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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 […]
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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[…]
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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[…]
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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[…]
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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[…]
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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[…]
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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[…]
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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[…]
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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[…]
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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[…]
