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ATO Updates (December 2021)

December 9, 2021
Monthly Update
Luxury Car Tax (LCT) The ATO has expressed concerns that several entities are using certain arrangements to improperly claim the refund for LCT.It is reported that one of more of the participating entities (described as a ‘missing trader’) does not correctly report and pay the LCT to the ...
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What is an SMSF Collation Package?

December 9, 2021
Superannuation
The Collation Package is a collection of all reports generated in a financial year. The Package consists of Financial Statements, Audit reports, with information about Superfund Assets, Member balance, Tax payable/refundable, Member super contributions, pension payment, and Audit details.These repor ...
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Legal Firm Accounting and its modalities

December 9, 2021
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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Thin Capitalisation Model

December 8, 2021
Business Service
Thinly Capitalised EntityA thinly capitalised entity is one whose assets are funded by a high level of debt and relatively little equity.  Such an entity is said to be highly geared.  An entity’s debt–to–equity funding is sometimes expressed as a ratio.  Problems of High Ge ...
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Hedge Funds in the Australian Economy

December 3, 2021
Financial Planning
A Hedge Fund is a private pooling of funds with little regulatory intervention on the government. A Hedge Fund uses an arsenal of investment techniques with a goal to generate a higher return for a stated amount of risk than what can be expected from a normal investment.Hedge Funds are managed to ea ...
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MARCHING TOWARDS THE PINNACLE OF SUCCESS

November 15, 2021
Corporate, Featured
With its operations in India and Australia, Carisma Solutions has been relentlessly serving the accounting and financial advisory industry for more than a decade.Carisma Solutions is an innovative knowledge processing company that works with accounting and financial advisory firms in Australi ...
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ATO Updates (November 2021)

November 9, 2021
Monthly Update
General UpdatesOutcome of Budget 2020-21Cash Deficit of $134.20 Billion.Total Receipts increased by $20.10 Billion.Total Payments were reduced by $6.70 Billion.Net Debt was $592.20 Billion as of 30th June 2021 (Lower than forecasted previously). ATO/ASIC Regulatory Updates< ...
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ATO Tax Incentive for R&D Activities

November 9, 2021
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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Employee’s super will now follow them

November 9, 2021
Superannuation
From 1 November 2021, there is an extra step that employers may need to take to comply with the choice of super fund rules.If a new employee does not choose a super fund, most employers will need to request the employee's stapled super fund(an existing super account which is linked) details from us ...
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Directors Identification Number

November 8, 2021
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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