Practice Update – November 2023

Practice Update – November 2023

Tax issues for businesses that have received a support payment  Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their...
Practice Update – September 2023

Practice Update – September 2023

Appointing an SMSF auditor The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual return. An SMSF’s audit must be finalised before the trustees lodge...
Practice Update – August 2023

Practice Update – August 2023

Claiming GST credits for employee expense reimbursements  Employers may be entitled to claim GST input tax credits for payments they have made to reimburse employees for expenses that are directly related to their business activities.    A...
Practice Update – July 2023

Practice Update – July 2023

Court penalises AMP $24 million for charging deceased customers  The Federal Court has found that four companies that are or were part of the AMP Group breached the law when charging life insurance premiums and advice fees from the superannuation accounts of more...
Practice Update – June 2023

Practice Update – June 2023

2023/24 Budget Update On 9 May 2023, Treasurer Jim Chalmers handed down the 2023/24 Federal Budget. Some of the measures announced by the Government (including some which were actually announced prior to the Budget), include:  from 1 July 2026, employers will be...
Practice Update – May 2023

Practice Update – May 2023

Last chance to claim deductions under temporary full expensing Deductions under ‘temporary full expensing’ are only available in the 2021, 2022 and 2023 income years, and are expected to come to an end on 30 June 2023. Editor: Under temporary full expensing,...