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Recent ATO Updates

2. Don’t Lodge EarlyThe Australian Taxation Office is warning taxpayers against rushing to lodge their tax returns on 1 July. The ATO said those who lodge in early July are twice as likely to make a mistake in their tax return than those who wait for pre-fill information to populate, an issue that is particularly relevant if you receive…

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Up-To-Date Accounting Services' Managing Director, Jody Nichols, stands in front of the 2023 accountantsdaily Australian Accounting Awards banner at the Star Casino in Sydney. Jody is wearing a black tuxedo with a sparkly, rose gold coloured blouse.

2023 Australian Accounting Awards

We had an incredible time at the 2023 accountantsdaily Australian Accounting Awards at the Star in Sydney on the 30th of June! Highlights of the evening included our emcee, comedian Vince Sorrenti, who was hilarious and cheeky, keeping us well entertained throughout the evening as the acceptance speeches seemingly got longer and longer; the live…

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Taxable Payments Annual Reports

Businesses making payments to contractors may need to formally report the payments made during the financial year ended 30 June 2023 by lodging a Taxable Payments Annual Report (TPAR). Who Needs To Lodge You will need to lodge a TPAR if you make payments to contractors (including subcontractors, consultants and independent contractors operating as sole…

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A "flat lay" view of a July calendar page on a wooden tabletop. The calendar shows the date of the 1st of July circled along with the words "SG = 11%" written in red. A notebook, pencil and a succulent in a square ceramic planter are also sitting on the wooden table

Tomorrow: SG increasing to 11%

A quick reminder that starting tomorrow, Saturday the 1st of July 2023, the Superannuation Guarantee (SG) rate will increase to 11%, up from 10.5% currently. The Superannuation Guarantee is a vital component of every employee’s retirement savings, and this increase reflects the ongoing commitment to boosting Australians’ financial security in their post-work years. The new…

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The word Budget appears over a collage of $100 Australian notes laid atop a $5 Australian note depicting Parliament House in Canberra

Budget 2023/24

As you would all be aware, the Federal and WA governments handed down their latest budgets last week. As such, we’ve brought together a list of the tax measures we expect will affect you. Individuals Businesses Jody’s up for an award! It’s with great pleasure that we announce Jody is an AccountantsDaily 2023 Australian Accounting…

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Fringe Benefits Tax Returns

A reminder that if you have employees (including yourself as a company director/ secretary, if applicable) and you provide motor vehicles, car parking, entertainment including food and drinks, employee discounts, loans, phone and/or internet access, or the reimbursement of private expenses, then you are likely to be providing a fringe benefit and will need to…

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Cryptocurrency Loss

Question: Recently, I sold some cryptocurrency and because the market was down, I made a loss of $10,000. Is this something I’ll be able to deduct against my other income? I am currently only working part-time on a (pro-rated) annual salary of $18,000, but also have an investment portfolio of dividend-paying shares earning roughly $5,000 a…

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A brunette Caucasian woman sits at a desk, a laptop, calculator, pair of glasses and some documents in front of her. She is holding up a piece of paper, appearing to read it, with her left hand held up to her left temple and a frown on her face

Director Penalty Notices

In May 2022, Accountants Daily reported that the ATO was issuing 30 to 40 Director Penalty Notices (DPNs) a day, and warned that the Tax Office was just warming up. Since most small to medium-sized companies rely on their tax advisors to keep them informed of developments that may impact them, we wanted to outline the forms DPNs…

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Family and Domestic Violence Leave

From the 1st of February 2023, full-time, part-time and casual employees of non-small business employers* became eligible to access up to 10 days of paid family and domestic violence leave per year. The 10 days apply to all employees and are not pro-rated for part-time or casual employees, however, part-time and casual employees will only be paid for the hours they…

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