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DecWhen 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 to collect donations on their behalf. For example, a supermarket may be authorised to accept a donation at the register that they then send onto the DGR. You can claim a deduction for a gift or donation you make in this way, if: If you receive a material benefit in return for your gift or donation to a DGR – for example, you […]
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Decaccountant 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 laundering, tax evasion and foreign worker exploitation within the construction industry – one of four people to be successfully prosecuted under ‘Operation Underpitch’. Operation Underpitch is an ABF-led investigation by the Serious Financial Crime Taskforce (‘SFCT’), which comprises of multiple agencies including (among others) the ABF, the ATO and ASIC.The ABF has successfully disrupted organisers of the money laundering cohort through the execution[…]
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DecRegistration 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 Digital Games Tax Offset (‘DGTO’) certificates, including a Completion Certificate, Porting Certificate or Ongoing Development Certificate for the DGTO, or provisional forms of those certificates. The Rules also set out the rules for the processing and assessment of such applications, including the seeking of expert advice and additional information from applicants. The Rules require certain information to be provided to the Arts Minister[…]
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NovOver 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 crypto; 3. collapsed crypto trading platforms, many of which were based overseas; and 4. lost passwords, resulting in trustees being locked out of their crypto account and being unable to access their crypto. Trustees thinking of investing in crypto need to be aware of the ways that crypto can be lost, including through scams, and how these scams can be avoided. Many crypto[…]
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AugNow 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 are due on 28 August each year and penalties may apply if they are not lodged on time. Taxpayers can help prepare for their TPAR by keeping records of all contractor payments. Taxpayers that do not need to lodge a TPAR this year can submit a TPAR non-lodgment advice form to let the ATO know and avoid unnecessary follow-up. Taxpayers can refer to[…]
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AugWhen 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 credit if they pay their employee an allowance, or make a payment based on a national expense, such as a cents-per-kilometer payment, travel or meal allowance. An “allowance” is provided when a taxpayer pays their employee an amount for an estimated expense without requiring them to repay any excess. Taxpayers are expected to hold sufficient evidence to substantiate their claim, such as a[…]
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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[…]
