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Please note: the information contained in our articles is general in nature and does not address the circumstances of any particular individual or entity. We endeavor to provide accurate and timely information, however cannot guarantee that it will continue to be accurate in the future. Always obtain appropriate professional advice for your circumstances . For more information or tailored advice, please contact your Ashfords advisor.

What’s this new tax:

On 20 March 2024, the Victorian State Government introduced the Commercial and Industrial Property Tax Reform Bill 2024 (legislation.vic.gov.au). The Bill is expected to become law and to take effect from 1 July 2024.

The Victorian Government, as announced in the 2023-24 Budget,  is progressively abolishing stamp duty on commercial and industrial property and replacing it with an annual tax.

The annual tax, to be known as the Commercial and Industrial Property Tax (CIPT), will be set at 1% of the property’s unimproved land value.

The tax will replace land transfer duty (stamp duty) that is currently payable on the improved value of the land when you purchase or acquire a commercial or industrial property in Victoria.

The new tax system will start to apply to commercial and industrial property if the property is transacted on or after 1 July 2024.

Last week, Ashfords hosted the latest Building Business Value seminar. Maximising Business Value: Break Through the Barriers brought together a diverse panel of experts, featuring specialists from talent, marketing and finance to help businesses identify and overcome common barriers to enhance their business value. 

Struggling to recruit workers for your business?
Job vacancies have jumped 40% in 12 months, and ABS data shows there are currently 470,000 unfilled jobs in Australia.
Ashfords brings together experienced professionals to discuss how to recruit workers from overseas, including the legal, compliance and accounting considerations for businesses. 
Australia. Employers are currently facing a chronic shortage of staff across multiple industries and the impact is being felt by businesses large and small.

Welcome to Finance Matters with George Shaheen

Read Finance Matters and be informed on what's happening in the market and the current business environment.
For George's second blog post, he talks about interest rates & CPI, business challenges and talks about a recession.

Welcome to Finance Matters with George Shaheen

Read Finance Matters and be informed on what's happening in the market and the current business environment.
For George's first blog, he talks about the cost of living, interest rates, and how to be prepared for the future. 

The 2022-23 Victorian State Budget was handed down by the Victorian Treasurer on 3 May 2022 with the Government forecasting a net operating deficit of $17.6 billion this financial year.
The budget mainly focused on health, education and infrastructure projects within Victoria and introduced no key changes to Victoria’s current taxes and duties.

From 1 November 2021, directors can apply for the new director identification number (Director ID) introduced by ASIC. ASIC introduced the requirement for all directors to hold a director identification number to verify their identity as part of these new requirements...

At Ashfords, we recognise that not all businesses are the same. This is why we offer different levels of bookkeeping, so we can work with you to choose the right services to deliver the best outcomes for your business. Find out more about our revamped bookkeeping service...

6 changes to superannuation policies you need to know

Ashfords superannuation experts outline 6 new policy changes that are crucial to be aware of.

We have all read about Daniel Andrews falling down the stairs and having broken ribs and fractured vertebrae and it looks like he will be out of action for a considerable period. It really highlights that accidents can happen at any time to anyone no matter who they are or what they do.

The year is 2021, the global pandemic has forced businesses to respond to issues lying dormant in their systems and accelerated the need to future proof the way in which they use technology. Our resident experts at Ashfords Digital know firsthand the importance of using up to date integrated software to make managing your business easier. Basically, they’re here to help our clients work smarter and not harder.

The 2020-21 State Budget has been announced by the Victorian Government with many enticing proposals. Instead of a lengthy look at all the changes that were made, we’ve compiled some of the more important key points.

Reflecting on 2020, what have we learnt? How can we use it to fuel a smart race, not a hard one for 2021?  These are some of the questions we all need to ask ourselves to start focusing on the future.

Federal Budget Announcement: The highlights

Following the recent release, we’ve compiled some of the more important key points to come out of the 2020/21 Federal Budget.

JobKeeper 2.0 is here!

As the government begins to phase out the JobKeeper subsidy, we will keep you apprised of all the latest changes.

New Business Funding Available

The Victorian Government has made available a number of new grants and supports for businesses as we move towards COVID Normal.

Expansion of the Victorian Business Support Fund

New $5000 business support grant available for Victorian business that meet the criteria

These are challenging times for all, the new normal never seems to be defined, as we all work towards trying to protect the health and wellbeing of our colleagues and family members. A COVIDSafe plan is a key essential for any business, while it may constantly evolve, there are three areas as a minimum that it needs to address.

So, it’s that time again and you have an audit coming up…? We’ve spoken with our audit team to get some insight into how to make the process run smoothly and to turn audit time into your favourite time of year!

Forging Ahead with Ashfords

You are invited to participate in our Forging Ahead program, designed to support your business right now.

JobKeeper Update

An important update for businesses who have enrolled for JobKeeper or are planning to enrol.
The ATO has released details of the 3 steps to be completed to successfully receive the JobKeeper payment.

Job Keeper Employers Guide

The JobKeeper payment is now open to eligible employers, sole traders and other entities to enable them to pay their eligible employee’s wages of at least $1,500 (before tax) per fortnight.

JobKeeper Payment

The JobKeeper scheme was introduced to support businesses struggling due to the impact of the COVID-19 pandemic. Based on the information available, we have put together a guide to show employers how they can apply for the JobKeeper payment, what the obligations are and what to expect.

The impact of COVID-19 on financial reports

The consequences of COVID-19 need to be considered by all entities in preparing financial reports that are subject to audit. What disclosures are required, are the impacts material to the business and do financial reports need to be adjusted?

Federal & State Second Stimulus Package

On the weekend Scott Morrison announced the federal government's second round stimulus package, and Daniel Andrews announced the state government's plans for a stimulus package.

Digital Marketing for Small Businesses

The future is digital and small business owners need to invest in Digital Marketing to keep up with the pressures of an increasingly wired world. In this article, Cuby Martis, Ashford's Digital Marketing Specialist, details the key benefits of adopting a digital strategy for your business. 

Business valuations can be conducted in many different scenarios, but one scenario often overlooked is during a divorce. It is irrelevant whether both parties have an interest, or just one party; a business valuation of that interest is typically required.

From the CEO's Desk: Welcome to 2020

Just like that, the decade is over, and a new decade has begun! A new year can often bring about a plethora of ideas that business owners want to implement, but a few things must be addressed before jumping straight into these new ideas.

Work Christmas Parties and Fringe Benefits Tax

Most businesses have a Christmas party to finish their working year, but what some businesses don't realise is that they may be hit with a tax for throwing such a party. This is known as Fringe Benefits Tax (FTB).

Xerocon 2019

Five of Ashfords’ team members recently attended Xerocon Brisbane 2019 (September 4–5), where they met and interacted with professionals from both Xero and their extensive network of partners. In so doing, they gained valuable insight on what Xero is working on and how different businesses are using Xero’s cloud-based accounting software. Below is a recount of Xerocon from one of Ashfords’ five attendees, Grace Tsuchida

Australia has an ageing population; the media keeps reminding us, as does the government. Are we ready to deal with the implications of this, though? As a society? As individuals? One thing’s for sure—it’s something we cannot ignore.

Accounting Standards Update Part III: AASB 9 (Financial Instruments)

AASB 9 is applicable to a number of business, find out if you could be impacted

Accounting Standards Update Part II: AASB 15 (Revenue from Contracts With Customers)

Reporting periods commencing on or after 1st January 2018 (From 1st January 2019 for Not-For-Profit entities) AASB 15 is applicable to the following businesses: Entities subject to an audit or review.

Starting 1 July 2019, changes have been implemented to the way employers report tax and superannuation payments to the Australian Taxation Office (ATO). This reporting change is called Single Touch Payroll (STP).

New Accounting Standard: AASB 16 (Leases) – Part 1

There are significant changes coming to Accounting Standards. Ryan Dummett will discuss the changes and the impact of AASB 16 Leases.

2019 Australian Federal Election: What You Should Know

With the 2019 Australian federal election just days away, we at Ashford’s thought it’d be worthwhile putting together a blog post outlining how each major political party is addressing the various hot-button issues from a policy standpoint. Taxation Widely seen as one of the most crucial dividing lines between the two main parties.

From 1st July 2019, Single Touch Payroll (STP) will apply to all employers regardless of the number of employees they have on payroll. STP was previously introduced by the ATO from 1st July 2018 for businesses with 20 or more employees, however new recent legislation has now extended the requirement to apply to all employers.

The Major Parties’ Superannuation and Tax Policies

Superannuation Manager The federal election has been called for May 18 and both major parties have outlined their superannuation and tax policies. With the federal election only weeks away, many of our clients have been asking what the major political parties’ policies are, that may impact their SMSF, individual taxation circumstances

In this real-time world we find ourselves in, it’s often hard to ensure you’ve enough time to discharge your professional responsibilities – let alone to enjoy enough family, personal, and leisure time. It’s not the answer to be in a permanent state of Nivens McTwisp (i.e. the white rabbit in Tim Burton’s Alice in Wonderland).

Fringe Benefits Tax

We are aware that FBT is one of the less appreciated taxes, with little more than nuisance value for many of our clients – but legislation is something that must be complied with. As always, we endeavour to making this process as smooth as possible for our clients.

Pessimism regarding Australia’s property market has intensified in recent times; a sentiment more or less foreign to Australian homeowners who, over a period spanning several decades, have grown accustomed to year-on-year appreciation on the value of their home. In this edition of From the CEO’s Desk, I will detail various factors 

None of us like to consider our own mortality. For our older loved ones, it’s an even more confronting topic, and certainly a difficult one to discuss. Let me share with you a story that was told to me by someone I met at a recent function, about their father “Lindsay” who had recently passed

Australian Banking Royal Commission Findings Summary

"Saying sorry and promising not to do it again has not prevented recurrence. The time has come to decide what is to be done in response to what has happened.” 

New Year’s Financial Resolutions

New Year’s resolutions are easy to make and even easier to break. 

Claiming R&D Tax Offsets in Australia – Times Have Changed

Research and development – or, R&D, as it is more commonly known as – refers to a set of innovative activities undertaken in an effort to develop entirely new products or services (or improve upon those that already exist).

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