Prime Minister Scott Morrison has hinted that the popular tax-saving measure may return in 2022. The federal government has teased the possibility of extending its popular tax offset ahead of the next election. In a recent interview with The Herald Sun, Prime Minister Scott Morrison played coy when asked whether the current federal government would consider…
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New laws came into force from 1 November 2021 requiring all Directors to obtain a Director Identification Number (Director ID). This applies if they are the director of a company, registered Australian body, registered foreign company or an Aboriginal and Torres Strait Islander corporation. When must you apply for your Director ID? Date You Became a Director…
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You need to apply for your own director ID. The fastest way to do this is online using the myGovID app. Step 1 – Set up myGovID You will need a myGovID with a Standard or Strong identity strength to apply for your director ID online. If you live outside Australia and can’t get a…
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A recent judgment heard by the Full Court of the Federal Court will have a profound impact on the way accountants approach matters concerning spousal assets. The matter of Commissioner of Taxation v Bosanac [2021] FCAFC 158 was heard recently with the judgment holding that a $4.5 million property acquired in the name of one spouse was jointly owned…
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The ATO has reminded tax practitioners to ensure their clients’ Australian business numbers (ABNs) are sound with a new review set to identify those that warrant cancellation. The Tax Office’s review will seek to identify potentially inactive ABNs for cancellation. “Your client’s ABN may be selected if they have not reported business activity in their tax…
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Treasurer Josh Frydenberg and financial services minister Jane Hume have encouraged citizens to get behind super reform changes that have come into effect this month, citing them as the “most significant in nearly 30 years”. In a joint release, the Treasurer and financial services minister confirmed that from 1 November 2021 Australians will see their superannuation…
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There has been much coverage recently of two important issues facing the nation: a review of the Reserve Bank and the housing market. With regard to the former, The Organisation for Economic Co-operation and Development and International Monetary Fund this month separately backed a review of the RBA, highlighting its failure to achieve its inflation…
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Most businesses like to think they’re a customer centric organisation, but nobody’s perfect, right? Here’s how to incrementally improve your customer relationships. Think about your clientele and ask yourself: what are their goals? What are they trying to do for them or perhaps their own customers? What keeps them awake at night? When are they…
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Cash-flow issues have reared their head again across Australia’s SME community again, with one in four small businesses reporting late payments. According to a new Xero survey of more than 1,000 SMEs, late payments have become a major stressor with 24 per cent of small businesses and sole traders delaying payments to themselves due to cash-flow challenges.…
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There is no doubt that the construction industry is doing its best to maintain momentum through this period to support economic recovery. However, the building sector, in general, is still experiencing a significant price increase in building materials, particularly when it comes to steel and timber products, due to sourcing and shipping constraints. There are…
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