• abn
    Find ABN and GST Errors in Minutes and Smooth Out BAS Review
    A whopping 59.92% of 2,242 Xero accounting files audited by XBert’s AI in the last quarter contained ABN or GST errors. Whether you’re preparing BAS lodgements for clients who do their own bookkeeping, or you simply would like to have a data safety net for your bookkeeping team, AI audit […]
  • SMSF Association
    ‘Election Years Rarely Bode Well for Superannuation’: SMSF Association
    Speaking to sister title, ifa, Peter Burgess said it is hard to tell what’s in store for the sector as “election years rarely bode well for superannuation”. “They usually come with promised changes to superannuation that can unnerve the industry and rattle fund members – especially those in retirement,” Mr […]
  • stock market
    5 Giveaway Signs of Stock Market Scams and How to Avoid Them
    Have you ever seen a pop-up when scrolling through social media or websites claiming a certain platform, financial adviser or celebrity can help you make thousands by ‘investing’ in programs or vehicles that seem to have the secret sauce to making bank with stocks, commodities or crypto assets? While some […]
  • tax claim
    7 Most Surprising Things You Can and Can’t Claim
    Depending on your area of employment, there are a range of tax deductions that could be available. The basic rule is that if you’ve incurred an expense as part of your job, you can claim it. For instance, if you’re a taxi driver, you can claim fuel for your car. […]
  • ATO
    ATO Releases Draft Guidance on Breaches with Super Benefits
    The ATO has published a draft Law Administration Practice Statement, PS LA 2021/D3, which explains when and how the ATO will apply discretion in section 304-10(4) of the Income Tax Assessment Act 1997 where a taxpayer receives a superannuation benefit in breach of the legislative requirements. It is currently under […]
  • professional-firms
    ATO Releases New Guidance on Allocation of Professional Firm Profits
    The ATO has finalised the Practical Compliance Guideline PCG 2021/4 Allocation of professional firm profits – ATO compliance approach, which applies from 1 July 2022. It sets out the ATO’s compliance approach to the allocation of profits or income from professional firms in the assessable income of the individual professional […]
8 September 2021
DIVORCE

Divorce, Superannuation and the Gender Divide

From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court. The recently enacted laws are designed to ensure that there is procedural and economic fairness in divorce proceedings to prevent the under-reporting of superannuation assets. […]
8 September 2021
unwinding the pandemic

What now? Unwinding the Pandemic

Australia’s two largest states and the ACT are in lockdown as the Delta strain of COVID-19 takes its toll while others are standing firm on a policy of eradication. The result is a country at a policy impasse and divided by border restrictions. And, it is not just businesses in […]
31 May 2021
skilled migration

Is It Time for Australia to Rethink Skilled Migration?

Source: NestEgg When borders reopen, Australia has a chance to reshape its migrant policy, with an opportunity to target younger, more skilled workers, a think tank has revealed. Australia is not attracting the right migrants, instead it should focus on simplifying the process, taking in younger skilled workers, and paying them […]
5 January 2021
Early Access to Super

ATO Issues Reminder on Early Release of Super

In a public update, the ATO stated that the COVID-19 early release of super program closed on 31 December 2020. Payments for applications submitted by 31 December will be made throughout January, the ATO said. The latest APRA statistics on the early release of super scheme show that at 13 […]
8 October 2020
business-tax

Business Measures Announced

Source: Banks Group Business measures announced Increased access to Small Business Entity tax concessions In the Federal Budget, the Government confirmed that the turnover threshold for an entity to qualify as a Small Business Entity will be increased from $10M to $50M and that businesses with turnover of between $10M […]
Book Consultation