19

Nov

Losses in crypto investments for SMSFs

Over 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 […]

23

Aug

Lodging for Taxable Payments Annual Reports

Now 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[…]

23

Aug

Claiming GST Credits for Employee Expense Reimbursements

When 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[…]

tax accountant melbourne

28

Jul

2023 Federal Budget Tax Updates

The 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[…]

12

Jul

TAKING DATA SECURITY TO THE NEXT NEVEL

We 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

May

Insolvency advice and illegal phoenix activity from ATO

If 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[…]

10

May

How to claim deductions for temporary full expensing

The 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

May

Risks of using unregistered preparers

You 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[…]