Practice Update May 2022
Practice Update May 2022 covers following points: No reduction in the Private Health Insurance rebate as of 1 April 2022 Disclosure of business tax debts High Court rejects attempt to disclaim interest in trust distribution Click here for Practice Update May 2022
Read MorePractice Update April 2022
Practice Update April 2022 covers following points: 2022-2023 Budget Measures that are now law Reminder of March 2022 Quarter Superannuation Guarantee (“SG”) Cents per kilometre deduction for car expenses – 2023 income year Job Maker Year 2: adjusting baseline headcount Re-contributions of COVID-19 early release super amounts Penalties for overdue TPAR Click here for Practice…
Read MorePractice Update March 2022
Practice Update March 2022 covers following points: Tax deductibility of COVID-19 test expenses Super changes and full expensing 12-month extension now law 12-month extension of the temporary loss carry-back measure Keeping and maintaining SMSF records New shield against debt recovery proposed for small business SMSF – statistical overview from 2020 lodgments published Small employers and…
Read MorePractice Update Jan-Feb 2022
Practice Update January/February 2022 covers following points: ATO support for businesses in dificult times Government extends SME Recovery Loan Scheme to 30 June 2022 COVID-19 vaccination incentives and rewards Higher PAYG withholding rates continue to apply to backpackers Single Touch Payroll exemption extended for WPN holders Payment extension relating to JobKeeper objections Click here for…
Read MorePractice Update December 2021
Practice Update December 2021 covers following points: Super is now following new employees Beware of scams ABN ‘intent to cancel’ program ‘Backpacker tax’ may not apply to some backpackers Managing business cash low Data-matching program: Services Australia beneits and entitlements Click here for Practice Update December 2021
Read MorePractice Update November 2021
Practice Update November 2021 covers following points: Preparing for the new Director ID regime Varying PAYG instalments due to COVID-19 AUSTRAC transaction report information data-matching program Permanent changes to AGMs and electronic communications Government payments data-matching program Click here for Practice Update November 2021
Read MorePractice Update October 2021
Practice Update October 2021 covers following points: Extra super step when hiring new employees ATO support for employers with expansion of STP Reminder for first-time share investors to declare income Documenting gifts or loans from related overseas entities Paid Parental Leave changes support parents in lockdown Additional ATO support during COVID-19 Reminder of SG obligations…
Read MorePractice Update September 2021
Practice Update September 2021 covers following points: Extending administrative relief for companies to use technology Expansion of support for SMEs to access funding ATO warns property investors about common tax traps Div.293 concessional contribution assessments have been issued Travel allowances and ‘LAFHAs’ Time running out to register for the Job Maker Hiring Credit Labor commits…
Read MorePractice Update August 2021
Practice Update August 2021 covers following points: Reminder of superannuation caps indexation for 2022 Division 7A benchmark interest rate for 2022 remains unchanged Changes to STP reporting from 1 July 2021 Maximum contributions base for super guarantee The ‘gigs up’ with a new sharing economy reporting regime Taxable Payments Annual Reports (‘TPARs’) due 28 August…
Read More2020/21 Individual Tax Return Checklist
Tax saving strategies prior to 1 July 2021. A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. A certified tax advisor can help with tax minimisation strategies and planning Tax Return Checklist: Claims for…
Read MorePractice Update June 2021
Practice Update June 2021 covers following points: Cryptocurrency under the microscope this tax time ATO warns on ‘copy/pasting’ claims Family assistance payments Temporary reduction in pension minimum drawdown rates extended Super Guarantee rate rising from 1 July 2021 Do you use the Small Business Superannuation Clearing House? Car parking threshold for 2022 FBT year Luxury…
Read MorePractice Update May 2021
Practice Update May 2021 covers following points: Government proposal to modernise business communications Independent review service for small business made permanent ATO asks businesses to check if they are still using their ABNs ATO “keeping JobKeeper payment fair” Passenger movement data-matching program Super contribution caps will increase from 1 July 2021 Click here for Practice…
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