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15 May, 19

Cancellation of ABNs of trusts no longer carrying on an enterprise

The Registrar will cancel trust ABNs in February 2016 where information available indicates that, for the last two years, the trust has not lodged BASs and or income Tax Returns. You or your trust client will receive a letter that the trust’s ABN has been cancelled. The letter will include: The reason for the cancellation, […]

18 Apr, 19

ABN’s proposed to be cancelled on late lodgements

An announcement in the 2019 federal budget looks to implement further obligations on Australian Business Number (ABN) holders. This is an expansion of black economy measures which have been implemented over the past few years. From 1 July 2021, the proposed measure introduces an income tax return obligation for all ABN holders. That is, all […]

18 Apr, 19

Director identification number

Bill lapsed as federal election called The 45th parliament of Australia was prorogued on 11 April 2019. This means that the Bill to which this event relates to has lapsed. In order for this event to become law, it would need to be re-introduced into the new parliament. Should a new bill be introduced into […]

18 Apr, 19

Future income tax cuts for individuals

Changes to the individual tax rates have been proposed as part of a 3 phase package announced in the 2019 federal budget. The proposed changes to the tax rates would commence from 1 July 2022, but also include a proposal to change personal tax offsets for the 2018/19 income year. Phase 1: Increasing personal tax […]

18 Apr, 19

Instant asset write-off changes

Beginning with the 2012/13 income year, small businesses have been able to claim an immediate tax deduction for business assets purchased under a certain value. In broad terms, deductions for most of the depreciating assets acquired by a small business entity are determined in one of the following ways: an asset receives an immediate deduction […]

18 Apr, 19

Single touch payroll for everyone

Single Touch Payroll (STP) has been introduced into the Australian tax system to combat areas of taxpayer non-compliance of PAYG withholding and superannuation guarantee obligations. Past legislation has been enacted which brings this new payroll system into commencement from 1 July 2018. 2018/19 income year Only “substantial employers” need to have or implement STP (TAA […]

18 Apr, 19

7 Tips for Surviving the Aussie Tax Season

1. Plan Early and Communicate Remind your family and social circle that tax season is coming up and you’ll be busier than usual. Plan ahead by letting them know you’ll be putting in long hours at work and may be unreachable at times. Set expectations on how you’ll respond to requests and obligations. You’ll find […]

18 Apr, 19

How Technology is taking over the profession of Accounting

The accounting profession is on the verge of complete revolution as automation, machine learning and robotics are expected to take over the job of an accountant completely. It doesn’t indicate that the accounting profession is dying, as long as the companies will exist, the accountancy too will remain in need. With the increase in technological […]

Regulations made to correct technical and drafting defects in super and tax laws

Regulations have been made to correct technical and drafting defects, and remove anomalies and inoperative provisions to the competition, corporations, superannuation and taxation laws. The Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2018 (F2018L01691) make amendments to the following: the Income Tax Assessment Regulations 1997 the A New Tax System (Australian Business Number) Regulations 1999 the Superannuation Industry […]

16 Nov, 18

ATO to Earmark Shareholders Hiding Profits with its Current Data Matching Program

The Australian Taxation Office has affirmed that it will carefully examine the individuals share trading data of the year 2014 (as a segment of its data matching program). On Tuesday, the Tax Office declared that it will have a peak into over 500 million share trading records along with the new records that are acquired […]

Cancellation of ABNs of trusts no longer carrying on an enterprise

ABN’s proposed to be cancelled on late lodgements

Director identification number

Future income tax cuts for individuals

Instant asset write-off changes

Single touch payroll for everyone

7 Tips for Surviving the Aussie Tax Season

How Technology is taking over the profession of Accounting

Regulations made to correct technical and drafting defects in super and tax laws

ATO to Earmark Shareholders Hiding Profits with its Current Data Matching Program

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