Deductions under ‘temporary full expensing’ are only available in the 2021, 2022 and 2023 income years, and are expected to come to an end on 30 June 2023.
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The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation. The new measure is expected to commence from 1 July 2025 (i.e., the start of the 2026 income year).
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An individual’s transfer balance cap (‘TBC’) determines the maximum amount they can commit to a retirement phase interest in their super fund, such as an account-based pension, without being subject to penal taxation.
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Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses.
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We are pleased to announce that Accumulate has been recognised as a finalist in the 2023 Australian Small Business Champion Awards.
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Search4Accountants Team has announced that Accumulate Accountants + Business Advisors has been listed in the Top 25 Most Popular Accounting and Tax Services for 2022.
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A reminder to employers that their December 2022 superannuation guarantee (‘SG’) contributions were due by 28 January 2023.
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Legislation to make certain electric vehicles exempt from Fringe Benefits Tax (‘FBT’) has now been enacted into law.
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The AAT has also held that a taxpayer, an Australian chef with over 20 years’ experience both in Australia and overseas, was an Australian resident for taxation purposes in the 2016 income year.
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There are various courses of action available to the ATO when trustees of self-managed super funds ('SMSFs') have not complied with the super laws, including applying administrative penalties.
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The Government has launched an awareness campaign to help company directors get their director identification number ('director ID') as the 30 November deadline approaches.
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Director Nick Ellingsen provides expert comments in an article for Vet Practice Magazine
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One of many responsibilities trustees have when managing an SMSF is valuing the fund's assets at market value.
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The AAT has held that a partnership’s entitlement to $16,361 of input tax credits claimed for the quarterly periods of 1 July 2012 to 31 March 2017 had ceased by the time the associated BASs were lodged with the ATO on 21 June 2021, and therefore the ATO did not need to pay the taxpayer a refund.
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The ATO is reminding employers that have taken on new employees that those employees can complete a TFN declaration through ATO online services, and that this is an easy way for them to provide both their employer and the ATO with the information needed.
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Director Greg Mawer along with one of our clients Adam are launching a social enterprise supporting mental health and making Australia’s best beef jerky.
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The ATO is reminding taxpayers that have a residential rental property, to take care when making claims for ‘second-hand depreciating assets’ used in their properties.
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The YourSuper comparison tool helps individuals compare MySuper products and choose a super fund that meets their needs.
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The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses.
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Director Greg Mawer was asked to share some insights on budgeting in this article for news.com.au recently.
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