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JulThe 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 applied to virtually all businesses) and the Low and Middle Income Tax Offset (which applied to all individual taxpayers with an income of less than $126,000), and instead focused on help which is more targeted and less generous. While the initiatives are likely to be welcomed by those taxpayers who are the target of the tax breaks, they will pass by many, if not most, taxpayers […]
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Jul1. 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 and strategic decision-making, instead of getting bogged down by complex financial tasks. 3. Financial Organization: Accountants can help individuals and businesses maintain proper financial records, ensuring that transactions are accurately recorded, categorized, and reconciled. This organization is essential for smooth operations and reliable financial reporting. 4. Tax Compliance: Professional accountants understand tax laws and regulations, helping individuals and businesses comply with tax requirements.[…]
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JulWe 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 more integration with specific accounting practice management software and the Audit Shield Online Portal (ASOP). starting with Xero Practice Manager. Compliance. Our management systems, processes, and global operations have been certified to ISO 27001, a designation that indicates compliance with a set of information security management (ISMS) best practices. Convenience. Within ASOP, we offer direct portal uploads. This means that the number of[…]
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JulDON’T GET SCAMMED The accountant-lawyer at the centre of the $105 million Plutus Payroll tax scam has been sentenced to 14 years jail following a guilty verdict in March. Dev Menon, the man described as “pivotal” to an operation which siphoned off millions owed to the ATO, had “abused his position” as a solicitor for the benefit of criminals, Justice Anthony Payne told NSW Supreme Court. “He was involved for long hours and exercised his legal skills to give effect to the conspiracies,” Justice Payne said. “His behaviour in accepting funds … which should have been paid to the ATO is thoroughly discreditable conduct for a solicitor to engage in.” The Plutus Payroll scam began with five conspirators in 2014[…]
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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 of increases, which in June pushed the cash rate to 4.1 per cent. The ABS said the most significant price rises involved furnishings, household equipment and services (+6.0 per cent), food and non-alcoholic bevera ABS head of prices statistics Michelle Marquardt said the 5.6 per cent annual rise was the smallest since April last year. “While prices have kept rising for most goods[…]
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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 $1.9 million. When will we display the indexed amounts? Despite the fact that indexation will take place on July 1, 2023, the ATO won’t start showing members’ updated personal transfer balance caps until July 11, 2023. All SMSFs are urged by the ATO to record any activities that took place before July 1, 2023, by June 30, 2023. This is done to guarantee[…]
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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 Boost, and Other Significant Enhancements for Businesses Shares purchased off-market, tax credit for digital games, 2024: Offshore Banking Unit Regime Interest on Early Payments, an increased Commonwealth penalty unit, new items in the Company tax return for 2023, and removed items from the Company tax return for 2023 are all examples of such items. Small company technology investment and small business skills and[…]
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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 insolvency advice that you can rely on. But some insolvency or pre-insolvency advisers suggest actions designed to help directors avoid paying their creditors and create new companies to continue on without debts. This is illegal phoenix activity and can result in serious penalties. Following this advice could put you at risk of a fine, criminal conviction or even a jail term. Be wary if an[…]
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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 expensing deduction in their tax return for the relevant income year by completing the extra labels included in the tax return. Taxpayers can choose to opt out of temporary full expensing for an income year for some or all of their assets and claim a deduction using other depreciation rules. However, they must notify the ATO in their tax return that they have[…]
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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 face if you use an unregistered preparer to provide you with a tax agent service (which includes a BAS or tax (financial) advice service): Sharing your myGov account details puts your personal and financial affairs at risk! The TPB is investigating several cases involving unregistered preparers posing as legitimate registered tax practitioners, who lodge tax returns on behalf of their clients. These unregistered[…]
