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 …
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 …
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 …
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 …
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 …
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 …
The government is currently seeking feedback on design features of the Board of Taxation’s proposed model to modernise individual tax residency, initially contained in its 2019 report. The new framework was designed to simplify the tax system and reduce compliance costs for individuals and employers. The model that the Board of Taxation proposed consists of …
With the never-ending increase in Australian house prices, many desperate home buyers are often turning to other, perhaps unconventional, means to secure housing, one such property scheme currently making the rounds involves the use of SMSFs and has caught the ATO’s attention. The scheme is classified as an illegal early release by the ATO and …
The ATO has extended the motor vehicles data matching program once again to encompass the 2022-23 to 2024-25 financial years. This successful program has been running for 19 years in various iterations, and was developed as a way to assess the overall tax compliance of individuals and businesses involved in buying and selling motor vehicles. …