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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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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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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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FRINGE BENEFITS

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…

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FEDERAL BUDGET 2020-21

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…

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