Many people in Australia receive gifts or loans from relatives overseas. As a result, it is not uncommon for the ATO to scrutinise these transactions to ensure they are genuine and not undeclared taxable income or capital gains. If you are the recipient of a financial gift or loan from overseas, it is important that […]
READ MOREDirector Identification Numbers – applications opened 1 November 2021
On 1 November, applications for Director identification (ID) numbers opened. As part of its Digital Business Plan, the government announced the full implementation of the Modernising Business Registers (MBR) program with the Director ID the first step of the program. In the coming years ASIC & the ABR will come together to join one digital […]
READ MOREWhat triggers an ATO Audit?
Many business owners wonder what triggers an ATO audit and how businesses and individuals are selected from the millions of tax payers every year. Basically, the ATO will data match and look for anomalies (“red flags”). Government data matching has never been as sophisticated as it is today. This fast paced utilisation of technology provides […]
READ MORETourism and Hospitality Hardship Grant
Queensland tourism and hospitality operators facing significant financial hardship as a result of COVID-19 travel restrictions may be eligible for the Hardship Grant. Grants of up to $100,000 are available for a range of eligible tourism and hospitality operators. The $80 million program will support these businesses to continue offering a viable product and be […]
READ MORESuper stapling – what does this mean for your business?
Super stapling commenced on 1 November. If you are in business, you will need to adjust your process for on boarding new employees because you will play a key role in the Your Future, Your Super reforms. What is super stapling? A stapled super fund is an existing super account which is linked – or […]
READ MOREGold Coast Women in Business Awards – Nominate NOW!
For many years, Walsh Accountants have had a focus on supporting women entrepreneurship and the significant contribution women make to businesses. As such, in 2016 we made the decision to partner with and sponsor the Gold Coast Women in Business Awards. We love the way these awards celebrate the extraordinary achievements of women. The Gold […]
READ MOREWorking from home? 3 Practical tips for business owners
With COVID-19 impacting businesses across all industries, it may be time to consider if your team can work from home? If this is an option for you, it is essential that you implement procedures and policies that keep your team accountable to ensure continuity of your business Does your team have everything they need to […]
READ MOREQLD Business Boost Grant
Great news! The Queensland government has announced another grant available for Queensland businesses. The Business Boost grants program provides support to businesses to advance improvements in their efficiency and productivity. Your business may be eligible to receive a grant payment of up to $15,000 (excluding GST) to your proposed project. This support includes funded activities in 3 project areas: Future planning Specialised and automated software […]
READ MORETwo important changes to SMSF
The bring-forward measures and 6-member SMSF bill passes Parliament Bring forward measures – increase in age The bring-forward measures will amend the Income Tax Assessment Act 1997 to enable individuals aged 65 and 66 to make up to three years of non-concessional superannuation contributions under the bring-forward rule. Previously, members under age 65 at any time in […]
READ MOREATO reveals top 3 targets for this year’s tax returns
With the new financial year beginning, the Australian Taxation Office (ATO) has outlined the main areas on their watch list. They have advised that work-related expenses, rental deductions, and capital gains from cryptocurrency are its main focus areas this year. Work from home expenses The ATO is focusing on work related expenses after finding there […]
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