IPA Supports A New Deduction to Help Australians Retrain and Reskill
The Institute of Public Accountants is pushing for the federal government to implement a new tax deduction to encourage Australians to retrain and reskill. The IPA, contents that a new deduction will fill a gap in the tax system that has neglected taxpayers who have been made to pay full cost of retraining and […]
What to Do If You’ve Lost Your Tax File Number (TFN)
Your Tax File Number (TFN) is a crucial piece of information required for many different reasons. It’s much more than a simple reference number you need to use at tax time. Applying for government benefits, opening a new bank account and keeping track of your super savings will all require you to have access to […]
250,000 More Australians Might Be Unemployed When JobKeeper Ends
Another 250,000 Australians could potentially find themselves unemployed when JobKeeper ends on 28th March 2021. The end of the scheme is anticipated to lead to thousands of businesses failing across the country. This will consequently lead to anywhere between 125,000 and 250,000 people left without a job. There are many businesses that would’ve already […]
The Small Business Ombudsman Calls for FBT To Be Scrapped
The Small Business Ombudsman believes that removing the fringe benefits tax, and enabling GST to be remitted at the point of sale, would potentially make the tax system more small business friendly. A recent research paper published by Australia’s Small Business and Family Enterprise Ombudsman has listed 25 recommendations that aspire to create a tax […]
New Partnership Profit Guidelines Introduced by the ATO
Three years after first commencing a review of how professional firms engage in income splitting the ATO has released its highly anticipated partnership profit guidelines. The new guidelines will be introduced on 1st July 2021. The ATO has published a drat copy of the guidelines under the name Practical Compliance Guideline 2021/22. This document explains […]
How Owners of Bitcoin And Other Cryptocurrencies Will Be Taxed
The price of Bitcoin and many other cryptocurrencies has surged in recent years. One bitcoin currently equals just under $60,000 Australian dollars. As result of this financial phenomena many investors around the world have managed to make large sums of money in a short period of time. At the same time, many inexperienced investors have […]
Why It Is Important for Businesses to Assess Their Viability Before JobKeeper Ends
The JobKeeper scheme will end on 28th March 2021. Since September 2020, over half a million businesses across the country have graduated from the scheme. Despite the schemes success at helping businesses survive during the pandemic there are a number of businesses struggling in industries such as aviation, tourism and the arts and recreation services. […]
An Introduction to Understanding HECS-HELP for New University Students
This month universities across the country will commence classes for the first semester of 2021. New students who are wanting to defer paying their fees can do so by taking advantage of the federal governments HECS-HELP loan scheme. The HECS-HELP loan scheme is both a loan and a student discount for eligible students who are […]
The Importance of Declaring Cryptocurrency Related Assets
As cryptocurrencies become more and more entrenched in the mainstream, one of the biggest challenges in accounting for them has been that some investors may not be aware that it is a requirement for them to disclose crypto assets to their accountants. It is super important for financial advisers to educate themselves in relation to […]
Getting A Licence to Legally Distil Alcohol In Australia
For Australians wanting to distil their own alcohol, it is important to know that you have to pay tax on the alcohol you produce. Similar to driving a car, an individual must obtain a licence if they wish to distil alcohol. A licence is issued by The Australian Tax Office and can be obtained for […]