As the end of the fiscal year approaches, Every business scramble to get their books in order and seeks the assistance of accountants to ensure their financial affairs are in order. Accountants are an important part of any business, but their role is frequently misunderstood, and their impact on business success is frequently underestimated. In … Continue reading A fascinating behind-the-scenes look at an accountant’s life
Already rolling into March…2023 is flying by! From a superannuation standpoint, the following are just some of the changes you can expect this year: Super guarantee increase Employers face an increase in their SG liability this year. The rate of SG will increase from 10.5% to 11% from 1 July 2023, before gradually hitting 12% … Continue reading Super in 2023 BONUS
In February, the Commissioner released Taxpayer Alert TA 2023/1: Interposition of a holding Company to access Company profits tax-free. In the Alert, the Commissioner says the ATO is currently reviewing arrangements where an individual accesses the profits of a private company in a tax-free form (that is, without an additional tax liability for the individual) by … Continue reading ATO reviews arrangements where profits pass through interposed
On 20 February 2023, Treasury released a consultation paper on legislating the purpose of superannuation. This is an idea that has been around since 2016 when the former Coalition government contemplated doing the same thing. The government says that legislating an objective of superannuation will provide stability and confidence to policymakers, regulators, industry, and the … Continue reading Legislating the purpose of superannuation
Are you one of the five million Australians who claim work-from-home deductions? If so, stricter record-keeping rules may now apply. For this financial year and moving forward, there are now only two methods to calculate your work-from-home claim: 1. Revised fixed rate method (with new rules applying) 2. Actual costs method (unchanged). The actual costs … Continue reading New work-from-home record-keeping requirements
Last year 9,700 individuals applied for compassionate release of supper for dental treatment expenses, and 82% were approved. Out of those approved, 9% were for a dependent child’s dental treatment, which could include braces. What is the pathway for access? While normally superannuation must be preserved for retirement, there are limited exceptions. One of these … Continue reading Super teething issues
With the end of the FBT year approaching, are your car logbooks in order? The operating cost method is used by many employers to calculate their car FBT liability. This method is particularly effective where the business use of the vehicle is high. Keeping a logbook is essential to use the operating cost method. Employees … Continue reading FBT and car logbooks
On the superannuation front, we now have two major reports assessing how super accounts fared in the 2022 calendar year. SuperRatings issued its average balanced return recently and found it was minus 4.8%. Late last year, ChantWest undertook a similar exercise – reporting a figure of minus 4.6%. There have been four negative years since … Continue reading Crystalising capital losses
The ATO is encouraging accountants to educate clients about varying PAYG instalments – this can potentially assist cash flow. To recap, PAYG (pay-as-you-go) instalments allow business taxpayers to make regular prepayments towards the tax on their business and investment income. This is in contrast to salary and wage earners who already make payments by having … Continue reading PAYG instalment variations
