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MarFind out how your small business compares to others in your industry. We’ve updated our small business benchmarks for 2021–22. The benchmarks help you compare your business turnover and expenses to other small businesses in the same industry. For example, Deb runs a pizza shop as a sole trader. She’d like to track her business against other pizza shop […]
12
MarLoans to members continue to be the highest reported contravention of the superannuation laws that the ATO sees in auditor contravention reports. SMSF trustees should remember that they cannot loan money or provide other forms of financial assistance to a member or relative, and if they do, they can incur a penalty of up to $18,780. They[…]
21
FebThe ATO will acquire officeholder data from ASIC, the Office of the Registrar of Indigenous Corporations and the Australian Charities and Not-for-profits Commission for the 2024 and 2025 income years, including details such as: The ATO estimates that records relating to approximately 11 million individuals will be obtained. This program aims to (among other things) enable the[…]
14
FebTaxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for the purpose of gaining or producing rental income.They need to consider the following in determining whether the deductions they wish to claim are valid rental deductions:How many days during the income year did they use or block[…]
31
JanChanges to Individual income tax rates and thresholds from 1 July 2024. On 25 January 2024, the government announced proposed changes to Individual income tax rates and thresholds from 1 July 2024. These changes are not yet law. From 1 July 2024, the proposed tax cuts will:
24
JanReminder for funds their annual statement of compliance is due at the end of February. If you use SuperMatch, your annual statement of compliance is due on Wednesday, 28 February 2024. The statement needs to be made by your fund trustee, or an appropriately qualified senior officer of the fund – for example, a Chief Risk Officer. In[…]
17
JanRead about the updated Commissioner’s view on software royalties and how to provide feedback. In response to feedback on our previous draft Ruling, we’ve released a new draft Ruling TR 2024/D1 Income tax: royalties – character of payments in respect of software and intellectual property rights. The new draft Ruling is now open for public comment. It addresses circumstances in[…]
11
Jan[4042] Ordinary meaning of the term ’employee’ [updated] We are reviewing several products that currently provide guidance on the meaning of the term ‘employee’ to reflect the direction provided in the High Court decision in Construction, Forestry, Maritime, Mining and Energy Union v Personnel Contracting Pty Ltd [2022] HCA 1:
20
Dec亲爱的客户朋友， 在这个充满欢乐和温馨的季节，我们想要向您表达最诚挚的祝福和感激之情。感谢您在过去的一年里对我们的支持和信任，正是因为有了您的陪伴，我们才能不断进步和成长。 愿您和您的家人在这个特别的圣诞时刻充满欢笑、温馨和幸福。希望您能与亲朋好友共度美好时光，留下难忘的回忆。 在新的一年里，我们将一如既往地致力于提供更优质、更满意的服务，与您携手共创美好未来。期待着在未来的日子里，与您一同分享更多成功和成就。 感谢您的一路相伴，祝您圣诞快乐，新年幸福美满！ 诚挚问候， 信元会计师事务所 敬上
20
DecWhen a gift or donation is deductible You can only claim a tax deduction for a gift or donation to an organisation that has the status of a deductible gift recipient (DGR). To claim a deduction, you must be the person that gives the gift or donation and it must meet the following 4 conditions: DGRs sometimes authorise a business[…]
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