Getting your business’s end of financial year work done smoothly is no small task. This handy checklist offers a quick overview of the key processes and major to-do items. End Of Financial Year (EOFY) isn’t just a marketing opportunity for businesses looking to entice business customers to make the most of available tax deductions (although…
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Businesses that have trouble paying employee super will need to lodge before 30 May. Employers that will struggle to pay an employee’s minimum superannuation guarantee (SG) amount on time and to the right fund, must remember to pay the superannuation guarantee charge (SGC) this tax time, says the ATO. “We understand that paying your employees’…
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Widely used trust practices had been known about for years, says IPA. Advisers have relied for years on common practices “considered legitimate” for trust taxation and the ATO should have acted earlier if they were unacceptable, the IPA says in its 100A submission. As a result, IPA members were “blindsided” by the 100A draft ruling…
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Expect a stronger compliance regime after the office returns to business as usual. The ATO is focusing on a range of claims that have come into greater attention this tax year, from changing work-related expenses to the sharing economy and digital currencies, said H&R Block. Speaking to Accountants Daily, H&R Block director of tax communications…
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Inflation has hit its highest level since the introduction of the GST, with the market to now eagerly watch for how the Reserve Bank manoeuvres the cash rate. New data from the Australian Bureau of Statistics (ABS) has revealed the Consumer Price Index (CPI) rose by 2.1 per cent over the March quarter. During the year to…
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CoreLogic’s Cordell Construction Cost Index (CCCI) for Q1 2022 showed national residential construction costs increased 9% over the 12 months to March 2022, the highest annual growth rate on record outside of the introduction of the GST (10.2% over the year to March 2001). The CCCI quarterly growth rate reaccelerated in Q1 2022 to 2.4%,…
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Treasury bill lapses that would have forced sharing platforms to report transactions. Ride-sharing and short-stay rental apps have been given a reprieve from mandatory reporting requirements thanks to the election. The 21 May federal vote means a law, which would have required digital platforms to relay all transactions to the ATO, lapses and must start…
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Expenses incurred from the test before the individual engages in work will most likely be covered, says CPA Australia. CPA Australia’s senior manager tax policy, Elinor Kasapidis, said the ATO is likely to take a “common-sense approach” to tax deductions on COVID-19 workplace tests. This would allow employees to claim tax deductions for COVID-19 tests…
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Many spending initiatives go to support for low-income individuals and families. “Decent” and “encouraging” were two verdicts from the tax industry on the 2022 budget, with measures to address cost-of-living pressures high on the list. Big-ticket items were left untouched: stage 3 personal tax cuts remain scheduled to start in 2024-25 and the superannuation guarantee…
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If you’re a sole trader running your own small business in Australia, then you’re lucky enough to have the flexibility and freedom to do things your way. But unfortunately, at tax time, you have to fall in line like everybody else. Only you have the additional burden of a sole trader tax. If you’re not up to…
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