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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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THE GROWTH OF FINTECH IN AUSTRALIA

November 8, 2021
Financial Planning
Fintech is the unification of the word “finance” and “technology” into a single term. It is a term that is used when the financial services of a company are leveraged by the organized introduction of technology. The merit of employing technology is reflected in the manifestation of various t ...
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ATO Updates (October 2021)

October 9, 2021
Monthly Update
VICTORIA – Payroll Tax Deferral & Additional Funding to UniversitiesUniversities to be given more time to pay the existing payroll tax deferrals granted in 2020.A further deferral for 2021-22 will also be granted.The above-deferred payments are to be paid in 2 installments in 2024.  ...
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GREEN FINANCE

October 8, 2021
Financial Planning
Green Finance refers to the financial arrangements that are specific to the use for projects that are environmentally sustainable or projects that adopt the aspects of climate change. The simplest way to describe Green Finance is that it is any form of structured financial activity which is created ...
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WORLD FINANCIAL PLANNING DAY

October 6, 2021
Financial Planning
Nowadays we can see most people are quite inclined towards financial awareness. Managing and investing in their finances have become a priority in most peoples’ lifestyles. Managing your finances or financial planning is about administering your finances to achieve your financial goals in the most ...
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I’M USING WINDOWS 11

September 20, 2021
Technology
  I installed Windows 11 on my laptop last week. I have been using the new OS for the past week.Here are some of the interesting features that I liked.1) Start Menu and Taskbar. It’s modern, fresh, clean, and beautiful.Start utilizes the power of the cloud and Microsoft 365 to sh ...
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ATO Updates (September 2021)

September 7, 2021
Monthly Update
Commonwealth’s COVID – 19 Disaster Payments – Workers across the state who lost hours because of lockdown will be eligible for this support payment through the Commonwealth’s COVID – 19 Disaster Payment. The Businesses in Victoria that don’t qualify for the Victorian Government Support ...
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