Director Nick Ellingsen was asked to share some insights on the importance of client retention in this article for CA's Acuity Magazine recently.
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The ATO will acquire transaction report information data from AUSTRAC for the period of 17 June 2021 through to 30 June 2027.
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Taxpayers can vary their pay as you go ('PAYG') instalments throughout the year if they think they will pay too much, compared with their estimated tax for the year.
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As part of its Digital Business Plan, the Government announced the full implementation of the 'Modernising Business Registers' program.
This included recently enacted legislation introducing the new director identification number ('director ID') regime.
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The Paid Parental Leave (‘PPL’) scheme has been amended to enable expectant parents whose work has been affected by COVID-19 lockdowns to access Parental Leave Pay or Dad and Partner Pay under the scheme.
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Genuine gifts or loans received from related overseas entities (including family members and friends) are sometimes used to fund businesses or to acquire income producing assets.
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Under the Superannuation Guarantee (‘SG’) scheme, employers are required to make quarterly contributions on behalf of their employees.
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As part of the expansion of Single Touch Payroll (known as STP Phase 2), from 1 January 2022, employers will need to report additional payroll information in their STP reports
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Employers may soon need to do something extra when a new employee starts to work for them.
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On 21 September 2021, Director Greg Mawer attended the CPA Australia Certificate Presentation to be formally recognised as a Fellow of CPA Australia.
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In 2019/20, over 1.8 million Australians owned rental properties and claimed $38 billion in deductions, so the ATO is reminding property investors to beware of common tax traps that can delay refunds or lead to an audit costing taxpayers time and money.
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The Government is providing additional support to small and medium sized businesses ('SMEs') by expanding eligibility for the SME Recovery Loan Scheme.
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The Government has passed legislation renewing the temporary relief that allows companies to use technology to meet regulatory requirements under the Corporations Act 2001.
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From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year.
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Employers should have already been reporting through Single Touch Payroll (‘STP’) unless they only have closely held payees, or they are covered by a deferral or exemption.
From 1 July 2021, there have been changes to STP reporting for small employers with closely held payees and quarterly reporting for micro employers.
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From 1 July 2021, the superannuation contributions caps have been indexed for the 2022 income year.
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To offer more support due to the ongoing effects of COVID-19, an extension of the repayment period is now available for those who were unable to make their MYRs by the end of the lender’s 2020/21 income year (generally 30 June).
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The due date for employers to make super guarantee contributions for their employees for the June 2021 quarter is 28 July 2021.
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The super guarantee rate will rise from 9.5% to 10% on 1 July 2021
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The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars.
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