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4 Priorities from the ATO this EOFY

The ATO has announced four main focuses for tax time this financial year. Read pages 8 & 9 for the full article.

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Why super can help save for your retirement May 2022

Superannuation is an investment vehicle specifically designed to help you save for retirement - this is one of the key reasons why you should take an interest in your superannuation. Whether you’re employed, self-employed or even nearing retirement, it’s never too late to build up your superannuation to boost your retirement savings.

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FBT end-of-year checklist April 2022

March 31 marks the end of the 2021/2022 fringe benefits tax (FBT) year which commenced 1 April 2021. It’s time now for employers and their advisors to turn their attention to instances where non-cash benefits have been provided to employees, and also where private expenses have been paid on their behalf.

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How to on-board new employees March 2022

Australia’s unemployment rate is expected to drop below 4%, which is the lowest rate in 50 years. So if you’re looking to employ someone soon, here are some clear steps to ensure you cover your obligations when on-boarding.

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Consolidating your super February 2022

Multiple super accounts are costing Australians an extra $690 million in duplicated administration fees and $1.9 billion in insurance premiums per year, which is eroding many Australians’ hard earned super benefits.

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Have you obtained your director ID? December 2021

The director identification number (director ID) regime is now in place with Australia’s newest company directors having to comply first. Read about why and how to apply here.

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ATO extends COVID-19 relief measures for SMSFs November 2021

SMSF trustees that are financially impacted due to COVID-19 because of extended lockdowns in certain States and Territories will be granted extended relief to cover the 2021-22 financial year.

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Home as a place of business during COVID: CGT implications October 2021

The COVID-19 pandemic has resulted in more employees working from home than ever before. This, in turn, has resulted in such people being able to claim a range of deductions for various “running expenses” associated with working from home. The ATO even provided several “short-cut” options to claim “working from home” expenses.

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How to treat work-related travel and living away from home costs September 2021

The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels, or spends time living away from home, for work.

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What the new Your Future, Your Super means for you August 2021

The Federal Government says the Your Future, Your Super reforms will help ensure superannuation works in the best financial interests of all Australians by removing unnecessary waste, increasing accountability and transparency, and providing more flexibility for families and individuals.

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2021-2022 Lodgement Rates and Tax Thresholds

This guide includes tax rates, including individual minor and non-resident rates, corporate rates, offset limits and benchmarks, rebate levels, allowances, and essential super as well as FBT rates and thresholds (including current gross-up factors) and student loan repayment rates. There is also essential Medicare information and foreign currency exchange information.

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Avoid common mistakes in your business tax return July 2021

The latest on Tax & Super. We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes.

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The tax treatment of cryptocurrency June 2021

The latest on Tax & Super. Cryptocurrencies, once again surging in popularity, have a unique tax treatment that every taxpayer dealing with cryptocurrency should be aware of.

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Breakdown of the Federal Budget 2021-22

The latest on Tax & Super. For a breakdown of what’s involved in the Federal Budget 2021-22, have a read here.

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The Federal Governments SME Recovery Loan Scheme May 2021

The latest on Tax & Super. Loans for small to medium enterprises (SMEs) are available until 31 December 2021 under the Federal Government’s SME Recovery Loan Scheme. Read more here

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New Insolvency Reforms to Support Small Business April 2021

The latest on Tax & Super. The Australian Government has made changes to the ATO’s insolvency framework to help more small businesses restructure and survive the economic impact of COVID-19. Read more here

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A Hand Up for Small Businesses on Cash Flow March 2021

The latest on Tax & Super. The ATO has produced a “Cash Flow Coaching Kit”, which is a free resource and designed as a value-add advisory tool for small business owners. Get the run down here

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JobMaker Hiring Credit February 2021

The latest on Tax & Super. Read about JobMaker hiring Credit, Single Touch Payroll, Getting a tax valuation from the ATO and Natural disasters and help with your tax

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