Accounting & Financial Reporting
Allocation Of Professional Firm Profits | New Guidelines
New guidelines for allocation of profits within professional firms The ATO recently published revised guidance for professionals when considering the allocation of profits by professional firms. The ATO is concerned about arrangements involving taxpayers who redirect their income to an associated entity from a business or activity which includes their professional services, where it has […]
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Strata Title Body Corporate And Income Tax (What You Need To Know)
Tax laws relating to strata title bodies corporate Strata title bodies corporate are treated as public companies under tax laws and must lodge a tax return for any year in which they derive assessable income. A strata title body corporate will not be taxed as a non-profit company even if it includes non-profit clauses in […]
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5 Valid Reasons To Stop Single Touch Payroll Reports
A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons, including if your business: No longer has employees. Has cased trading. Has changed structure. Is not paying employees for the rest of the year. Or has paused due to COVID-19. Depending on your business’s situation and […]
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Claiming Interest Expenses On Rental Properties
Deducting interest expenses on rental properties Interest is a common deduction claimed by taxpayers. Generally, interest is seen as being inherently deductible where it is incurred in gaining or producing assessable income. An established factor from court cases is that the deductibility of interest depends on the purpose of and use of borrowing the principal. […]
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Instant Asset Write Off Extended To 31 December
Businesses with a turnover of up to $500 million a year will be allowed to continue writing off newly purchased assets worth up to $150,000 The boost to the instant asset write off rules that the government put in place to help stimulate the Australian economy in the face of the COVID-19 crisis has been […]
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Remote AGMs And Document Signing Allowed
Companies may now hold annual general meetings and sign documents electronically Companies should note that the government made a determination just before the end of the financial year that permits companies to hold annual general meetings by electronic format. Also, companies may execute a document, without using a common seal, by electronic communication. The determination […]
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