The ATO has proposed for individual taxpayers that use the cents per kilometre method when calculating tax deductions for their work-related car expenses, that the rate per kilometre for the income year starting 1 July 2022 (the 2023 income year) will be 75 cents per kilometre.
Read More2022-2023 Budget Measures that are now law
Read MoreThe ATO has advised it is in the process of shifting from its previous engagement and communication focus on Single Touch Payroll (‘STP’). In particular, it will begin a ‘failure to lodge penalty’ process for small business employers (i.e., those with 19 or fewer employers) who have yet to commence STP reporting.
Read MoreAs announced in the 2020/2021 Federal Budget, legislation has now passed to allow eligible corporate entities (i.e., with, amongst other things, an aggregated turnover of less than $5 billion) a 12-month extension to claim a loss carry-back tax offset in the 2023 income year.
Read MoreDirector Greg Mawer was asked to share some insights on things to consider before dipping into your personal savings in this article for Prospa recently.
Read MoreA plethora of superannuation law tweaks has recently been made (via recent legislative reforms)
Read MoreAfter much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both:
- tax-deductible; and
- exempt from FBT
Read MoreThe Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support SMEs adversely economically affected by the Coronavirus Pandemic.
Read MoreSearch4Accountants Team has announced that Accumulate Accountants + Business Advisors has been listed in the Top 25 Most Popular Accounting and Tax Services for 2021.
Read MoreThe facilitator for this topic, Accumulate Perth, is a multi-award winning, progressive accounting firm providing a range of essential business services to WA small and medium business clients.
Read MoreThe ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship.
Read MoreDirector Greg Mawer provides comments for article to Australia’s #1 online lender to small business
Read MoreDirector Nick Ellingsen was asked to share some insights on the importance of client retention in this article for CA's Acuity Magazine recently.
Read MoreThe ATO will acquire transaction report information data from AUSTRAC for the period of 17 June 2021 through to 30 June 2027.
Read MoreTaxpayers 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.
Read MoreAs 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.
Read MoreThe 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.
Read MoreGenuine 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.
Read MoreUnder the Superannuation Guarantee (‘SG’) scheme, employers are required to make quarterly contributions on behalf of their employees.
Read MoreAs 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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