SuperannuationTax agents banned for misuse of SMSF auditor numbersThe TPB has issued a release in relation to two tax agents whose registrations were terminated for allegedly preparing and lodging SMSF annual returns and falsely claiming audits had been completed.The cases were refer ...
The legislative requirements contained in the SIS Act and Regulations, provide only very limited circumstances in which superannuation benefits can be accessed before retirement.Broadly, these include where a member isSuffering severe financial hardship, money is being accessed on compassionate grou ...
Bookkeeping software is created to record and track everyday business activities. There are many software can process tasks like Recording the Supplier bill, Payroll for Employees, Sales Invoices, GST filing, and Management reports.Who requires bookkeeping software?It is important to record the dail ...
Fringe Benefits Tax and Christmas Parties
Christmas is a great time to acknowledge, appreciate and reward your employees and other associates by celebrating and giving gifts, you may encounter many different circumstances when having these events for your staff may attract Fringe Benefits Tax (FBT).The cost of providing a Christmas party is ...
Meaning of Foreign Direct Investment (FDI):Foreign investment takes place when an individual, business or an investment vehicle (such as a superannuation or pension fund) external to Australian economy decide to establish a new venture in Australia or purchase property or shares in an Australian-own ...
Australian treasurer Jim Chalmers announced the federal budget on Tuesday, October 25, 2022. This budget aims to create jobs, develop infrastructure, guarantee services and provide confidence to Australian businesses.We are delighted to bring highlights of the budget that will impact the business an ...
Scamwatch Australia
New data released from Scamwatch Australia has reinforced the sophistication and rapidly growing number of scams each year in Australia which has caused a total loss of over $2 billion* during 2021 of which $701 million was related to investment scams. It is extremely important for you to remain vig ...
Residency tests for individualsThe ATO has released a draft ruling on the residency tests for individuals; it consolidates two older rulings. It was indicated in the 2021 budget that it would "replace the individual tax residency rules with a new, modernised framework, and the new framework i ...
Multinational Tax Integrity and Transparency
On 25 October 2022, as part of the 2022–23 Budget, the Government announced a multinational tax integrity package to address the tax avoidance practices of multinational enterprises (MNEs) and improve transparency through better public reporting of MNEs’ tax information. The changes will apply f ...
Businesses directly impacted by the Victorian floods that commenced in October 2022 can access a one-off grant of $5000 to cover immediate expenses. Businesses must be located within an eligible local government area and incurred significant direct damage to their place of business, business ass ...
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