Latest posts six columns

Contractors V Employee If you engage or intend to engage subcontractors in your business, then what we have provided below is essential reading, which in most circumstances will require some action to be taken sooner rather than later. There has been more scrutiny from the Tax Office in recent months to make a distinction between...

Reportable payments – Building & Construction From the 1st July 2012, all businesses in the Building & Construction industry, will on a yearly basis need to report to the ATO, the total payments they make to ‘each’ contractor. It’s more red tape from a government that promised to cut red tape for small business. All...

New Director’s Penalty Regime Companies are often used as a vehicle by clients to conduct their businesses and have historically speaking, provided a level of protection for the director’s personal assets. The level of protection afforded to Company directors has been known as the “Corporate Veil” and would often protect directors from claims in relation...

Business Structures – Pros & Cons Sole Trader This is the simplest and easiest form of business structure.  The owner will utilise their own TFN, and then register for an ABN and potentially GST. They have their place and are normally reserved for micro / hobby type businesses. Pros: Cheap to establish Lower compliance costs...

Super Changes On the 1 July 2017 an array of changes to superannuation are set to apply. Courtesy of Consultum Financial Advisers, please find attached an information sheet in relation to some opportunities that exist prior to the 01 July 2017.

Single Touch Payroll Single touch payroll commences from the 1st July 2018 and whilst it only now applies to businesses with 20 or more employees, those with 19 or less employees will be required to adopt Single Touch Reporting by the 1st July 2019. For those clients with 20 or more employees, we urge you...

Vacant Residential Land Tax – Does it apply to you? We thought it timely to inform & remind clients that from 1 January 2018, homes located in 16 specific council areas that are left unoccupied for more than six months of the previous calendar year, attract the Victorian Government’s vacant residential land tax. It was not something...

Do you know if you are in the business of supplying or using Labour Hire ……. Well you may just be…… So please keep reading   At Vantage we are pretty vocal about small business and the red tape they are forced to endure from both State & Federal Governments. As business owners it seems...

Are you in the Cleaning, Security or Community Services industries? If so, then your action is required. Portable Long Service Leave – Cleaning, Security & Community Services From 1 July 2019, businesses employing workers in the contract cleaning, security & community services industries within Victoria will be required to pay an allowance for long service...

Directors Of Companies Or Trustee Companies Beware​​​​ Directors Penalty Regime “Expanded”  to GST – Please read carefully 5th March, 2020 In 2012 the laws were changed allowing the ATO to hold directors of companies personally liable for unpaid PAYG withholding and superannuation. Effective 1st April 2020, this has now been expanded to include GST, which more...

Coronavirus Resources and Tips for Small Businesses 16th March, 2020 The outbreak of the coronavirus (COVID-19) poses a major threat to the health and well-being of the global community and a significant challenge for business. As our governments and health authorities meet daily to assess the latest information, businesses also need to act & put...

Government announces stimulus package in response to the Coronavirus As you may be aware, the Government has just released its stimulus package in response to the Coronavirus outbreak. In the link below is a summary of the stimulus package prepared by the CPA. To access the CPA’s summary, please click the below link.

Government Stimulus Round 1 Firstly we’d like to apologise for the number of emails you may be receiving from Vantage at this time. We find ourselves in unchartered territory but we’d like to think that generally we only email our clients in relation to important news/events. We suspect this won’t be the last of our...

Government Stimulus Round 2 Well it was inevitable that we would be sending out another update around  Covid -19 and any additional stimulus. We again suspect that this won’t be the last email regarding government stimulus. As your advisers, we will endeavour to ensure that any eligible tax & business oriented assistance offered is communicated...

Investment Properties and Depreciation deductions We see it countless times where new clients with pre-existing investment properties haven’t claimed the depreciation they are entitled to. Perhaps second only to interest expenses, depreciation can be the next largest expense. Depreciation expense differs to the other form of deductible expenses in that it is a claim calculated...

Payroll Tax – How is it justified ? Every Prime Minister, Premier or Opposition Leader preaches how they are all about creating and focusing on “jobs, jobs, jobs.” You hear it at every election and thereafter. We agree that it should be the primary focus of any government, as a healthy employment level generates other...

Victorian Land tax – Another out of date state based  tax Negative gearing is now the new hot topic. Property prices have been rising for over a decade now, but negative gearing has suddenly become the main reason. Why ? Politically the Labor government see it as a point of difference and a vote winner....

Negative Gearing Negative gearing is now the new hot topic. Property prices have been rising for over a decade now, but negative gearing has suddenly become the main reason. Why ? Politically the Labor government see it as a point of difference and a vote winner. Who doesn’t want to see lower house prices in...