Latest Accounting and Financial News

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• Sub-trusts ‘redundant’ under final Div 7A ruling
  With interest-only loans no longer an option the commercial incentive for sub-trusts ends, says the Tax Institute.
• Tax Office homing in property deductions, SMSFs warned
  With property deductions a big focus for the ATO this tax time, SMSFs have been warned on some of the pitfalls in this area that can land them in trouble.
• ATO adds indebted sole traders to credit referrals
  The step should help promote transparency and fairness, says IPA. The ATO has begun disclosing tax debts of sole traders to credit reporting bureaus (CRBs) if they meet its criteria for referral.
• State and Federal Covid support --- Aug 2022
  The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage continued national hardships.
• ATO casts net wide when it comes to taxable business income
  Commissions, investment earnings, gratuities and more must be included to be assessed, the office warns.
• Largest natural gas produces by country from 1970-2021
  See which country lead the worlds natural gas production at certain times in the last 50 years.
• NALI ‘a special problem for SMSFs’
  Tax benefits attract miscreants, but non-arm’s length rules should allow minor transgressions to be fixed, says CA ANZ.
• Tax time tips
  The more detail you can give your accountant the quicker your tax return can be processed and, usually, the better the outcome. The following will help.
• Census 2021 Data
  Search through the data collected by the Australian Bureau of Statistics, and find interesting facts about how the country is changing.
• Single Touch Payroll: Phase 2 deferral reminder
  First update was in January 2022, now phase 2.
• Largest inflation rates by country in Oceania
  See how the inflation rates changed from 1960-2022
• Write a business plan
  A written business plan is essential to help you start and grow your business
• Be wary of trust disclaimers, ATO warns
  Beneficiaries are urged to understand the tax effect of entitlements in the wake of a recent High Court decision.
• Tax time guide offers path through 100A
  ATO update on trust distributions outlines key features of low and high-risk arrangements.