Beware of tax scams as we head into the new financial year. Tax fraud and scams happen year round, but with tax on people’s minds, they can often be more susceptible to falling for scams at this time of year.
Whilst we still continue to aid business owners when their business experiences a crisis, we can never seem to stress enough the importance of looking at your risks and impact of such risks early (before these impact on your personal life). Preparation in business is as necessary as it would be for a holiday (business plan – check, low debtor days – check), imagine packing your bags just hours before taking a flight – you wouldn’t! So when it comes…
On 13 July 2022, the ATO issued its final position on the Division 7A consequences on unpaid present entitlements (UPEs) to corporate beneficiaries. This final tax determination was initially released in draft in February of this year and remains largely unchanged.
For most people, interest rates can be confusing. The Reserve Bank of Australia (RBA) is tasked with the responsibility of setting interest rates. It does this at monthly board meetings by determining the cash rate. The cash rate is the price the big retail banks pay to borrow money in the overnight cash markets.
Super funds have seen a significant downturn in the last month, with the worst negative returns since the Global Financial Crisis.
With the cost of living rising and prices increasing in every sector, we have been receiving questions from several of our clients about how best to combat inflation.
Reduced tax rates may be available to eligible entities. Eligible entities include companies, corporate unit trusts and public trading trusts. If your company is a ‘base rate entity’, your company tax rate is 25% for the 2021–22 income year and foreseeable future.
As we enter the new financial year, several new tax changes will be coming into effect as of 1 July 2022
From 1 July 2022, the national minimum wage will increase by 5.2%, which is about $40 per week. The new national minimum wage will be $812.60 per week for full time workers or $21.38 per hour.
The ATO has warned taxpayers to be vigilant on a range of claims that they will be paying greater attention to during tax time. These claims include work-related expenses, cryptocurrency gains and rental income and deductions. The ATO has stated the areas in high focus are where most mistakes are made…