20

Dec

A deductible gift recipient (DGR)-deductions for Christmas Gifts

When a gift or donation is deductible You can only claim a tax deduction for a gift or donation to an organisation that has the status of a deductible gift recipient (DGR). To claim a deduction, you must be the person that gives the gift or donation and it must meet the following 4 conditions: DGRs sometimes authorise a business […]

tax accountant melbourne

01

Dec

Operation Underpitch smashes money laundering, tax evasion and foreign worker exploitation within the NSW and ACT construction industry

accountant melbourne A joint investigation between the Australian Border Force (‘ABF’) and the ATO spanning almost two and a half years has led to the disruption of serious criminal behaviour by four Chinese nationals within the NSW and ACT construction industries.A 55-year-old Chinese national this week received a criminal conviction and fine for her involvement in money[…]

01

Dec

Registration of Digital Games Tax Offset Rules-follows the recent enactment of legislation introducing a refundable tax offset

Registration of Digital Games Tax Offset rules The Government has registered the Income Tax Assessment (Digital Games Tax Offset) Rules 2023 (‘Rules’), which follows the recent enactment of legislation introducing a refundable tax offset for eligible expenditure incurred in the development of digital games. The Rules set out the procedural rules for how companies apply for various[…]

19

Nov

Losses in crypto investments for SMSFs

Over the last few income years, the ATO has seen some instances of SMSF trustees losing their crypto asset investments. These losses have been caused by: 1.    crypto scams, where trustees were conned into investing their superannuation benefits in a fake crypto exchange; 2.   theft, where fraudsters would hack into trustees’ crypto accounts and steal all their[…]

23

Aug

Lodging for Taxable Payments Annual Reports

Now is the time for taxpayers to check if their business needs to lodge a Taxable payments annual report (“TPAR”) for payments made to contractors, the ATO reminds. This applies to contractors providing the following services: (a) building and construction; (b) cleaning; (c) courier and road freight; (d) information technology; and (e) security, investigation or surveillance. TPARs[…]

23

Aug

Claiming GST Credits for Employee Expense Reimbursements

When reimbursing employees, employers may be entitled to claim GST input tax credits for the expenses that are directly related to their business activities. A “reimbursement” is provided when a taxpayer pays their employee the amount, or part of the amount, of a particular work-related purchase they make. Employers are not entitled to a GST input tax[…]

tax accountant melbourne

28

Jul

2023 Federal Budget Tax Updates

The Treasurer, Jim Chalmers, handed down his Federal Budget for the new financial year on Tuesday, 9 May 2023. Read on to about how to find out how this could affect your next tax return. Mr Chalmers walked away from the large, blanket tax cutting initiatives of the last Liberal government, such as Temporary Full Expensing (which[…]

13

Jul

“THE BENEFITS OF HIRING A PROFESSIONAL ACCOUNTANT FOR YOUR BUSINESS”

1. Expertise and Knowledge: Professional accountants have extensive knowledge and expertise in accounting principles, tax laws, and financial regulations. They stay updated with the latest changes and can provide accurate advice tailored to your specific situation. 2. Time-saving: By delegating accounting tasks to a professional, individuals and businesses can focus their time and energy on core activities[…]

12

Jul

TAKING DATA SECURITY TO THE NEXT NEVEL

We take the security of our own data as well as the data of our clients very seriously. Within our security protocols we have established a set of policies, processes and controls designed to produce predictable information security outcomes. We are working on taking data security and privacy to the next Efficiency. We are offering more and[…]