We’re Client Choice Awards Finalists!
Jean Marc and the Team are thrilled to be named finalist of the Client Choice Awards in the Best Accounting & Consulting Services Firm category. The client choice awards recognize best practice in the professional services sector and based solely on client feedback. For that reason, this achievement is all the more rewarding knowing that …
Government Announces Changes to Proposed ‘Stage 3’ Tax Cuts
Despite previous assurances, the Government has unveiled tweaks to the ‘Stage 3’ tax cuts set to take effect from July 1, 2024. Notably, the proposed changes include: – Reducing the 19% tax rate to 16%, adjusting the 32.5% rate to 30% for incomes between $45,000 – A new $135,000 threshold, increasing the threshold for the …
Peter Murray Claims ITR World Tax Ranking for Tax Controversy!
Big shoutout to Peter Murray, our renowned tax counsel at Lucas and Co Chartered Accountants! Specialising in corporate tax issues for both listed and privately-owned groups, Pete’s expertise in ATO disputes and resolutions has earned him a spot in the ITR World Tax Ranking for Tax Controversy. This accolade underscores his dedication and proficiency in …
Financial Stability Review – October 2023
The Financial Stability Review provides the Bank’s assessment of the current condition of the financial system and potential risks to financial stability. It is issued half-yearly. Source: https://www.rba.gov.au/publications/fsr/2023/oct/
Aggregated turnover: Commissioner discretion
The ATO has recently released a Taxation Determination to provide guidance on two specific issues of control in relation to the aggregated turnover test and when the Commissioner of Taxation can exercise discretion. The aggregated turnover threshold for being a small business entity was originally less than $2m; however, that threshold was increased to less …
Compliance actions available to the ATO: SMSFs
The ATO has been ramping up compliance activity in response to an increasing number of SMSFs which have been identified as not complying with superannuation obligations. A quick refresher for trustees on how the ATO deals with SMSF non-compliance and the range of compliance action available to the ATO may assist trustees to act proactively …
ATO shifting to firmer debt collection
The Commissioner has flagged a return to firmer debt collection actions after seeing a trend of profitable businesses that have the capacity to pay their tax debts but are actively choosing not to. It warns business taxpayers not to treat ATO liabilities like a free loan, and reiterates that businesses are only temporary custodians of …
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 …