2021 was to be the year we returned to a post-COVID normal however the pandemic has fundamentally changed the way many of us operate in our personal and work lives. Here is some of what we can expect in 2022:Federal ElectionThe Federal election will be held between March and May […]
The High Court has ruled that the ‘backpacker tax’ is discriminatory. We look at the impact.Since 2017, the ‘backpacker tax’ has taxed the first dollar of income a backpacker earns in Australia – regardless of their residency status – at the working holiday maker tax rate of 15% up to:
Every year, we are asked about the tax impact of various Christmas or holiday related gestures. Here are our top issues:
The key to Christmas presents for your team is to keep the gift spontaneous, ad hoc, and from a tax perspective, below $300 per person. $300 is the minor […]
A lighter look at the complexity of Australian taxation laws and the year that has been.
Our office will be closing Wednesday, 22 December 2021 at 5pm and re-opening Monday, 10 January 2021 at 9am.The Directors and Staff of Accountancy Group wish you a Merry Christmas and a happy and safe […]
The ATO has recently issued an alert on gifts or loans from overseas. The ATO is particularly concerned about schemes and arrangements designed specifically to circumvent Australian tax laws. In general, Australian-resident taxpayers need to declare their worldwide income in their Australian tax return. Some schemes however disguise offshore capital […]
The ATO has extended COVID-19 relief for SMSF trustees. The relief measures, which protect trustees from COVID-19 related contraventions of the super laws, now extend from the 2019-20, 2020-21 and 2021-22 financial years. The relief measures provide:
Residency relief where the pandemic has prevented members from returning to Australia. This measure prevents […]
Directors are now required to register for a unique identification number that they will keep for life.
What is a Director ID?
A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being a director, change companies, change […]
When your business hires a new employee, the Choice of Fund form is used to identify where they want their superannuation to be directed. If the employee does not identify a fund, generally the employer directs their superannuation into a default fund.From 1 November 2021, where an employee does not […]
Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation […]
COVID-19 support will roll back as states and territories reach vaccination targets.The National Plan, the road map out of COVID-19, does more than provide greater freedoms at 70% and 80% full vaccination rates, it withdraws the steady stream of Commonwealth financial support to individuals and business impacted by COVID-19 lockdowns […]