Businesses that have employees, or hire eligible contractors, will need to ensure that their payroll and accounting systems are updated to reflect the new super guarantee rate of 11% for payments of salary and wages that are made from 1 July 2023.
Read MoreOn 9 May 2023, Treasurer Jim Chalmers handed down the 2023/24 Federal Budget.
Read MoreThe ATO recently released draft guidelines setting out a methodology for calculating the cost of electricity when an electric vehicle ('EV') is charged at an employee's or individual's home.
Read MoreThe ATO has advised that it will acquire residential investment property loan data from authorised financial institutions for the 2021/22 through to 2025/26 financial years
Read MoreFrom 1 July 2023 until 30 June 2024, the Government will temporarily increase the instant asset write-off threshold from $1,000 to $20,000.
Read MoreDeductions 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.
Read MoreThe 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).
Read MoreAn 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.
Read MoreBefore 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.
Read MoreWe are pleased to announce that Accumulate has been recognised as a finalist in the 2023 Australian Small Business Champion Awards.
Read MoreSearch4Accountants Team has announced that Accumulate Accountants + Business Advisors has been listed in the Top 25 Most Popular Accounting and Tax Services for 2022.
Read MoreA reminder to employers that their December 2022 superannuation guarantee (‘SG’) contributions were due by 28 January 2023.
Read MoreLegislation to make certain electric vehicles exempt from Fringe Benefits Tax (‘FBT’) has now been enacted into law.
Read MoreThe 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.
Read MoreThere 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.
Read MoreThe Government has launched an awareness campaign to help company directors get their director identification number ('director ID') as the 30 November deadline approaches.
Read MoreDirector Nick Ellingsen provides expert comments in an article for Vet Practice Magazine
Read MoreOne of many responsibilities trustees have when managing an SMSF is valuing the fund's assets at market value.
Read MoreThe 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.
Read MoreThe 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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