News
ATO new-year resolutions
The ATO has released its new year resolutions...and there is not a gym in sight. According to the ATO, the five new year’s resolutions to keep if you want to stay on top of your tax and super in 2023 are 1. Know if you’re in business or not, 2. Keep business details and registrationsup to date, 3. Keep good records, 4. Work out if the PSI rules apply to you and 5. Look after yourself.
Are you ready for paid FDVL?
From 1 February, employers with 15 or more employees must provide 10 days of paid family and domestic violence leave. Is your business ready?
$75,000 Special Disaster Grant Now Open
The NSW and Australian Governments are supporting primary producers impacted by flooding that began on 4 August and/or 14 September 2022, by announcing $75,000 Special Disaster Grants to help pay for immediate clean-up and repairs to infrastructure?
2022-23 Budget 2.0 Summary
With seven months before the 2023-24 Budget is released in May 2023, this recent Budget is a shuffling of the deck not a new set of cards. And to continue the pun, we need to play the hand we have been dealt, buffeted by externalities – war, floods, and global uncertainty.
Cyber Security Awareness
Given October was Cyber Security Awareness month, I thought it was a funny coincidence considering the recent hacking attacks at Optus and myDeal. This is certainly no laughing matter if you were caught up in the data and so it’s a great reminder to think about your security.
Do I have to pay myself super as a business owner?
Do you have your own business or are you thinking of starting one? If so, you may need to pay yourself superannuation depending on your business structure.
Protecting your au domain name
The ATO Commissioner has just issued a warning to businesses on the importance of securing your au domain name!
Rental expenses in excess of income not deductible
With many parts of Australia in the grip of a rental crisis, a significant number of tenants may be residing in the properties of friends and relatives.
Director ID Last Ditch Awareness Campaign
What you need to know
With hundreds of thousands of directors yet to apply for their director identification number (director ID) ahead of the looming November deadline, a last-ditch public information campaign has been launched.
The Albanese Government has just launched a new awareness campaign to help company directors obtain their director ID as the 30 November
deadline quickly approaches.
SMSF member obligations
A recent Administrative Appeals Tribunal decision reminds us all that SMSF trustees (members) can be disqualified where serious breaches, be they advertent or inadvertent, of the super rules are committed.
Claiming business losses
You may be able to offset your business loss against other income (such as salary and wages) if you’re a sole trader or in a partnership.
Optus data breach
Following a recent cyber-attack, Optus customers are advised they could be at risk of identity theft.
Bridging the super gender gap
Fresh statistics released by the ATO reveal that the superannuation gender gap is very real.
Queensland’s new land tax
If you own land in Queensland (or are contemplating making a purchase) and also own other land interstate (or you are contemplating making a purchase) you may soon have an increased land tax liability.
Director identification numbers… time is running out
All existing directors of a company, registered Australian body, registered foreign company, or a director of corporate trustees of an SMSF are required to apply for a director identification number (director ID) by 30 November 2022…so act now!
Hiring Employees
With unemployment at historic lows, workers are in demand and are also switching jobs at record rates. There are a range of issues employers should be aware of when hiring
The tax consequences of land subdivision
It’s quite common for individuals to subdivide land they own, and then sell off one of the blocks. Depending on the circumstances, this can have capital gains tax (CGT) and GST implications.
Super funds post lowest returns since GFC
Superannuation funds have recorded their worst performance since the global financial crisis, with the median balanced superannuation fund ending the 2021/22 financial year down 3.3% due to global market instability.
eInvoicing: Save time and money
The ATO is anticipating a significant upward spike in the number of businesses using eInvoicing over the coming 12 months. Already, more than 18,000 businesses are using eInvoicing to make their transactions faster, simpler and more secure.
Estate Planning Explained
Estate Planning means different things to different people. Ultimately, it is about ensuring that you have the right mechanisms in place to ensure that in the event of your death, your assets pass in the manner you intend.
Insurance: Inside or outside super?
Most people insure their personal assets, such as their house, contents and car, but when it comes to personal insurance, many overlook the importance of protecting their wealth because personal insurance is often seen as unnecessary, a luxury and an additional cost to pay for.
Super Choices
For those of you who have been following my monthly articles, you’ll know I am passionate about about planning. If you’ve done this and you have been running a successful business have you thought about what happens at the end of this journey?
Switching Home Loans
With interest rates increasing quite rapidly, homeowners are being encouraged to look around for a better deal on their home loan. ASIC has recently released some tips if you are doing so.
GST Health Check
Now that the financial year has come to a close, it’s good time to check all things GST.
YourSuper Comparison Tool
Are you ready to take control and compare your superannuation fund’s performance against other funds? You might be in luck if you have a MySuper fund as the ATO’s YourSuper comparison tool can help you compare different MySuper products and choose a superannuation fund that meets your needs.
Wash Sale Arrangements Under Scrutiny
The ATO is warning taxpayers not to engage in ‘asset wash sales’ to artificially increase their losses in order to reduce capital gains or expected gains. It cautions that they are a form of tax avoidance.
COVID-19 Relief for SMSF Trustees Now at an End
The ATO has reminded SMSF trustees that the COVID-19 relief and support offered to SMSFs ended on 30 June 2022.
ATO Focus On Rental Property Income And Deductions
Income and tax deductions from rental properties is one of the four key areas that the ATO is focusing on this Tax Time. The ATO is urging rental property owners to ensure they carefully review their records before declaring income or claiming deductions this Tax Time, and for registered tax agents such as us to ask a few extra questions of our clients who own rental properties.
Sowing Seeds for Success
I’ll start off by tipping my hat to our NSW Central West Local Land Services podcast ‘Seeds for Success’ which is a fantastic podcast series based in our Coonabaraban area. This series interviews locals who are having a go and worth a listen if you are hitting the road for a long trip or sitting on the tractor for a while and want to hear how others are implementing effective plans and growing successful businesses in our region.
Accessing Your Super Early
The key purpose of superannuation is to provide individuals with benefits for their retirement, which is when most people will access their superannuation savings. But, in some cases, individuals may be able to access some of their superannuation early upon meeting certain eligibility rules.
STP Year-End Finalisations
Employers need to make STP finalisation declarations by 14 July each year. As your registered agent, we can assist you in this important process.
Scam Myths
In the past 12 months, the ATO has identified and taken action against 595 websites impersonating its online services. These fake sites are designed to steal passwords, personal information and identity documents, such as passports and driver licences.
ATO Tax Time Focus for Small Business
The ATO has released a tax time tool kit to assist businesses and us as your tax advisor to nail your 2021/22 business tax return.
Super Guarantee Rises to 10.5%
The increase to the superannuation guarantee (SG) rate from 1 July 2022 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what happens when income earned before 30 June is paid after 30 June 2022 – will employees be entitled to the higher SG rate of 10.5%?
Last Minute Trust Distributions and Record Keeping
In late June, the ATO released their ‘100A guidelines’ provided in respect of the 2021/22 income year (‘Managing section 100A for the 2021–22 income year’).
ATO Prioritising Debt Collection
As the economy emerges from COVID-19, the ATO is re-focusing on debt collection.
All that Glitters Is Not Gold
All That Glitters Is Not Gold
Some people say it’s the new gold, while others argue it’s nothing more than a fad that will crash and burn.
Cryptocurrency is a topic that’s stirring up lots of interest around the world, so what's all the fuss about? For those of you brave enough
to venture into the crypto currency theme park, it must be feeling less roller coaster and more giant drop at the moment.
Congratulations to Matt Schaefer
I am proud to share with you some exciting news. From 1 July we welcomed Matt Schaefer to the Forsyths Leadership Team as our newest Principal of Business Services.
Matt started at Forsyths in 2007 as a Graduate Accountant fresh out of university. It has been a personal pleasure to work with him during this time and watch his growth and development. Matt has always been focussed on people first. He drives the development and progression of our team members as well as developing strong relationships with our clients.
He truly embodies Forsyths’ values. I am fortunate to call Schaef a friend before a colleague. Please join our entire team in congratulating Matt on such an outstanding achievement.
Andrew Kirk Managing Principal
Congratulations to Lara Gill
We are proud to share with you some exciting news. From 1 July we welcome Lara Gill to the Forsyths Leadership Team as our newest Principal of Financial Services.
Over the past 15 years, Lara has progressed from a Financial Services Support Officer, through the positions of a Client Service Officer,
Paraplanner, Adviser, Firm Associate to now a Principal. Her ambition and leadership continues to inspire other team members to progress in
their own career pathways within the organisation.
Lara has also been extremely dedicated to improving her knowledge in all areas of Financial Planning to enhance the advice she is able to provide our clients.
Most recently she completed a Masters in Financial Planning, which is no mean feat while working full time.
I am so proud of Lara and look forward to watching her continue to grow as a fellow Financial Services and Firm Leader. Please join our
entire team in congratulating Lara on such an outstanding achievement.
Julie Sherwood Principal Financial Services
Congratulations to Jacob Sauer
On 1 July we welcomed Jacob Sauer to the Forsyths Leadership Team as our newest Principal of Audit.
Jacob (Jake) has demonstrated amazing dedication and commitment since commencing at Forsyths as an undergraduate 12 years ago.
Jake has also been instrumental in assisting with the growth of the audit team and audit and assurance services we provide.
He has a passion for developing people and enhancing the quality of the services we offer our clients. We truly value Jake as a friend and
leader who will enhance the Audit and Forsyths Leadership Teams with his valuable knowledge, experience and inspirational style.
Please join our entire team in congratulating Jake on such an outstanding achievement.
Paul Cornall and Geoff Allen Principals - Audit
Downsizer contributions to SUPER
Did you know you could invest the proceeds of the sale of your family home to your superannuation, depending on your age and circumstances?
Four priorities for the ATO this Tax Time
In the middle of May, the ATO announced that there will be four focus areas on their radar during Tax Time 2022 – record-keeping, work-related expenses, rental property income and deductions, and capital gains from crypto assets.
2022 Election Washup
Following the election of the new Labor federal Government on 21 May, there are a number of tax and superannuation proposals that they have announced or existing measures they have committed to that may impact you and your business moving forward.
Six super strategies to consider before 30 June
With the end of financial year (EOFY) fast approaching, now is a great time to boost your superannuation savings and potentially save on tax. Below are six superannuation strategies to consider before 30 June 2022.
ATO warning of fake ABN and TFN scams
The ATO has just recently reported an increase in fake websites offering to provide tax file numbers (TFNs) and Australian Business Numbers (ABNs) for a fee, but then failing to provide the service – leaving taxpayers out of pocket
30 June Tax Planning
As we move towards the end of the 2021/22 financial year, there are a number of year-end income tax planning opportunities that may be available to optimise your tax position.
Top tips on how to prepare for tax time.
It’s hard to believe the 2022 Financial Year is nearly over. We have all seen Covid staffing challenges and supplier constraints to changing customer behaviours and global events, crypto boom and bust, record commodity land and livestock prices, continuing low interest rates, and now a change of government.
Changes to stamp duty a win for farming families
Family-owned farming businesses will now benefit from new laws passed in Parliament last week that will see stamp duty exemptions extended on the transfer of primary production land to a company or other entity directed by a family member.
Crypto currency tax implications
For those who have ventured into the exciting world of crypto currency, it has no doubt been a roller coaster of emotions watching the price go up and down in recent times.
Personal Property Securities Register
Are you aware of the personal property securities register?
Financing motor vehicles
A common question facing businesses is how to finance and account for the acquisition of a motor vehicle. There are numerous ways that can be used, with each having unique taxation treatment.
What you should know about six member SMSFs
Since the SMSF member limits recently increased from four to six, larger families may be considering having one large superannuation fund for all family members.
Further developments on trust distributions
For the many business owners who operate their affairs through discretionary trusts, there have been further developments on the ATO’s planned crackdown on certain distributions.
Why super can help save for your retirement
Superannuation is an investment vehicle specifically designed to help you save for retirement - this is one of the key reasons why you should take an interest in your superannuation.
Ridesharing: The Driver
Uber and other ride-sourcing facilitators have become increasingly popular over recent years. From a driver’s standpoint, there are a number of tax issues potentially in play.
.jpg)
ATO’s new crackdown on Discretionary Trusts
The ATO has just updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses.
FBT year-end checklist
March 31 marks the end of the 2021/2022 fringe benefits tax (FBT) year which commenced 1 April 2021.
Budget 2022-23
Don’t Rock The Boat’ Budget 2022-23. This is a safe, ballot box friendly Budget as expected with a focus on jobs, cost of living, home ownership, and health.
Contact
Social
Offices
