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Consolidation of Income Tax Returns

Date: March 9, 2022
Categories: Business Service
Lodgment ObligationsThe head company of a consolidated group lodges a single income tax return on behalf of the group.Where a group consolidates part way through an income year, the head company lodges a single return covering both its own activities up to the date of consolidation and the gr ...
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Inflation and Asset classes

Date: March 9, 2022
Categories: Financial Planning
Inflation is a measure of the rate of rising prices of goods and services in an economy. Inflation can occur when prices rise due to increases in production costs, such as raw materials and wages. A surge in demand for products and services can cause inflation as consumers are willing to pay more fo ...
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Latest Annual Stats – SMSF Sector Continues to Grow

Date: March 8, 2022
Categories: Superannuation
The ATO has released its annual statistical overview of SMSFs for the 2019-20 financial year based on SMSF annual returns in addition to 2020–21 information from registrations, wind-ups, and auditor contravention reports.Highlights include:598,000 SMSFs holding $822 billion in assets, with ...
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Cash Flow Management

Date: March 6, 2022
Categories: Bookkeeping
Cash Flow Management is one of the biggest secrets of small companies and is essential for them to succeed.Cash plays a vital role in small businesses. Do you know the reason why?Cash helps the small businesses to go on with less profit or no profit for the long term. If the businesses do not have e ...
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ATO Updates (Mar 2022)

Date: March 6, 2022
Categories: Monthly Update
Deductibility of expenses incurred for COVID – 19 testsThe government confirmed that a new legislation would be introduced to allow individuals to claim the expenses incurred towards work-related COVID – 19 tests.It is also stated that this legislation will ensure the employers are not im ...
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Why Expense Tracking is important for Small business?
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Elevating the Admin Role in your Accounting Firm

Date: February 9, 2022
Categories: Bookkeeping
For the past decades, “Robo-accountants” have been the talk among accountants across various firms. The fear of Artificial Intelligence (AI), machine learning, and automation replacing administrative jobs still loom large.However, it’s really important to not forget that certain things such as ...
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New insolvency Legislation – Impact on SMSF corporate trustees
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New insolvency Legislation – Impact on SMSF Corporate Trustees

Date: February 7, 2022
Categories: Superannuation
At the beginning of 2021, changes were made by the Government to the insolvency framework to better support Australian businesses, their creditors, and their employees. Amendments were made to relevant legislation to integrate this new insolvency process into existing practices following this change ...
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REGTECH and its impact on Australia

Date: February 7, 2022
Categories: Financial Planning
RegTech (Regulatory Technologies) uses developing technology to help firms handle regulatory compliance more effectively. RegTech, while still in its infancy, is evolving quickly. RegTech firms are increasingly leveraging machine learning, natural language processing, blockchain technology, and arti ...
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Taxability of Bitcoins
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Taxability of Bitcoins

Date: February 4, 2022
Categories: Accounting
ATO’s view of Bitcoin  The ATO view is that Bitcoin is neither money nor a foreign currency.  Transactions through Bitcoins are more likely a barter arrangement with the same tax consequences.  However, Bitcoin is an asset for CGT purposes.   Bitcoin for Personal Transactions < ...
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ATO Updates (Feb 2022)

Date: February 3, 2022
Categories: Accounting, Monthly Update
2021-22 Mid-Year Economic & Fiscal Outlook (MYEFO)Cash deficit of $99.20 Billion is expected, which is equivalent to 4.50% of GDP. This is in fact an improvement of $7.40 Billion from the previous budget.Tax receipts as a share of GDP are expected to fall from 22.90% in 2020-21 to 22.10% ...
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