Tax and Accounting

Starting from 1 November 2021, company directors including foreign directors are required by law to apply for a director identification number (director ID) following legislation passed by the government.
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ATO’s small business focus for 2022 income year   The ATO announced that it will be focussing on the following matters for small business tax returns for the 2021/22 year:
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ATO priorities this tax time   The ATO has announced four key areas that it will be focusing on for Tax Time 2022:
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No reduction in the Private Health Insurance rebate as of 1 April 2022   An event that we have become accustomed to every 1 April, is that the amount of the Private Health Insurance (‘PHI’) rebate decreases.
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2022-2023 Budget Measures that are now law Low and Middle Income Tax Offset   A measure that will no doubt be beneficial for individual taxpayers is the increase in the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year by $420.  The LMITO is a tax offset which reduces an individual taxpayer’s…
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Tax deductibility of COVID-19 test expenses   After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both:
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ATO support for businesses in difficult times   The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship. Depending on the business taxpayer’s circumstances, the ATO may be able to:
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Super is now following new employees   The ATO is reminding employers that, as of 1 November 2021, there is an extra step they may need to take to comply with the choice of super fund rules.
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Preparing for the new Director ID regime   As part of its Digital Business Plan, the Government announced the full implementation of the ‘Modernising Business Registers’ program. 
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  From November 2021, directors of Australian companies will be required to apply for and verify their identity to register for a Director Identification Number (DIN). A DIN is a 15-digit identifier issued to a current or prospective director after they have verified their identity with Australian Business Registry Services (ABRS). Once a DIN is…
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Super guarantee opt-out for high income earners now law From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap.
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$30,000 instant asset write-off The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off.
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“Outrageous” deductions rejected The ATO has published some of the most unusual claims that they disallowed last financial year.
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Tax cuts become law The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low income tax offset from $645 to $700 in 2022/23.
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‘Cash in hand’ payments to workers no longer tax deductible The ATO has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible. ‘Cash in hand’ refers to cash payments to employees that do not comply with pay as you go (‘PAYG’) withholding obligations.
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Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax.   Traditionally, year-end tax planning for small businesses is based around two simple concepts – i.e., accelerating business deductions and deferring income.
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Tax saving strategies prior to 1 July 2019 A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. The tax rates for resident (adult) individual taxpayers for the 2018/19 income year are as follows:
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Single Touch Payroll Update Employers with 19 or fewer employees are required to start reporting through Single Touch Payroll (‘STP’) from 1 July 2019. The ATO will be working with employers to support them as they transition to STP, including allowing small employers to start reporting any time from 1 July to 30 September (and…
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Federal Election called! The Federal Election has been called for Saturday 18 May 2019, and the Governor-General has ‘prorogued’ the Parliament from 11 April 2019 until 18 May 2019, and dissolved the House of Representatives.
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