Tax accounting is a crucial part of finance that involves the preparation, analysis, and lodgment of taxes. Both businesses and individuals must follow tax accounting principles, which are regulated by the Australian Tax Office (ATO). If you are unsure about your...
Managing capital gains tax is a challenging and complex task, requiring expertise and knowledge. If you don’t know how to deal with capital gains tax, you should get assistance. The accountants in Melbourne aim to simplify the process for you and ensure that you meet...
The taxes you need to register for depend on the nature of your business. Some taxes apply to all businesses, while others may be mandatory based on factors like size, type, and revenue. There are also optional taxes that, while not required, can help streamline the...
Legislation Super contributions on paid parental leave On 1 October 2024, the Paid Parental Leave Amendment Bill 2024 received Royal Assent. The Bill amends the Paid Parental Leave Act 2010 by adding superannuation contributions to paid parental leave under the...
Restructures and the New Thin Capitalisation and Debt Deduction Rules The ATO has released a draft guideline (PCG 2024/D3) explaining how it will assess compliance and risk for business restructures under the new thin capitalisation and debt deduction rules. Starting...
From Government The End of the AAT The Administrative Review Tribunal (ART) started operations and replaced the Administrative Appeals Tribunal (AAT) on 14 October 2024. The new tribunal functions similarly to the AAT and reviews the same types of decisions. While...
As a business owner, you have to deal with numerous tasks related to business finances. In this world of finance, various professionals play a crucial role in managing a small business. The most common roles you will encounter are tax agents and BAS agents. These are...
Apart from dividing your assets and knowing who should get what, it’s crucial to consider tax implications for how your assets will flow through to your beneficiaries. When assets shift from a deceased individual to a beneficiary of the estate, the impact of the tax...
Under a new government proposal, there will be a total ban on genetic tests to prevent life insurers from discriminating based on adverse predictive genetic test results. Predictive genetic tests identify gene variants associated with hereditary disorders that may...
From 1 July 2026, employers will be required to pay superannuation guarantees (SG) on behalf of their employees on the same day as wages and salaries, replacing the current quarterly payment schedule. This change aims to minimise the estimated $3.4 billion gap between...