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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 […]
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[…]
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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[…]
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 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[…]
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 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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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
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[…]
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,[…]
