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As tax time approaches, the Australian Taxation Office (ATO) has highlighted three common errors made by taxpayers that it will pay close attention to.Work-related expensesDeductions on rental propertiesFailing to include all income when lodgingMore than 8 million people claimed a work-related deduc ...

The Effect of Foreign Direct Investment on the Financial Sector Development in Developing CountriesForeign Direct Investments (FDI) can play a vital role in boosting the financial sector development of developing countries. Here’s a breakdown of the effects:Benefits: Increased Ca ...

June 30 is quickly approaching, signalling the need to concentrate on superannuation. As a significant asset for many, the recent changes offer opportunities for strategic tax-saving moves.Concessional Contributions:The tax-deductible limit is increasing from $27,500 to $30,000 starting July ...

Did you miss your lodgment due date?Contact ATO or speak to your tax professional now if your 2023 SAR has not been lodged.If you missed your Self-Managed Super Fund (SMSF) Annual Return (SAR) lodgment due date of 28 February, it is important to get on top of things now.Your SMSF is required ...

The Small Business Superannuation Clearing House (SBSCH) has introduced a bank account validation process for Self-Managed Super Funds (SMSF) starting from 15 March 2024This validation checks if your employee’s SMSF Bank Account details match their SMSF recordsIf there is a mismatch, or the employ ...

As an accountant, you may offer more than just tax preparation and compliance services to your clients. Many Accounting Firms now provide valuable Business Advisory Services to help clients with strategic planning, financial management, and operational improvements. These advisory services can be a ...