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…
Changes from the 1st of July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account. In general, your superannuation savings are either in an accumulation account (when you are building your super balance), a retirement account (when you meet preservation…
Continue reading Superannuation Changes Effective 1 July 2021
Last week, the legislation enabling the JobMaker scheme announced in the 2020-21 Federal Budget passed Parliament. What is JobMaker? JobMaker is a credit available to eligible businesses for the hiring of additional employees. It is an incentive for employers to support wage costs and, unlike JobKeeper, is not passed onto employees. The hiring credit is available for jobs…
With more of us working from home now as part of our ‘new normal’, the ATO is increasingly turning its attention to business expenses and employee deductions. Here’s how to ensure you don’t get caught out. What is a fringe benefit? Really simply, a fringe benefit is an additional ‘payment’ or benefit you receive on…
Josh Frydenberg’s 2020-21 Federal Budget, inevitably shaped in response to the COVID-19 crisis, has revealed some distinct winners and losers. Given the unprecedented events that have unfolded this year, the Australian Government’s 2020-21 Federal Budget was always going to outline a path to economic recovery. Handed down last night, the Budget’s key initiatives include: Personal income tax cuts from…