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Acute Business Services
Phone: +61 8 9367 7023
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24.01.2022 Granny Flats: Tax Tips and Traps
23.01.2022 If you’re a retail or hospitality worker, 2020 has perhaps not been the best year. However, as with everything, there is a silver lining, with tax time just around the corner, you may be able to get a larger refund than usual. This is due to either being on reduced incomes or having the ability to claim a wider range of deductions, such as deductions for protective equipment (eg gloves, face masks, sanitiser or anti-bacterial spray), or for some, a combination of both. [https://bit.ly/2YMTdQ1]
23.01.2022 Your post-COVID business repair kit
23.01.2022 COVID-19 pandemic has wrought havoc on a global scale, causing almost every country around the world to lockdown their population and close their borders. This has drastically affected international travel and movement across borders, which is causing unintended consequences for individuals that are not Australian residents for tax purposes. Find out more [https://bit.ly/2WOqLuB]
22.01.2022 The government has recently reintroduced a Bill to Parliament that proposes to increase the maximum number of allowable members of a SMSF from 4 to 6. The contents of the Bill were previously contained in the 2018-19 Budget and introduced into Parliament before being unceremoniously dropped due to lack to support from the Opposition at that time.[https://bit.ly/2G7Sr9K ]
21.01.2022 In Australia, there are approximately 5,000 high wealth private groups encompassing 9,000 individuals and 18,000 companies, whilst providing employment for around 780,000 people. [https://bit.ly/3dPMjhN]
21.01.2022 After a lifetime of working, are the green pastures of retirement calling? Perhaps you’re not sure whether you’d like to retire permanently and enjoy doing part-time or casual work? If that sounds like you, then you may like to consider a transition to retirement pension as a way to access your super without having to leave your job or retire. [https://bit.ly/35SOMFy ]
21.01.2022 If your business is one of the tens of thousands of businesses to register for the JobKeeper payment early, there’s good news, claims for the payment is now open. There are a few steps involved in claiming, so make sure you have all the relevant documents and supporting information before you start. [https://bit.ly/2xhPuyV]
20.01.2022 The ATO has released its practical administrative approach to businesses claiming the JobKeeper payment. Generally, it notes that it would only apply compliance resources to what would amount to a scheme in terms of the entity and its external operating environment. [https://bit.ly/3dU0n9M]
20.01.2022 SMSF asset valuations: COVID-19 concessions One of the many responsibilities of being a trustee for an SMSF is preparing financial statements and accounts for the SMSF every year. As a part of this reporting process, the trustee is also required to ensure that the fund’s assets contained in the report is at market value as per the various superannuation regulations. [https://bit.ly/3snnOjA ]
19.01.2022 As a part of the second round of COVID-19 stimulus, the government allowed individuals in financial distress to access a tax-free payment of up to $20,000 from their superannuation. While it may be a lifeline for many in these harsh economic times, before you take up this early release offer, it is best to consult a qualified professional about eligibility and the potential future impacts this may have on your retirement as well as other options available. [https://bit.ly/2RVM0cn]
19.01.2022 With many Australian businesses taking part in the government’s COVID-19 stimulus package including the JobKeeper and the cash flow boost, the ATO has now commenced a compliance program to weed out those that are exploiting the stimulus; in order to level the playing field for the majority of businesses that are doing the right thing. [https://bit.ly/32ihQWN]
19.01.2022 With the country officially in recession, the ATO is getting ready to help businesses that are struggling due to the economic downturn caused by COVID-19. It expects that for the 2019-20 and 2020-21 years, many businesses that ordinarily turn a profit may be making a loss, and for some businesses it may be the first time that they are making a loss. [https://bit.ly/35drcTz ]
18.01.2022 If your small business has not only survived but thrived during the pandemic, you may be considering a change of business structure, typically from sole trader to more complex arrangements such as a company or trust structures. Any changes should be well thought-out and carefully implemented to avoid costly mistakes. [https://bit.ly/3lVZL8x ]
17.01.2022 The COVID-19 pandemic’s knock-on effect on the economy has meant that many landlords are feeling the strain as their tenants seek to delay paying rent or reducing rent in response to job loss. To reduce the uncertainty for landlords, the ATO has provided some guidance on the deductibility of certain expenses in various situations including guidance for those that own short-term accommodation. [https://bit.ly/3d2aSHT]
17.01.2022 The ATO has recently released a guideline which provides a transitional compliance approach for complying super funds including SMSFs concerning the application of provisions in relation to certain non-arm’s length expenditure (or where expenditure is not incurred) in gaining or producing ordinary or statutory income. [https://bit.ly/2B8iuL9]
17.01.2022 June Economic Update - Video Post
13.01.2022 With the Federal government planning to ramp up infrastructure spending to get the economy going with nation building projects, the opportunity is ripe for businesses to take full advantage and tender for these contracts. Before you dive into writing your tender, you should be aware that any contracts over $4m (including GST) will require your business to obtain a statement of tax record (STR) from the ATO. [https://bit.ly/2ZZFrdC]
13.01.2022 Tax-effective Ways to Boost Your Super
12.01.2022 If your business is one of many that received the initial cash flow boosts as a part of the government’s COVID-19 economic stimulus measures, prepare for more help coming your way. When you lodge your monthly or quarterly activity statements for June to September 2020, your business will receive additional cash flow boosts. [https://bit.ly/3esGw1V]
12.01.2022 A new administrative approach has been released by the ATO in relation to the exercise of the Commissioner’s discretion to retain tax refunds where a taxpayer has an outstanding notification. Previously, the ATO was able to retain refunds where a taxpayer has an outstanding notification in relation to BASs or PRRT (petroleum resource rent tax), but this power has been extended to encompass all outstanding notifications in an effort by the government to combat illegal phoenixing. [https://bit.ly/33PrrEj ]
11.01.2022 August Economic Update - Video Post
11.01.2022 Economic Update Video - November 2020
09.01.2022 Lunch in the Swan Valley - Wonderful way to celebrate the end of a crazy year with our team. We wish you and your loved ones a very happy Christmas and a New Year ahead full of good health, happiness and prosperity
08.01.2022 Economic Update Video - September 2020
06.01.2022 Spencer had the pleasure of being on The Anything Goes Podcast hosted by Anna Richards & Morgan Richards. He got to chat about what he loves (accounting, tax & business) with this awesome husband and wife duo.
06.01.2022 Economic Update Video - June 2020
03.01.2022 As a part of the government’s coronavirus economic response package, a provision was inserted into the Corporations Act 2001 to provide temporary relief (safe habour) for directors of financially distressed business from potential personal liability for insolvent trading.[https://bit.ly/3fmOo60]
01.01.2022 July Economic Update - Video Post
