Young asian female sits in a well lit room at her desk. She has her phone in her left hand, and laptop open infront of her. She speaks with an accountant on the phone as she analyses the graphs and statistics open on her computer screen. There is a blue mug sitting on the desk to her left, and a small luscious succulent to her right.

Reminders

28th of April 2022: Superannuation Guarantee payments for the period 1st of January 2022 to the 31st of March 2022 must be made by this date otherwise Superannuation Guarantee Charges will apply and you’ll lose the opportunity to claim the expense as a tax deduction.  16th of May 2022: Any outstanding 30th June 2021 Income…

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ATO Signals Attack on Trusts

Before we get into today’s main topic – Budget 2022/23 – we wanted to note with you all that earlier this month we were in a Zoom call with over 5,500 other accountants and taxation specialists across Australia, working through some of the curlier aspects of the ATO’s recently proposed changes to family trust distributions.…

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RATs! Still clear as mud

On Sunrise on Monday the 3rd of January 2022, Prime Minister Scott Morrison, on the topic of rapid antigen tests (RATs) stated:  “We already make them free to everyone who is required to have one. They are also tax deductible.” The Prime Minister’s comments subsequently prompted a member of the Australian Taxation Office’s ATO Community group to…

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The Show Must Go On

The Getting the Show Back on the Road+ program (GTSBOTR+) was introduced mid-way through 2021 with the aim to reduce the financial risks associated with running ticketed events in Western Australia during a COVID-19 impacted period. Essentially, it’s a State Government initiative designed to encourage the (safe) continuation of publicly ticketed events through sharing the risk of gross ticket sales…

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Stapled Super

On the 1st of November 2021, the Australian Taxation Office implemented a new regime affecting superannuation funds, called Single Default Account or “Stapling”. What this means is that now everyone with a superannuation fund will have had one “stapled” to them, which will follow them around when they change employers, reducing the likelihood that additional and…

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Director ID Troubleshooting

A huge thank you to those of you who have already attempted to apply for your Director IDs and given us feedback on your experience. It’s helpful to know what’s working and what isn’t so we can hopefully help others avoid running into similar roadblocks.  When it comes to verifying your ATO-related details, here are…

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Director Identification Numbers

As of the 1st of November 2021, if you are a director of a company, including one serving as a corporate trustee of a trust or a self-managed superannuation fund (SMSF) – or if you are intending on becoming a company director – you must apply for a Director Identification Number (Director ID).  What are…

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Working From Home Deductions and Changes from 1 July 2021

A few reminders before the end of financial year: Small Business Superannuation Clearing House (SBSCH) users must ensure superannuation payments are received by the SBSCH on or before the 23rd of June 2021 if intending on claiming a tax deduction for payments made to employees in the 2020/21 financial year. We recommend making your payments early so as…

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Small Business Grants

The WA Government has announced grants of $2,000 to help small businesses impacted by the recent Perth and Peel lockdown. The grants are intended to offset some of the direct costs of the lockdown and business closure, such as loss of perishable goods or cancellations. Businesses in the hospitality, health, beauty, events and tourism industries…

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