Small business bonus deduction: technology investment
Small businesses may be able to get a bonus 20% deduction for any business expenses and depreciating assets used improve their digital operations. This includes digital enabling items such as computer software and hardware, digital media and marketing, e-commerce related goods or services, and systems or monitoring services related to cyber security. The bonus deduction …
ATO SMSF focus areas for 2023
In a recent speech, Justin Micale, ATO Assistant Commissioner of Self Managed Super Funds Risk and Strategy area outlined the risks on ATO’s radar in the SMSF space and provided some insights on approaches the ATO is using to address those risks. While most of these are returning favourites such as identity fraud, investment scams …
ATO alert: diverting profits to SMSFs
The ATO has issued an alert, warning taxpayers against entering arrangements where special purpose vehicles (SPVs) are used to divert profits of property development projects to SMSFs. Specifically, it is reviewing arrangements where one or more SMSFs have or acquire direct or indirect ownership of SPVs that undertake a property development project and due to …
11/08/2023: Small business energy incentive
The government has released plans to introduce a small business energy inventive to help small and medium businesses electrify and save on their energy bills. The proposal is currently in the consultation stage, but once implemented will see businesses with an aggregated annual turnover of less than $50m gain access to a bonus 20% tax …
ASIC: super trustees need to step up efforts
In recent media releases, ASIC has called on superannuation trustees to step up efforts in the areas of appropriately dealing with members money, and consolidating duplicate member accounts. The calls follow 2 ASIC reviews which identified either poor trustee practices or deficiencies in these areas. “We expect all trustees to closely review their policies and …
ATO flags common GST reporting errors and how to correct
The ATO has reported that some businesses are making simple mistakes reporting their GST. The ATO reminded taxpayers to avoid the following common GST reporting errors: Transposition and calculation errors No tax invoice Transaction classification Accounting systems If a taxpayer finds a mistake made on a previous activity statement, the ATO says they can: correct …
An exquisite evening of connection and enlightenment!
We are deeply appreciative of the unwavering support from our exceptionally loyal clients and the esteemed leaders from the accounting industry who graced us with their presence. Your participation transformed this exclusive VIP gathering into a truly memorable event. From profound discussions to an engaging Q&A segment, the evening was meticulously curated to delve into …
18/08/2023: Does GST apply to crypto-assets?
The issue of GST and crypto-assets have started concerning more businesses as digital currency becomes more common-place in terms of trading and using the assets for payment. The GST treatment of assets will largely depend on whether a crypto-asset is considered to be a digital currency, and whether digital currency it is being used as …
18/08/2023: Tax Time 2023: lodgment period underway
With only a little more than a month into tax time, the ATO has given the green light for taxpayers with uncomplicated financial affairs to lodge their returns. It says that the information it collects from employers, banks, private health insurers, share registries and other institutions have now been prefilled and ready to go on …