Taxation

As the fiscal year draws to a close, it is imperative for businesses to uphold their commitments, specifically in accurately and punctually lodging their business activity statements (BAS). At Accounts Nextgen, we recognize the significance of adhering to deadlines and delivering precise financial information. In this article, we will elucidate the crucial dates for BAS lodgment and address prevalent queries concerning errors and amendments.

Discussion about Stage 3 tax cuts has been ongoing since their initial announcement in 2018. The primary objective of these tax cuts was to provide relief to Australian taxpayers facing the challenge of "bracket creep" while also streamlining the tax system for greater simplicity.

Tax planning is a crucial aspect of personal finance management. Effective tax planning can help individuals minimize their tax liability, retain more of their hard-earned money, and achieve their financial goals faster. In this blog, we'll delve into essential tax planning strategies for individuals in Australia. We'll explore various ways to optimize your tax position, take advantage of available deductions and credits, and make informed decisions that can benefit your financial future.

Everyone would love to have a safe retirement plan, without much fuss. Though the problem is not everyone earns enough pay to save for later.

The Australian taxation office has decided to continue canceling Australian Business Numbers of enterprises that are reviewed as inactive. This includes operating a genuine business but failing to file tax returns and activity statements.  If a company reported any business activity like a tax return, income lodgement, other lodgements, or third party information then the ABN […]

The ATO establishes deadlines for early access to superannuation throughout the holiday season. The Australian Taxation Office has issued fresh guidance for people who wish to apply for early access to their superannuation on compassionate grounds during the Christmas closure period. If you are in serious financial trouble, you may be entitled to receive some […]

The Australian Taxation Office closely examines specific transactions that taxpayers frequently get incorrect. One of the most prominent examples is blurring the distinction between the company’s and the owner’s money. The ATO will treat such payments as un-franked dividends, which is usually a bad outcome for both the corporation and the shareholder.

Like 2020, 2021 has been a difficult year for everyone, defined by lockdowns, uncertainty, and frustration. Going through different waves of covid, motivating oneself to continue work from home, and wondering when the normalcy would back, took all the fun out of 2021. After such a hard time it’s time for some celebration and enjoying […]

Company directors must now authenticate their identity by obtaining a new director identification number -DIN. Directors of an SMSF corporate trustee, family trust, and directors acting as alternate directors are all included do the same, even if appointed for a limited time or temporarily.

Several superannuation ideas outlined in this year’s Federal Budget have been submitted to Parliament as part of Treasury Laws Amendment Bill 2021.