Acumon Connect: Autumn Issue
CLICK HERE to read the Acumon Connect Autumn 2021 Newsletter In this issue: Tax Planning Draft Practical Compliance Guideline Superannuation Changes
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Refunds for Tax Losses
If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits. In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously taxed profits between 2018-19 and …
JobKeeper: The next steps
The first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible. Wrapping up JobKeeper If your business is no longer eligible for JobKeeper payments, there are a few things you need to do: Advise …
Acumon Connect: Autumn Issue
CLICK HERE to read the Acumon Connect Autumn 2020 Newsletter In this issue: – Changes to key dates – Expert Advice – Welcome to our newbies – ATO targets lifestyle assets – Mix & Shake with Sally – Meet the Team – Financial Planning Advice
Are all your SMS Fund eggs in one basket?
The investment strategies of Self-Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity. The ATO is concerned that, “a lack of diversification or concentration risk, can expose the SMSF and its members to unnecessary risk if a significant investment fails.” This does …
Maximising the value and returns on your rental property
Did you know that capital allowance and depreciation are some of the biggest tax deductions claimed by owners of rental properties? If you have invested in a rental property or properties, we know that you’ll want to maximise their value and the returns that they can make for you. Tax depreciation and Capital allowance laws …
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Are you holiday season compliant?
We are just days from Christmas now, and before we sign off for the year, there’s just a few more things to cover. It’s the season for holidays, and as a business owner, you’ll need to know how to be compliant. New Fair Work Information Statement Firstly, there has been updates made to the Fair …
Tax on shares: ATO extends data matching program
The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades. The ATO is accessing more than 500 million records detailing price, quantity and time of individual trades dating back to 2014. The data complements information that the ATO already holds from brokers, share …
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Taxation obligations and navigating the “gig” economy
Firstly, Merry Christmas from the team at Acumon. We love this time of the year. There is a sense of goodwill and joy that people seek out and embrace (with the exception perhaps of the local shopping centre car park). After a hectic year, where time seems to tick by faster than the laws of …
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A helping hand for single parents
Centrelink offers a range of financial benefits to help parents manage the cost of raising kids. And if you’re a single parent, you might even be eligible for additional financial support. This cheat sheet will give you an idea of which benefits you’re entitled to. Being a parent is a tough gig – and being …