Key Lodgement Dates by Muscillo Romano

Welcome to July. We welcome you to the new financial year! We value your thoughts and feedback and what you would be interested in reading more about!  Just a friendly reminder while we are still in a time of uncertainty we continue to follow Government recommendations. While our team are back in the office, we are still implementing social distancing and strict hygiene …

Key Lodgement Dates June by Muscillo Romano

Welcome to June! We value your thoughts and feedback and what you would be interested in reading more about!  Just a friendly reminder while we are still in a time of uncertainty we continue to follow Government recommendations. While our team are back in the office, we are still implementing social distancing and strict hygiene practices to ensure our clients and team are …

MU Coronavirus Update

Coronavirus JobKeeper Legislation Passed Canio Muscillo from Muscillo Romano Accountants breaks down the latest round of Australian JobKeeper Coronavirus related legislation and how it impacts your business. This video is broken down into four main parts: Part 1: Introduction – 00:02 Part 2: Treasury Statements – 06:19 Part 3: Act Explanatory Memorandum – 09:44 Part 4: Subsidy Working Examples – …

Ocean Road Magazine Spring Edition 2019

Stepping into the action Words: David Simons    Photography: Brian Usher plus supplied Colin Handley’s acting and stunt career in Hollywood saw him work alongside some of the greatest names in the business. We’re talking the big guns (literally and metaphorically) here: Arnie, Sly Stallone, Jean-Claude Van Damme, and David Hasselhoff to name a few. Now, Colin’s son Ryan is following …

Tax Alert: Distributions to non-resident beneficiaries

The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some. Two new determinations released by the ATO deal with the complex and technical issues that arise when a resident discretionary trust makes a distribution of capital gains to non-resident beneficiaries. The …

Single Touch Payroll Exemption

Single Touch Payroll Exemption for Directors and Family MembersThe ATO has provided a concession from single touch payroll for payments by small employers to closely held payees. Single touch payroll (STP) was extended to cover all employers on 1 July 2019. For directors of their own company or for family businesses employing family members, there are some practical problems with STP …

ATO Doubles Rental Deduction Audits

In the 2017-18 financial year, more than 2.2 million Australians claimed over $47 billon in deductions and the Australian Taxation Office (ATO) thinks that is too much – one in ten is estimated to contain errors 4,500 audits of rental property deductions will be undertaken this year with the focus on over-claimed interest, capital works claimed as repairs, incorrect apportionment …