of interest you may have already completed.

6. Ensure all eligible employees (who have accepted nomination) have been paid at least $1,500 for the fortnights ended 12 April 2020 and 26 April 2020. These payments must have been made NO LATER than 26 April 2020 to qualify for the subsidy. These payments need to be recorded in your normal payroll system and reported to the ATO via Single Touch Payroll (where applicable).

7. Apply for the JobKeeper payment on the ATO Business Portal (from 4 May 2020).

8. Employers MUST then advise all eligible employees IN WRITING that they have been nominated under the JobKeeper scheme.

9. Ongoing monthly reporting will be required via the Business Portal.

IMPORTANT NOTE: This is a basic summary only. Each step has rules and regulations, and you are required to keep full documentation and supporting evidence . Links are provided as a reference only and we strongly advise to complete your own review of your individual requirements.

A full overview is available here: ATO JobKeeper Payment

If you require any assistance with any of the above steps, please contact our office . It is our intention to assist all our clients as much as possible, so please contact us to discuss your individual situation on 02 65432766 .

Response to COVID-19

Sun, 29 Mar 2020 22:00:00 GMT

DAVIES THOMPSON & WRIGHT COVID-19 NOTICE

In response to the current COVID-19 pandemic and in the best interests, health and safety of our valued clients, our employees and their families, from Monday 30 March 2020 access to our office is limited to employees only. We will still be here, however we are locking the front internal door and placing a stop (phone or email) notice on the door to reduce direct contact with our clients. If you can contact us by phone or email, please do, we are here to help.

Our aim and focus is still the same - our clients. Our success is built on the strong individual relationships we maintain with our clients, and to this end we will be working hard to ensure we are across all the government's response to COVID-19 and to pass this information onto our clients. Our team knows our individual clients, and will endeavour to match the stimulus measures available to each individual situation. This is changing very rapidly, with new measures being announced almost daily. For further information please see below, and if you wish to discuss, please don't hesitate to call our office.

Following are links to government websites where a range of up-to-date information and fact sheets are available - these websites are updating daily with the changes available.

If you are affected by Coronavirus we urge you to seek immediate medical assistance. Further information can be obtained by contacting:

Visit the following sites for information on caring for mental health:

Stay home, stay safe and stay well. We'll be happy to see you all on the other side.

2019-2020 Bushfire Crisis

Wed, 08 Jan 2020 22:00:00 GMT

As 2020 begins, we hope all our clients have had a safe and happy New Year.

Sadly, we know that many people and communities are, and have been, impacted by the bushfires currently affecting much of Australia. While the crisis has affected us all in some way, our hearts go out to those whose lives and homes have been devastated beyond repair. It is at time like these, we reflect the most important things in our lives are not "things" but family and friends. From everyone here at the Davies Thompson & Wright team every good wish to you all, and a huge thank you to our firies, our everyday heroes. If you have been impacted in any way, and there is something we can do to assist, please let us know. We will endeavour to provide a priority service for those affected by bushfires.

The ATO has also offered support, stating "If you've been impacted by these bushfires, we don't want you to be concerned about your tax affairs. Now is the time for you, your family and community. We'll help you sort out your tax affairs later."

Automatic ATO Lodgement Deferral: A utomatic deferrals have been put in place for both lodgements and payments if your postcode is listed as an affected area.

Do not be concerned if your postcode does not appear, the tax office will still recognise that you have been impacted. Let us know and we can assist by contacting them on your behalf. If you are in an area impacted, the automatic deferrals are as follows:

Self-preparers:

Tax and BAS Agents

Mental & Emotional Wellbeing: We all know these types of disasters have ongoing ripple effects into the lives of those both directly and indirectly affected, and their loved ones. While the adrenaline is running high this may not be as obvious, so we all need to watch out in the many months of recovery we have in front of us. Please take care of yourselves and those around you. If you are struggling, or know someone who is, there is help available and it is important to seek it:

2019 Christmas Office Hours

Sat, 14 Dec 2019 22:00:00 GMT

The team at Davies, Thompson & Wright take this opportunity to thank all our valued clients for your continued support throughout 2019.

We wish you all a Merry Christmas and a safe and Happy New Year for 2020 - along with some much needed rain!

Our office will close at 5:00 pm Thursday 19 December 2019 and re-open 9:00 am Monday 6 January 2020.

Business & Tax Update - December 2019

Wed, 04 Dec 2019 22:00:00 GMT

Silly season is here, and it seems to be getting more so each year as we are inundated with new trends such as the 'Black Friday' and 'Cyber Monday' sales that go for weeks... For many Australians, Black Friday is just confusing – shouldn't 'Black Friday' be on Friday 13th?

Superannuation - are you making sure your payments are made in time to claim them as a tax deduction? Beware of the trap a lot of business's fall into without knowing...

On a more serious note, those affected by bush fires have been granted an extension of time for lodgement and payment of Activity Statements usually due in November and December 2019. Check out our update for more information.

Business & Tax Update - November 2019

Sun, 03 Nov 2019 22:00:00 GMT

Can the ATO take money out of your bank account? Following on from the media "Your Right to Know"campaign, we discuss some of the ATO's powers in our November 2019 update.

Capital Gains Tax and the family home: expats and foreign residents in the ATO's sights again. Read more about the governments plans to remove the main residence exemption for non-residents. Following from our September update where tax residency does not always align with other residency rules, expats or other non-residents with Australian property should be aware of these proposed changes.

Finally legislation has been passed to close the superannuation loophole preventing employers from claiming any salary sacrifice superannuation as part of their Superannuation Guarantee Contribution commitments. We provide an update on this welcome rule due to commence July 2020.

Holding vacant land with the intention of building an investment property? Read here for an overview on the changes which will affect 'Mum & Dad' investors from 1 July 2019:

Business & Tax Update - October 2019

Sun, 06 Oct 2019 22:00:00 GMT

Superannuation Guarantee Amnesty - for those employers that are behind in their superannuation guarantee payments, the amnesty legislation is again before parliament. This will give those employers the chance to "self-correct" without facing crippling penalties. However, be warned, those that do not take advantage of the amnesty to voluntarily disclose short payments or non-payment of superannuation guarantee amounts will face tougher penalties under the proposed new legislation. Find out more in our October update.

Falling Interest Rates - what does this mean to you? Economist Emmanuel Calligeris discussed the impact of low interest rates.

Business & Tax Update - September 2019

Sun, 01 Sep 2019 23:00:00 GMT

The ATO's 'gloves off' approach to overseas income. Determining your tax residency is not always straight forward, nor is determining the overseas income and assets that need to be reported. Our September update covers this topic in more detail.

Rental Property Expenses - the tax office's favourite subject and always open to close scrutiny. Read more here to refresh your memory or learn more about what you can and can't claim.

Business & Tax Update - August 2019

Sun, 04 Aug 2019 23:00:00 GMT

Confused again at tax time? Our August update covers what the changes mean to you. Who is eligible for the new Low & Middle Income Tax Offset and how much you are entitled to.

Does your business receive $10,000 or more in cash? The government intends to restrict cash payments going forward with severe penalties for those who ignore the limit.

And on a much lighter note read here for some of the weirdest tax deductions on the ATO's list of most unusual claims:

Business & Tax Update - July 2019

Wed, 10 Jul 2019 23:00:00 GMT

Topics covered include:

Changes to Superannuation 1 July 2019

Single Touch Payroll for family members

Laundry claims being reviewed by the ATO

Who owns the assets in a Trust?

Don't Lodge Too Soon!

Thu, 04 Jul 2019 23:00:00 GMT

Don't Lodge Your Tax Return Too Soon!

This will encourage taxpayers to lodge their returns as soon as possible and while the ATO has said it would aim to process online tax returns within two weeks, has previously warned Australians not to lodge too early.

Assistant Commissioner Karen Foat has asked taxpayers to wait until around August to lodge. "Most employers have until July 31 to finalise their employees' income statements so, we strongly encourage taxpayers to wait a few weeks before lodging their tax return," she said. "If you lodge your tax return before your income statement is tax ready, your employer might make changes, and you may need to lodge an amendment. In some cases, additional tax and interest may be payable." Waiting also allows more time for other information, such as from banks , health funds and government agencies to be reported to the ATO.

The Government has increased the base and maximum amount of the LMITO to $255 (from $200) and $1,080 (from $530):

Warning - if you owe the ATO money and are entitled to the new $1,080 offset, that entitlement will firstly be applied against your existing ATO debt before you receive the rest.

Read the ATO statement regarding the changes here ATO Statement on the Low and Middle Income Tax Offset

2018 Christmas Office Hours

Wed, 12 Dec 2018 22:00:00 GMT

The team at Davies, Thompson & Wright take this opportunity to thank all our valuable clients for your continued support throughout 2018.

We wish you all a Merry Christmas and a safe and Happy New Year for 2019 - along with some much needed rain!

Our office will close at 5:00 pm Thursday 20 December 2018 and re-open 9:00 am Monday 7 January 2019.

Business & Tax Update - December 2018

Tue, 04 Dec 2018 22:00:00 GMT

No tax deductions if you don't meet your tax obligations - New laws passed by parliament last month directly target the behaviour of taxpayers that don't meet their obligations.

Contractor or employee? A former Foodora Australia delivery rider, Joshua Klooger, recently won an unfair dismissal claim despite a service agreement that classified him as an independent contractor. We explore the implications of the case.

Are you in the cleaning services, road freight, IT or security, investigation or surveillance business? The Taxable Payments Reporting system was introduced to stem the flow of cash payments to contractors and rampant under reporting of income. Introduced to the Building and construction services industry back in 2012, this was extended to the cleaning services industry from 1 July 2018. The addition of road freight, IT or security, or investigation or surveillance services, from 1 July 2019, adds another layer. For businesses providing mixed services, if 10% or more of your GST turnover is made up of affected services, then you will need to report the contractor payments to the ATO.

All this and more are discussed in our Tax & Business Update - December 2018.

Business & Tax Update - November 2018

Thu, 29 Nov 2018 22:00:00 GMT

Accelerated tax rate reduction for small business - Small business is still a vote winner with the Government and Opposition teaming up to accelerate tax cuts for the sector by 5 years impacting on an estimated 3.3 million businesses.

The new rules for gift cards – what you need to know - In Australia, around 34 million gift cards are sold each year with an estimated value of $2.5 billion. On average, an estimated $70 million is lost because of expiry dates. What your business needs to do from 1 November 2019, and what happens if a business ignores the new rules.

Travelling to and from your investment property - From 1 July 2017, new rules came into effect that prevent taxpayers claiming a deduction for expenses they incur travelling to and from their residential investment property. We looks at the exceptions to the rules.

For further information on these topics and more read our November 2018 update.

Business & Tax Update - October 2018

Tue, 30 Oct 2018 22:00:00 GMT

Running a business from home? If your home is your principal place of business, you might be able to claim a range of expenses related to the portion of your home set aside for your business. What the ATO is looking for is an identifiable area of the home used for business.

Working from home? A lot of people do some sort of work from home. It might be simply answering emails on the couch or working from home a few days a week. So, what can you claim if you're putting in extra hours?

What does the China/US trade war mean to Australia? As the bilateral trade war between the US and China heats up, Australia is caught between its cultural and military ties to the US and its strong economic relationship with China.

These diverse topics and more are explored further in our Business & Tax Update for October 2018.

Business & Tax Update - April 2018

Tue, 10 Apr 2018 23:00:00 GMT

Featured in this month's update: Single Touch Payroll - are you ready? If you had 20+ employees at 1 April 2018 you need to be ready by 1 July 2018. All other employers have until 1 July 2019 to make sure they are able to report. We look at what you need to know... New Super Measures - Buying your first home? Downsizing at retirement? We look at how the new super laws might assist... Tax Deductions - And we look at the ATO's favourite topic - tax deductions. Over $22 billion of tax deductions were claimed in the 2014-2015 year alone. We look at what a recent Inquiry into Tax Deductions has uncovered... Business and Tax Update April 2018

Business & Tax Update - March 2018

Tue, 06 Mar 2018 22:00:00 GMT

What is in our Business & Tax Update this month?

1. In March everyone's thoughts turn to Fringe Benefits Tax - we look at the ATO's FBT Hot Spots:

We discuss how salary sacrifice or employee contributions can help offset your tax liability.

2. GST on Property Developments - we look at the bill currently before parliament which will mean significant changes to how the GST on property is currently managed.

3. Will your business be audited? It's something no-one actually enjoys... We look at the small business benchmarks and how the ATO uses these to identify audit targets. A number of industries have small business benchmarks listed on the ATO website, and while being outside these benchmarks may not necessarily mean there is a tax related problem, it may mean that you will encounter other viability issues down the track.

For all this and more read our March 2018 update.

Available Drought Assistance in NSW

Mon, 05 Mar 2018 22:00:00 GMT

How nice is the few drops of rain we've had lately but it certainly isn't enough. We can all see how terribly dry it is in the Hunter Valley at the moment and a number of our clients are suffering due to the lack of rain.

To play our part we have gathered a few resources together for your information regarding some of the assistance measures available. Government assistance is available at both State and Commonwealth levels, and the Hunter Local Land Services also has area specific information available.

The Department of Primary Industries has a DroughtHub where a number of these resources can be found: www.droughthub.nsw.gov.au

Dairy Farmers have also announced a loan facility available to active members: http://www.dfmc.org.au/services/loans/

What's New in 2018?

Mon, 05 Feb 2018 22:00:00 GMT

What's new in 2018? How can we keep up with new changes and legislation that we all should be aware of as business owners, employers, employees, investors, and everyday tax paying citizens? Log-in monthly to check our Business & Tax Updates . Sometimes serious, sometimes light-hearted and always informative!

This month we review:

2017 Christmas Office Hours

Tue, 19 Dec 2017 22:00:00 GMT

The team at Davies, Thompson & Wright would like to take this opportunity to thank all our valuable clients for your continued support throughout 2017.

We wish you all a Merry Christmas and a safe and Happy New Year for 2018!

Our office will close at 5:00 pm Wednesday 20 December 2017 and re-open 9:00 am Monday 8 January 2018.

Our Final Update for 2017

Thu, 30 Nov 2017 22:00:00 GMT

Welcome to our final Business & Tax Update for 2017. We take a light-hearted look at how Santa might fair under the Australian taxation laws, and for those wanting a bit more substance to ponder this holiday period, we take a look at the following topics: Property Flipping - becoming more popular with the rise of reality TV shows that make the $$ look achievable to handy home owners, be aware there are tax traps you may fall into. Even if you use the home as your main residence during the make-over period, the tax office may disallow the "main residence" exemption on your hard earned gains when you sell. Read our update for more info... Thinking of topping up your small business income by doing some Uber driving on the side over the busy Christmas period? If you are running a small business that is not registered for GST you will need to be mindful of your GST obligations! All Taxi and Uber Drivers need to be registered for GST, but did you know that this registration will then extend to all your small business income? Great news for all credit card holders in time for your gift shopping! New rules came into effect on 1 September 2017 which prevent merchants from charging excessive credit card charges. Read further to ensure you are not caught over the Christmas and post Christmas sale period... Business and Tax Update December 2017 We wish all our clients a very Merry Christmas and Holiday Season. Stay safe on the roads and we look forward to working with you all again in 2018. Please note our office will be closed from 5.00 pm Wednesday 20 December 2017 and will reopen at 9.00 am on Monday 8 January 2018.

Business & Tax Update - November 2017

Sun, 12 Nov 2017 22:00:00 GMT

Interested in Cryptocurrencies? New legislation has redefined the definition of "money" to include cryptocurrencies such as Bitcoin. Read about the tax implications and more...

Do you run a cleaning or courier business? The taxable payments reporting system currently in place in the building and construction industries will extend to the cleaning and courier industries from 1 July 2018. Read more to see how this will affect your business...

Eligible for the reduced company tax rate? New legislation poses some restrictions on utilising the reduced company tax rate, including those small businesses with passive investments such as rental properties. Check our update to see how this affects your small business...

Are you small subsidiary of a large group? Be aware that you may be caught in the new multinational tax crackdown by the government. Read more to check if this could affect you...

Business & Tax Update - October 2017

Mon, 02 Oct 2017 22:00:00 GMT

Welcome to October! Our update this month covers some interesting changes: Are your employee records sufficient? Are you a franchisor who is unaware of your franchisee's employment practices? Strong changes have been made to the Fair Work Ombudsman's investigative powers to protect vulnerable workers. Note - there are lessons in this for all employers regarding record keeping, and protecting your business. New safe harbours for Directors of struggling company's - for genuine Director's trying to find an alternative to administration. Looking at investing in rental property? Additional capital tax discounts may be available if your property contributes to Australia's shortage of affordable housing. To read further about any of these interesting changes and how they may affect you, our October update contains more: Business and Tax Update October 2017

Business & Tax Update - August 2017

Wed, 09 Aug 2017 23:00:00 GMT

Inside this month, the detail of the initiatives from Government to free up housing stock and reduce the appeal of residential property to foreign investors. Older and thinking of downsizing? Younger and trying to get into the market as a first home buyer? Read our newsletter for some insight into how these initiatives are aimed at you. Plus, always topical at this time of year is the Tax Commissioner's hit list and why the ATO are all fired up about work related deductions.

Open for Business!

Wed, 05 Jul 2017 23:00:00 GMT

Timing is everything... so they say. Our street is having a much need face lift - right at our busiest time of year!

We are busy trying to find ways to make it easier for you. We are happy if you would prefer to email, or mail, your tax information into our office to avoid the street hassle. Please give us a call and let us know how we can make this tax time as stress free as possible for you.

Each year we have a check list for you, to make sure you don't forget any important information. See the 2017 individual tax checklist here:

Business & Tax Update - July 2017

Wed, 05 Jul 2017 23:00:00 GMT

Welcome to the new financial year! We will continue to bring you our Business & Tax Update on a monthly basis and hope you enjoy reading it. As always, if you have ay queries or feedback please contact our office, we love to hear from you! Our July update provides some interesting reading: In case you missed all the hype we list some of the changes that took effect on 1 July 2017 Generational succession... Do your kids really want to take over your business? Are the next generation willing or capable of carrying on? We look at some of the issues that need to be realistically assessed before this commitment is undertaken New rules for GST on imports under $1,000 The ATO's top 11 deductions that will be up for scrutiny this year Business and Tax Update July 2017

Business & Tax Update - June 2017

Thu, 29 Jun 2017 23:00:00 GMT

Attached is our final Business & Tax update for the 2016-2017 Financial Year!!

This update looks at the up coming changes to the tax rules for residential investment properties, important reading for all those out there with residential rental properties.

Again we cover the final things you need to be aware of before the superannuation changes take effect 1 July 2017.

It also takes a look at the ATO crackdown on the black market, and which industries it is targeting.

Happy New Financial Year to all our clients, and we look forward to providing our service to you throughout the 2017 -2018 year ahead.

Budget Update 2017-18

Thu, 25 May 2017 23:00:00 GMT

Well the dust has settled from budget night, and whether you're a supporter or an opponent of the changes they will affect us all in one way or another. Our update covers each change and what it will mean to you in concise, easy to read terms. So whether you are in business, an individual or a trust and regardless of your income level there is something in our update for you.

Remember if you are unsure on any point please give us a call!

Business & Tax Update - May 2017

Tue, 23 May 2017 23:00:00 GMT

Are you one of the 90,000 additional businesses that can now access the $20,000 immediate asset write-off? With Parliament passing the new enterprise tax bill at its recent sitting, it is time to review your eligibility if you want to take advantage of this before 30 June. Our newsletter explains the details in simple to understand terms and outlines tips and traps...

Are you paying more tax than you need to? Read our newsletter for things you can do to offset your tax liability for the year for both your business and yourself...

Claiming work related travel expenses? The ATO is on the warpath with regard to claims for work related travel. Read about your obligations and confirm your ability to substantiate your claim if you plan to make a claim this year...

Business & Tax Update - April 2017

Wed, 12 Apr 2017 23:00:00 GMT

Do you have a Family Trust? New changes to State Taxation Laws may leave you with a tax obligation that you didn't see coming....

Is your Business new or growing rapidly? Are you getting all the assistance and deductions you are entitled to? Read our update for more...

Planning on claiming self education expenses? This is always an area for the tax office to review. If you are in doubt after reading our update come in to see us and together we can see if you are really eligible...

All this and more in our April 2017 Update!

Business & Tax Update - March 2017

Thu, 16 Mar 2017 22:00:00 GMT

Tips on managing cashflow within your business - February and March are critical months for cashflow, read more on how to keep your business afloat so you aren't playing catch up for the year ahead.

FBT Year end is approaching - Read our update to see which of the benefits you provide to your employees the ATO are targeting this year. Reminder for all clients using the log book method for vehicles to read your odometers on 31 March 2017 .

Changes to Penalty Rates - what will this mean to your business or to you as an employee?

All these interesting articles in depth in our March 2017 update:

ATO Scam Alert

Tue, 07 Mar 2017 22:00:00 GMT

Report or Verify an ATO Scam...

As most of you will be aware there are so many scams out there, and the scammers are becoming so proficient it is increasingly difficult to determine what is authentic and what is a scam. The ATO is a prime target for scammers and some of the most recent scams are very convincing. Scams are out there in all formats - a phone call, an email or even an SMS text message. To help our clients determine what is or what isn't a scam, please note the following:

The ATO will never :

You should never :

If you think you are a victim of a scam, or to verify if the call you have received could be a scam , please contact the ATO on 1800 008 540 Monday to Friday 8.00am - 6.00pm. If you receive a scam email, please forward directly to ReportEmailFraud@ato.gov.au without making any changes or amendments, and delete from both your inbox and sent folders. Remember DO NOT click on links or open any attachments as these may be designed to install malicious malware to your computer.

To view examples of recent scams, or to read further, see the following ATO info page: Verify or report a scam

Our First Business & Tax Update for 2017!

Tue, 31 Jan 2017 22:00:00 GMT

What is in store for business in 2017 in Australia and beyond?

Our February 2017 Business and Tax Update looks at the top four items that may bring challenges to you and your business in the year ahead.

1. "Trumponomics" - the impact the new US President may have on our own business environment...

2. Innovation - the key word for a strong business future...

3. Superannuation changes and the importance of getting good advice...

4. As our world grows ever smaller we need to be aware of our tax obligations when we work overseas or deal internationally...

Superannuation Changes - are you ready?

Wed, 18 Jan 2017 22:00:00 GMT

Our friends at the Institute of Chartered Accountants are making sure we are ready for the upcoming changes to Superannuation.

These changes are the most significant changes to superannuation in a decade.

In brief

Preparing for the new superannuation landscape - if you wish to discuss how these changes might affect you please contact our office for an appointment with Scott, our authorised Politis representative.

Christmas Office Hours

Thu, 08 Dec 2016 22:00:00 GMT

Our Office will close at 5.30 pm on Thursday 22 December 2016 and re-open 9.00 am Monday 9 January 2017.

We wish all our clients and friends a safe and wonderful Holiday Season and we look forward to seeing you all again in the New Year!

Food for thought this Party Season...

Thu, 01 Dec 2016 22:00:00 GMT

It's Christmas… that time of year when the festivities not only bring joy but excessive expenses, potential harassment claims, and other employer headaches. Read further for a few tips on how to protect your business at the traditional work Christmas party. Have you got a plan in place to ensure that all remains merry and bright? Would you buy property with friends or relatives? Another potential minefield of issues, our December update provides a few things to work through before you take this step. Business and Tax Update December 2016

Investor Update September 2016 Quarter

Mon, 07 Nov 2016 22:00:00 GMT

In this new quarterly update from our Financial Planning partners at Politis Investment Strategies the focus is on the slow global economic growth and the outlook for Australia's economy in the current economic environment.

As always Politis Portfolios and their performance are reviewed and new benchmarks and target returns are discussed. If you would like to discuss your current financial plan please contact our office to speak to an advisor.

Business & Tax Update - October 2016

Thu, 27 Oct 2016 22:00:00 GMT

Time for a change? Thinking of selling your business? Understand what you are selling and the tax implications. Our October 2016 newsletter covers the top issues for business owners and investors to give you food for thought...

Paid parental leave has become a contentious issue in todays' political climate. Where are we up to with changes to the legislation and where does Australia rank with other OECD countries in providing these benefits to the women who contribute to our workforce? Read an update here...

Super Reforms Update - October 2016

Tue, 04 Oct 2016 22:00:00 GMT

Making Sense of the Super Reforms

If you are waiting for the superannuation reforms announced in the Budget to pass Parliament before working out what they mean to you, you might miss out on any opportunities available. Read further to assess what these changes mean to you. If you need further advice please give us a call to discuss your personal situation with our authorised financial planning representative.

Business & Tax Update - August 2016

Wed, 24 Aug 2016 23:00:00 GMT

Which budget announcements are likely to make it through in the wake of the election? This month's business and tax updates looks at a number of items of interest and discusses how likely they are to become reality.

Ever considered "Crowdfunding" to raise money for your project? Read if it is worth the effort in this months newsletter...

Investor Update - July 2016

Thu, 21 Jul 2016 23:00:00 GMT

Investor Update – July 2016

The UK's referendum result to leave the European Union caused a surge in market volatility in June 2016. Closer to home, stocks listed on the ASX with substantial UK exposure sold off particularly heavily in the wake of the decision. Read about the impact and what it may mean to your investment portfolio in more detail in our July Investment Update. Also a reminder from 1 July 2016 our Muswellbrook office of Davies, Thompson & Wright is an authorised representative of Politis Investment Strategies, with appointments available now to discuss your investment strategies.

INVESTOR UPDATE - July 2016.pdf

Business & Tax Update - July 2016

Thu, 14 Jul 2016 23:00:00 GMT

It's tax time again! Our July 2016 newsletter debugs some of the myths surrounding what you can and can't claim in your tax return. Davies, Thompson & Wright help our clients through this time of year and appointments are now available at our Muswellbrook and Merriwa offices to see our friendly tax professionals.

Investor Update - June 2016

Thu, 07 Jul 2016 23:00:00 GMT

The June 2016 market overview from Politis Investment Strategies details the global and Australian market movements in May 2016. It also gives some real life examples of the proposed upcoming changes to superannuation and how it may affect you reaching your financial goals. From our Muswellbrook office, Davies, Thompson & Wright will become an authorised representative of Politis Investment Strategies from 1 July, 2016.

Business & Tax Update - June 2016

Thu, 07 Jul 2016 23:00:00 GMT

The June 2016 newsletter discusses the new rules for buying or selling property after 1 July 2016, as well as a reminder about the proposed changes to superannuation contribution levels. Davies, Thompson & Wright accountants can assist you to cut through the confusion surrounding these upcoming issues.

Budget Blitz 1/2 Page Summary 2016

Sat, 21 May 2016 23:00:00 GMT

As a really simple starting point, we found that Chartered Accountants Australia and New Zealand released a concise half page summary of the 2016 budget highlights for companies, businesses, individuals and superannuation which was easy to digest.

Detailed 2016 Budget Info

Thu, 05 May 2016 23:00:00 GMT

The 2016 budget sees future tax discounts for companies and small business together with significant reforms restricting access to superannuation concessions. The company tax rate will be reduced to 25% over 10 years. The reduction will initially target companies with a turnover less than $10 million. The tax discount for unincorporated small businesses will increase incrementally over 10 years from 5% to 16%. The opportunities for tax planning, timing of asset sales and business restructuring are where Davies, Thompson and Wright can assist you and your business to make the most of these budget concessions.

Changes which may affect your retirement planning include a reduction in concessional contribution caps, the lowering of the Division 293 tax threshold, capping tax-free assets in retirement and a lifetime limit for non-concessional contributions. Davies, Thompson & Wright can assist you in reassessing your retirement plan in the light of these new restrictions.

For your information Davies, Thompson & Wright have this budget article for you which provides details on each area of the budget in good plain English.

Business & Tax Update – May 2016

Mon, 02 May 2016 23:00:00 GMT

Cashflow, breakeven points and banks giving loan repayment advice are the topic of this month's business and tax update. As accountants, Davies, Thompson & Wright help growing business understand their cash cycle timing and finance options.

Investor Update – May 2016

Sat, 30 Apr 2016 23:00:00 GMT

The May 2016 market overview from Politis Investment Strategies details the global and Australian market movements in April 2016. From our Muswellbrook office, Davies, Thompson & Wright will become an authorised representative of Politis Investment Strategies from July, 2016.

Welcome to our new website!

Thu, 04 Feb 2016 22:00:00 GMT

On our brand new website you can find out all about who we are and what services we provide. Make sure you have a look at our new "logo" on the top left hand side of the page. It is an abbreviated version of our firm name, and also our new website address.

We will be updating our blog regularly with the latest issues in tax and other areas of interest to our clients and perhaps the occasional reference to exciting happenings in our office - such as new employees, fundraising functions, training etc.

Also, regular newsletters will be available starting next month, so make sure that you sign up for the Davies, Thompson & Wright e-newsletter now .

We've also included " request an appointment " so that you can arrange a meeting with one of our team.

Business, Tax & Audit, Superannuation, DTW Services, Davies Thompson & Wright Chartered Accountants, Muswellbrook NSW, Australia

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