Sullivan Dewing News

Our blog has the latest news and insights on tax, accounting and growing wealth, to help you build a successful business that will achieve your financial goals. To get Sullivan Dewing news straight to your inbox, subscribe to our newsletter.

How will the 2015 economy affect your business?

Jennifer Palmer - Nov 2014

Before we get into details, let’s revise some fundamentals. We know the economic cycle has four phases: Expansion; Peak (or boom); Contraction; and Trough (or recession). Read More

ATO targets professional services

Jennifer Palmer - Oct 2014

The ATO has recently released its guidelines regarding the allocation of profits by professional services firms, including lawyers, doctors and architects. It provides three criteria by which the ATO will judge remuneration of an ‘individual professional practitioner’ (IPP), which includes individual partners or owners of a practice. Compliance activity around these criteria will come into effect this 2014/2015 financial year. Read More

5 tips for running a successful business

Jennifer Palmer - Aug 2014

1. Focus on profit Read More

Important changes to Privacy Act

Jennifer Palmer - Jun 2014

If your business has a turnover of more than $3 million, you may be affected by important changes to the Privacy Act 1988 that commenced on 12 March 2014. Read More

Avoid SMSF penalties

Jennifer Palmer - Jun 2014

New legislation has given the Australian Tax Office (ATO) powers to ensure Self-Managed Super Fund (SMSF) trustees comply with their duties and obligations. For SMSFs with individual trustees, penalties will apply to each individual trustee. This means the penalty will be multiplied by the number of trustees in the SMSF. However, corporate trustees will only incur one penalty. Read More

Payroll Tax

Jennifer Palmer - Jun 2014

Remember to review your payroll. If you exceed $750,000 you should be paying payroll tax at a rate of 5.45%. Remember payroll includes: salaries & wages, superannuation, director’s fees, FBT, allowances, bonuses, termination payments and contractor payments. If you are a member of a group of companies then your payroll is counted together for the purposes of payroll tax. Read More

Why you need to get in the cloud

Jennifer Palmer - Mar 2014

The shift toward cloud-based software is perhaps one of the most defining technological movements of this decade, with applications from Google Apps and Dropbox to remote email access giving us the freedom to work from anywhere with an internet connection. Read More

Are you ready for SuperStream?

Jennifer Palmer - Mar 2014

SuperStream is part of an Australian Government reform that aims to streamline the superannuation system. Under SuperStream, employers must make super contributions on behalf of employees by electronically submitting super payments and associated information for all superannuation funds, including Self-Managed Super Funds (SMSF). Read More

Personal Property Securities Register

Jennifer Palmer - Jan 2014

The Personal Property Securities Register (PPSR) is an Australian Government national online register of security interests in goods and other personal property which is regularly used by buyers, sellers and financiers. Read More

MySuper is now Compulsory

Jennifer Palmer - Jan 2014

From January 1, if one of your employees hasn’t nominated a preferred superannuation account, you must choose a MySuper compliant account for them. Read More

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