Ascend News

What should you put at the Input Tax Credit question when making an insurance claim?

With the new financial year upon us, we thought you might like a quick 'ready reckoner' of tax obligations for your strata clients:

Ascend schedule our tax compliance work in advance each year based upon due dates, client requirements and the availability of our team. 

Not all strata levies are deductible for tax purposes.

Looking to save time when signing bulk tax returns / activity statements for your managements?

The vast majority of strata managers we work with are very aware of when a strata company needs to prepare a tax return and what is required to be included (ie: interest income from banks, status certificate income, laundry receipts etc).  On occasions though, a councillor may request further justification as to 'Why?'

Entities that are considered 'non-profit' can be exempt from paying income tax in Australia if they meet certain elegibility criteria set by tax legislation.  

Honorariums are a kind and practical way to reward the hard working volunteers that contribute so much to a strata company.  Keep in mind the potential tax implications though.

The Australian Government has announced stimulus packages aimed at helping Australians navigate financial hardships as a result of COVID-19.

We would like to wish all of our clients well during this difficult time for small business. As always, we are here to help you in any way we can.

Single Touch Payroll (STP) has been passed by parliament. This means that all employers, including many strata companies, will need to report payroll information electronically to the ATO every time they pay employees.

Single Touch Payroll is a mandatory change in the way employers report payroll to the ATO.  It affects all employers and our FAQ article gives strata managers all of the information they need to know.

Many strata schemes inadvertently provide fringe benefits to caretakers and set themselves up for possible costly tax bills as a result

On 26 February 2018, the SBSCH service will move to the Tax Agent Portal / Business Portal Environment.  Ascend outlines how will this affect your business.

Last week, the ATO issued Taxation Ruling TR 2015/3, outlining the Commissioner's views in relation to income tax matters that affect strata title bodies. This ruling represents the final version of Draft Taxation Ruling TR 2015/D1 which was issued back in March.