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ATO Updates (December 2022)

Date: December 13, 2022
Categories: Accounting
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 ...
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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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Legal Firm Accounting and its modalities

Date: December 9, 2021
Categories: Accounting, Bookkeeping
Legal firms provide legal advice and representation and prepare legal documents. Solicitors, Barristers, and legal aid offices typically offer these services. Alternative dispute resolution, conveyancing, and intellectual property services are also included in the industry.Legal work is to be done t ...
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ATO Tax Incentive for R&D Activities

Date: November 9, 2021
Categories: Accounting, Business Service, Tax
The Research and development (R&D) tax incentive encourages companies to engage in R&D benefiting Australia, by providing a tax offset for eligible R&D activities.About the ProgramThe incentive has two core components. Entities engaged in R&D may be eligible for:a 43.5% refund ...
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Directors Identification Number

Date: November 8, 2021
Categories: Accounting, Bookkeeping
A Director Identification Number (Director ID) is a unique 15-digit identifier that a director will apply for once and will keep forever. A director can only have one DIN that they must use for all companies.A Director ID:Starts with 036, which is the 3-digit country code for Australia under Interna ...
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Using Robotic process in Accounting 

Date: February 9, 2021
Categories: Accounting
Accounting inherently works with a lot of data and repeatable, rule-based, structured processes that make them the perfect soil for introducing Robotic Process Automation (RPA) to it.Apart from the technical help, RPA has an indirect effect on the workforce’s overall well-being, as the repetiti ...
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Climate change – Davos summit & Accounting profession

Date: February 9, 2021
Categories: Accounting
As several countries make their way through and eventually out of the coronavirus pandemic, the opportunities and responsibilities that Accountants bear could get more diverse than ever.Accountants through their professional expertise are perceived as leaders building and implementing strategies to ...
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federal budget
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Federal budget 2018 update & our take on it!

Date: August 23, 2018
Categories: Accounting, Corporate
Maximum allowable member in a fund is increased from 4 to 6.From 1 July 2019, audit of superfund can be done once in three years for SMSFs with a history of good record keeping and compliance.Individuals will be required to confirm in their income tax returns that they have complied with “notice o ...
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Accounting firm
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Your accounting firm isn’t worth squat – An open letter to a Senior Partner

Date: August 23, 2018
Categories: Accounting, Corporate
Dear Bob,I started working with your accounting firm when I was a graduate, wide eyed and fresh out of university. I spent the first 12 months of my career learning the basics of ‘tax’ which included how to complete a form on horribly clunky software, learning not to misspell my clients’ names ...
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