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Accounting firms are automating their practices and adopting cloud-based tools where they can focus on expanding their services and growing their business. We have seen many accounting firms that have already adopted and many of them who are in the process of automation.The benefit of automation is ...

The start of the financial year is going to be the starting point for planning the business cycle for the next twelve months.1. Understand the Market – Every day, new technology or new business, or new trends are happening. We must know the opportunity and adoptability of the new technology ...

ATO is streamlining Transfer Balance Account Reporting (TBAR) for Self-Managed Super Funds (SMSFs). They have taken that action consulting the community, industry, and tax professionals on streamlining the lodgement of transfer balance account event-based reporting for all SMSFs.To streamline TBAR f ...

ATO has identified that many Aussies are buying, selling, or exchanging digital coins; with this knowledge, ATO is expecting to see more capital gains or capital losses reported in tax returns this year. It is one of the areas where they will focus on this 2022FY.Now, if you wonder - can the ATO tr ...

The Australian Taxation Office (ATO) has revealed four key areas that they will target this time as the 2022 tax season approaches.Record-keepingWork-related expensesRental property income and deductionsCapital gains from crypto assets, property, and sharesThese ATO priority areas will ensure that t ...

Changes in Payroll 1. Superannuation contribution cap of $450.00 will be removed.The minimum wages for Superannuation contribution are said to be removed and the employer must pay Superannuation for all the employees over the age of 18 if they work more than 30 hours per week.2. Sup ...