This image is a close-up shot of five, twenty and fifty dollar Australian notes on a grey surface. On top on the notes is an Australian two dollar gold coin.

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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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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SCAMS

With the festive season fast approaching, scam activity is on the rise. Here are a few common ones doing the rounds and how you can keep yourself safe. Hello? This is the ATO… People are receiving calls from fraudsters claiming to be from the Australian Taxation Office, stating that they have not paid enough tax…

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JOBMAKER HIRING CREDIT

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…

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