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  1. We could have done better with 100A, says ATO

    profession and is looking to address this in the final guidance. It follows clarifying comments from the ATO, welcomed late last week by the Assistant Treasurer, that the draft guidance would “not apply on a retrospective basis”. “Confirmation that...

  2. Insolvency ‘tsunami’ will wipe out 10,000-plus companies

    SBR process offered a return of 5¢ to 10¢ on the dollar and worked for both sides. But he warned the opportunity would not last forever. “There was nothing written into the SBR process that sets a settlement rate with the office, and the ATO will...

  3. Unpacking the federal budget

    an increase in the offset of $420. Against some expectations, the LMITO was not extended into 2022–23, so 2021–22 is the last year this offset is available. This measure will provide some additional support from 1 July 2022 following lodgment of 2022...

  4. Accountants ‘in firing line over end to LMITO’

    feel the sting of losing it. The low and middle income tax offset – LMITO, or “Lamington” as it is known – was increased in last week’s budget by $420 for the current income year. The move means some eligible individuals will benefit by $1,500 in their...

  5. ATO hints at ‘common sense’ approach to COVID test deductions

    ATO is also taking a sensible approach to record-keeping, recognising that many may not have been keeping records since July last year.” Business clients were likely to have records to substantiate their claims, but employees who had previously...

  6. Nexia Perth has realised the ambition of being able to work “anytime, anyplace, anywhere”

    for a much smoother workflow.” Susan Montonari, Chief Operating Officer (COO) at Nexia Perth takes up the story “Over the last seven years or so, we have gradually moved all our practice software to the cloud”. As COO, Susan is constantly looking to...

    • Type: Article
    • Author: MyWorkpapers
    • Category: Business

  7. Key budget incentives stall on starting line

    left in the dark about key budget investment incentives after they were omitted from legislation enabling other measures last week. The Skills and Training Boost and Technology Investment Boost apply to eligible expenditure incurred from budget night...

  8. Labor shreds last vestige of old tax policy

    The party has had a complete rethink since the last election, says Stephen Jones. Labor has ditched plans to put a $3,000 cap on deductions for preparing tax returns as it moves into election mode with “a very, very different set of policies”. There...

  9. Small businesses show sign of omicron rebound

    territory. Small businesses are taking tentative steps to rebuilding after COVID and are primed to make use of incentives in last week’s budget, according to February data on the sector. The Xero Small Business Index rose three points during the month...

  10. ATO puts 50,000 directors on notice

    PAYG to now include unpaid GST, superannuation, wine equalisation tax and luxury car tax. “The notices are being sent to the last known address of the company’s directors as disclosed on a search of the records of ASIC,” he said. “If the director has...

  11. Budget: Best of the rest 

    he said. Starts: 1 July 2022 Extension of patent box regime The government will expand the patent box regime announced in last year’s budget to cover more patents in a broader range of sectors. Patents granted after 11 May 2021 become eligible for the...

  12. Budget: The should-have-beens

    Institute, which said the lack of any measures “to address the unreasonable cost of childcare were a missed opportunity in last night’s Budget”. It said recent analysis revealed substantial financial disincentives for a family’s secondary earner to...

  13. Money! That’s what accountants want

    way behind their peers in insurance, banking and finance. The findings, in a survey of more than 11,000 people during the last quarter of 2021 by recruitment website SEEK, shed light on what motivates the profession as vacancies skyrocket. The head of...

  14. SMSF industry welcomes halving of minimum pension for FY22-23

    chief executive Peter Burgess said. The move, which extends the temporary reduction until June 2023, was reported late last week by Nine News. The Morrison government first introduced a reduction in the minimum annual payment required for account-based...

  15. Small business ‘needs triple-pillar of Budget support’

    for help. “Our small business survey shows 40 per cent of people in Australia sought advice from an accountant in the last 12 months, and 8 per cent sought advice from government,” Mr Ord said. “So if you want to maximise the impact of this project, you...

  16. Legal fix only realistic solution to 100A, says law firm

    in 1979 back in the days where they drafted legislation really badly,” he said at the Cooper Grace Ward adviser conference last week. “It's stuck in there in its current form and so really it's the drafting of the legislation that's the biggest problem....

  17. Cyber squatters ‘could cash in’ on domain rule change

    squatters taking advantage of a rule change on domain names unless they move quickly, says an ATO security group. Starting last week, a shorter “.au” suffix became available as an alternative to the widely used “.com.au” or its variants such as...

  18. A day to remember

    $2,700 each. And the ATO was taking a special interest in WFH deductions with 4.1 million taxpayer claims already exceeding last year’s figure and a huge increase on 2019, when there were just 1.4 million. “We’re noticing weird and wonderful claims...

  19. Ramp-up migrant intake to fix talent drought, says accounting body

    annum. I don’t think it’s tens of thousands, but I think it could be up to 10,000.” “We’re playing catch-up because for the last two years, these migrants haven’t been able to get here.” Just 79,600 places are allocated to skilled migrants during...

  20. Government offers ‘umbrella of hope’ in NALI storm

    than large multinationals. Needless to say, [the government’s] announcement is good news for all Australians.” In December last year, The Tax Institute lodged a submission to Treasury on behalf of the professional bodies and industry associations...

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