2021 was supposed 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 Election The Federal election will...
Every year, I am asked about the tax impact of various Christmas or holiday-related gestures. Here are the top issues: Staff gifts 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....
A lighter look at the complexity of Australian taxation laws and the year that has been. Dear Mr Claus, Thank you for the opportunity to provide strategic business, tax and compliance advice for your operation. I’m pleased you have initiated this advice as the...
The Australian Taxation Office (ATO) has recently issued an alert on gifts or loans from overseas. The ATO is particularly concerned about schemes and arrangements explicitly designed to circumvent Australian tax laws. In general, Australian-resident taxpayers need to...
The Australian Taxation Office recently updated its guidance on tax and cryptocurrency. In early November, the Commonwealth Bank announced become Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets directly through the...
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...
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 specify a fund, generally the employer directs their superannuation into a default fund. From 1 November...
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...
As Australia begins to look out from behind the COVID curtain, we look at how financial support will roll back as states and territories reach vaccination targets. For individuals The COVID-19 Disaster payment offered a lifeline to those who lost work because of...
Is a financial services compensation payment to your superannuation fund a contribution? Of late, there have been several compensation payments made by financial services providers to customers that were inappropriately charged or overcharged for insurance premiums or...
