Reminder: Your immediate attention regarding obtaining a director ID is required. The deadline to obtain your director ID is 30 November 2022. We feel obliged to inform you of the possible penalties below that may be enforced by the ABRS if you do not obtain the Director ID by the due date: Last year, we
Shuffling the Deck: 2022-23 Budget 2.0 Last night the Treasurer, Jim Chalmers, handed down his first Federal Budget. Given the rapidly escalating economic risks – a deteriorating global growth outlook, rising inflation and structural spending pressure, he promised a "solid and sensible budget". There is nothing in this Budget that would create a UK style
The Australian Tax Office (ATO) is now writing to businesses with an active ABN whose tax debt meet the criteria for disclosure of debts. This means your tax debt may now negatively affect your credit rating and ability to source new finance. Businesses with over $100,000 in tax debts may receive letters from the ATO
What to do when the ropes start to wobble With downside economic growth risks intensifying and policymakers keen to get the inflation genie back in the bottle, what should investors do? Does this represent a great buying opportunity in the share market? Should capital preservation dominate investor thinking? With rising interest rates which income
The Australian Tax Office has flagged an important change in its approach to debt collection and insolvency, with a return to full-time status for its collections department. Recovery of debts is a "key focus" of the ATO's payment and debt strategies moving forward. Businesses, and Directors, need to be aware of the actions the
We are hosting a webinar next week to provide an update on the current state of play in business and personal finance. Sharon Lewis (Designer Financial Services, Director of Commercial & Mortgages) is presenting, she will cover a general economic market update, interest rate update, business funding, property funding, asset finance and alternative funding
Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption. Capital gains tax (CGT) applies to gains you have made on the sale of
The ATO has not pursued many business tax debts during the pandemic and allowed tax refunds to flow through even if the business had a tax debt. That position has now changed and the ATO has resumed debt collection and offsetting tax debts against refunds. If you have a tax debt that has been on-hold,
Anthony Albanese has been sworn in as Australia's 31st Prime Minister and a Government formed. We look at what we know so far about the policies of the new Government in an environment with plenty of problems and no easy fixes. The economy The Government has stated that its economic priority is, "creating jobs, boosting
The ATO has flagged four priority areas this tax season where people are making mistakes. With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. Record-keeping Work-related expenses Rental property income and deductions, and Capital gains from crypto assets, property, and shares. In general,
