Articles

Coronavirus Special Update
23/03/2020 by Smith Thornton Accountants
Government's Stimulus Package in response to the Coronavirus
Covid 19 - Business Planning
23/03/2020 by Smith Thornton Accountants
We are receiving a number of enquiries from clients worried about what impact COVID-19 will have on their businesses.
Coronavirus - Federal and State Government Assistance to Business
17/03/2020 by Smith Thornton Accountants
Currently the Federal and State Governments have outlined the following assistance to small business.
What happens when a Discretionary Trust Vests?
08/02/2019 by Smith Thornton Accountants
There is a lot of confusion as to what happens when a Discretionary Trust reaches its vesting date.
Case law update - Casuals v Permanent Employees
6 July 2020, Smith Thornton Accountants
If you engage casual employees, make sure you're aware of the latest updates.
Have you reassessed your eligible employees for JobKeeper?
19 August 2020
Update to the JobKeeper subsidy for employees
2020 Federal Budget Announcement
21 October 2020
The 2020 Federal Budget Announcement on 6 October included significant measures to encourage consumer spending and drive the economy out of its current state.
Have you Updated your Tax Withholding Tables?
Dean Thornton
The updated withholding rates apply from 13 October 2020 and employers should implement the new rates by 16 November.
JobKeeper Email Scam
21 October
We have become aware that there is a JobKeeper email scam doing the rounds.
Business Owners in Control and Kicking Goals
Jenna van Nierop
Have you ever heard of the saying “Most people that aim at nothing achieve it every time”?
Succession Planning – Getting Started
Jenna van Nierop
In basic terms, succession planning is the process a business or family goes through to determine what each participants’ role will be when the existing business owners, farm owners, or key employees enter into retirement or decide to exit the business.
Claiming false tax deductions – it affects accountants too…
Simon Smith
This is a case where two tax agents were habitually making incorrect tax deductions on behalf of their clients, and the consequences saw them put out of business.
Inheriting assets – the hidden tax implications
Rebecca Williss
If you have inherited or are likely to inherit an asset in your lifetime, keep reading...
Agtech helping farmers solve problems
Rebecca Williss
Did you see the ‘Remote Access’ article in November 2020’s AgJournal (with Roger Fletcher on the cover) by Sue Neales?
The Outsourced CFO
Ryan McLaren
Over the past few years the rapid development of cloud based software systems has seen the rise of outsourced roles within many businesses. C
Approaching retirement and scaling down - Case Study
Jenna van Nierop
Fred and Fran Farmproud had been cattle farmers in the Great Southern for decades. They farmed three parcels of land with operations that consisted of a cattle stud, breeders and cattle trading.
Too good to be true?
Simon Smith
Ponzi is a term you would have heard bandied about again recently. It paints a picture of investor fraud where investors capital is repaid to them under the false guise of earnings.
2021 tax estimations and tax minimisation strategies
Rebecca Williss
For many, this financial year has been a continual rollercoaster, making it hard to get a feel for how your business has performed.
Federal Budget Summary 2021-22
Ryan McLaren
Whilst the 2021-22 budget announced on 11 May didn’t contain any groundbreaking initiatives, it did serve to extend certain personal and business tax initiatives and streamline other areas.
TFNs – handle with care or pay the price
Rebecca Williss
Privacy (Tax File Number) Rule 2015 is in full force and requires TFN recipients to take special care on how we receive, store and disclose TFNs. I am a TFN recipient, and it’s quite likely that you could be as well!
Succession planning for farmers
Jenna van Nierop
Historically farms and farming businesses have been passed down from one generation to the next, seemingly with little input from third parties or advisors.
EOFY dinner wrap up and 25 year anniversary celebration
Rebecca Williss
The Smith Thornton team celebrated the end of the financial year in style at Garrison Restaurant on 3rd July. There were many reasons to smile, with the end of a hectic year, the celebration of Smith Thornton’s 25 year anniversary, and a chance to unwind with our comrades.
Lifestyle Assets – the ATO is watching…
Simon Smith
Do your lifestyle tastes extend to fine art or thoroughbred horses ? The ATO is interested too…
Cryptocurrency
Ryan McLaren
With cryptocurrency becoming more prominent in today’s world, it’s a good time to touch on what this looks like for you in regards to your tax return.

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