01
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 […]
19
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[…]
23
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[…]
28
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[…]
12
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[…]
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 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[…]
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 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[…]
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 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[…]
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: Ten of these SMSF auditors were referred to ASIC by the Australian Taxation Office (ATO). One SMSF auditor did not comply with conditions imposed by ASIC on their SMSF auditor registration. This follows the cancellation of 374 SMSF auditors in January 2023 (23-012MR). ASIC Commissioner Danielle Press said, ‘SMSF auditors play an essential role in supporting confidence in the SMSF sector. To protect[…]
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. A replacement method that can be used instead of the actual expenses method (which has not been abolished) is the revised fixed-rate method. Under the revised fixed-rate method, a deduction can be claimed of 67 cents per hour for energy expenses (electricity and gas), internet expenses, mobile and home phone expenses, and stationery and computer consumables. Other expenses associated with working from home,[…]
