Rede Accountants
Gold Coast & Brisbane Accountants

Rede Accountants Newsletter July 2017

The start of a new financial year brings a new era. Many of the Federal Budget measures take effect. This month’s newsletter touches on:
· Holiday home rental deductions
· Streaming trust capital gains and franked distributions
· Information required for your tax appointment
· Extended accelerated depreciation for small business
· Deduction tip – travel to accountant
· Substantiation rules for phone and internet
Some other important facts and figures this month:
Personal Property Securities Act (PPSA)
It has been reported that, in Australia, $120 million has already been lost by businesses in PPSA related court cases, the majority being triggered by an insolvency event. Incorrect registration of their security interest being the primary reason. Liaison with, and advice from your legal team could reduce this business risk.
2017 Taxable Payments Annual Report
All clients and businesses in the building and construction industry need to report the total payments they make to each contactor for building and construction services by 28 August 2017. Contact us if you are unsure of your obligations.
Depreciation Changes – 2017 Budget
If you buy a second hand residential investment property after May 9, 2017 you will no longer be able to depreciate the Plant and Equipment (stove, carpet, air conditioning etc.). Construction costs and common property are unaffected
Travel to inspect Rental Property
The 2018 Budget remove the tax deductibility for travel expenses incurred to inspect a residential rental property.
Single Touch Payroll
From 1 July 2018 employers with more than 20 employees will be required to provide real time reports to the ATO of salary and wage payments, SGC contributions, ordinary time carryings and PAYG withholding. Most popular software packages are being upgraded to accommodate these new requirements
Accounting Software Packages
Many of our clients use accounting software packages such as MYOB, Xero, Quickbooks (Intuit). These can be extremely helpful to the client and to us in preparing statutory and management reports.
It has come to our attention recently that the major providers, MYOB and Quickbooks are moving away from the sale and support of desktop versions to cloud based packages. One of the real dangers of this is that if your desktop or laptop computer fail, or is stolen or destroyed, then you will potentially lose all your accounting hard work. Your only saviour may be if you have a recent, satisfactory backup? (Many don’t!!)
This is a distinct advantage of the cloud based packages (besides the ease of access for us, your accountants).
The major cloud based packages are:
– MYOB
– Intuit
– Xero
– Sage One (a new player but part of a huge international company www.sageone.com.au