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 […]
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[…]
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[…]
10
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[…]
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[…]
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. […]
