02
JulInflation fell to 5.6 per cent in the 12 months to May according to the latest ABS data, down from 6.8 per cent in April and below market expectations of a 6.1 per cent increase. The rise comes ahead of an RBA decision on interest rates next week and fuels hopes of a pause in its run […]
21
JunSuper proportional indexation of transfer balance caps The general transfer balance cap is being reminded by the ATO that it will be adjusted on July 1, 2023. Based on the greatest ever balance of their transfer balance account between July 1, 2017 and June 30, 2023, individuals will have a personal transfer balance cap between $1.6 and[…]
21
JunWhen preparing clients’ 2023 tax returns, the ATO has issued significant revisions and new methods. The elimination of the self-education expense level, working from home, and the low and middle income tax offset are significant developments for individuals this year. The Small Business Technology Investment Boost, Franked Distributions Supported by Capital Raising, Small Business Skills and Training[…]
10
MayIf your business is insolvent or struggling to pay its debts, it’s important to seek specialist advice from a qualified and registered insolvency practitioner as soon as you can. Be wary of inappropriate insolvency advice that could lead to illegal phoenix activity. Insolvency advice to watch out for Registered liquidators and trustees will provide you with sound[…]
10
MayThe ATO has recently provided information to assist taxpayers in working out how to claim deductions under temporary full expensing when they lodge their tax return If the taxpayer’s income years end on 30 June, deductions under temporary full expensing are only available in the 2021, 2022 and 2023 income years. They can claim the temporary full[…]
10
MayYou are taking big risks if you use an unregistered preparer to: Tax practitioners include tax agents and BAS agents. They must be registered with us to provide tax agent services, BAS services or in some cases, tax (financial) advice services for a fee or other reward. What are the risks? Listed below are some risks that you[…]
10
MayASIC has acted against a further 11 self-managed superannuation fund (SMSF) auditors for breaches of their obligations. This included breaches of auditing and assurance standards, independence requirements, registration conditions, or because ASIC was satisfied the individual was not a fit and proper person to remain registered. Over the period 1 October 2022 to 31 March 2023, ASIC:[…]
06
AprBefore 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses. These choices were: From 1 July 2022, as a result of the release of PCG 2023/1 by the ATO, the shortcut method and the fixed-rate method have been abolished. […]
03
AprA reminder to employers that their December 2022 superannuation guarantee (‘SG’) contributions were due by 28 January 2023. Do not forget the two changes to SG that commenced on 1 July 2022: lthe rate increased from 10% to 10.5%; employees no longer need to earn $450 per month to be eligible. Employers now need to make super[…]
