Latest Accounting and Financial News

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• State and Federal COVID-19 support --- January - 2022
  The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage the impact of yet more COVID-19 restrictions.
• Beware section 99B
    Imagine this scenario: George, who lives in Melbourne and is aged 23, gets a call from his grandmother in Athens. Grandma says she is going to give him $100,000 for Christmas. George is ecstatic. With profuse thankfulness, George gives Grandma the bank details.  
• ATO provides further clarity on DIN process
    The ATO and the SMSF Association have clarified some of the areas of confusion with respect to the director identification number process and outlined some of the ATO’s longer-term plans.  
• Unpaid client invoices placing greater pressure on SMEs
    The number of SMEs struggling due to late payments is still being felt, according to new research.  
• 10 top global corporations since 1998
    A very interesting, graphical, summary of the monsters of our global economy.  Fascinating stuff!!  
• Increase in the number of SMSF members
    On 1 July 2021, the maximum number of allowable members within an SMSF increased from four people to six people.  
• Single Touch Payroll (STP) – Phase 2
    Single Touch Payroll will be expanded from 1st January 2022, with additional requirements.  
• ATO reiterates tax system incentives
    ATO second commissioner Jeremy Hirschhorn has outlined the Tax Office’s commitment to ensuring a business-led recovery continues in the Australian market in the 2022 calendar year.  
• Our 2021 Advent Calendar.
  Come back each day and click on the next date for another inspirational quote or poem from some of the greatest writers and poets.
• ATO flags focus areas for combating $33.5bn ‘tax gap’
  The ATO says it will be focusing on accessing new third-party data, automating audit processes, increasing its access to high-quality data and preventative strategies in order to drive down the overall tax gap.
• Business Resources - Grants, Assistance, Resources and more.
    The following are some of the links to information on a number of State and Federal initiatives that might help your business through these tough times.  
• Employee Christmas Parties and Gifts – Any FBT?
  The Christmas break-up party and/or gifts to employees can be exempt from Fringe Benefits if a few rules are followed. The cost can be exempt as either an exempt property benefit or an exempt minor benefit.
• FBT – Christmas Parties and Taxi Fares
  Some employers, who are commendably anxious to protect their employees and clients from the drink/driving laws, also pay for taxis to and from the place of entertainment.
• How the best firms are supporting the mental health of their employees
  With the recent pandemic, there have been more conversations and questions over the role of the employer in supporting the wellbeing of their employees.