ATO’S $13,200 FINE FACING COMPANY DIRECTORS

The deadline to have a Director ID is 30th November 2022. Please apply for it URGENTLY to avoid the hefty penalties. It is free to apply and obtain a Director ID. The quickest way to lodge an application is online using the myGovID app. See and follow the link: https://www.abrs.gov.au/director-identification-number/apply-director-identification-number Remember that the website tend…

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Why Am I Paying Medicare Levy Excess

We recently got asked this question by a client who wanted to understand Private Health Insurance (PHI) and the Medicare Levy. Let us take it back to basics. Medicare levy Most Australians pay the Medicare levy of 2% of their taxable income as part of their tax to help fund some of Australia’s public health…

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ATO extends simplified working from home deductions

The ATO has extended its temporary arrangements to enable employees to use a simplified method of calculating deduction for working from home.   Maja Garaca Djurdjevic October 02, 2020 Employees working from home as a result of the COVID pandemic can continue to claim a rate of 80 cents per hour by keeping a record of the number…

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COVID-19 Australian Bank Assistance

Darren Stacey , National Leader, Finance Solutions Executive Director, Debt Advisory BDO Australia Given the significant market disruptions now becoming apparent across the country, the major Australian banks have announced how they will assist their impacted business customers. While many individuals are rightly focussing on the health and wellbeing of their own family, the impacts on…

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Government Stimulus Plan In Response To COVID 19 Including Tax Measures

On 12 March 2020, the Australian Government announced its economic response to the coronavirus (COVID-19). The ATO also released a series of administrative concessions for taxpayers. The Federal Government has announced a further $66 billion package not listed here. Tax incentives for business investment Instant asset write- off Depreciation Rebate Subsidies Increased threshold from $30,000 to $150,000 Accelerated depreciation to…

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Your Business Survival Checklist for Covid 19, Coronavirus

We live in unprecedented times physically, socially and as businesses: financially and economically. We are phasing an unknown enemy: COVID-19 and how your business will adapt and emerge at the end of this turmoil is tied up to your response, leadership and planning in the time you have NOW. Below are some of the strategies…

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TAX AGENT IMPERSONATORS CONNING VICTIMS TO PAY FAKE DEBTS

TAX AGENT IMPERSONATORS CONNING VICTIMS TO PAY FAKE DEBTS By Emma Koehn (Fairfax Media) Tax agents are being forced to fight fraudsters who are impersonating  tax professionals to con victims into paying fake debts. The Australian Taxation Office advised tax agents this week to inform their clients that scammers may be trying to spoof them. In a…

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THE AUSTRALIAN DOLLAR JUST FELL TO ITS LOWEST LEVEL IN 2018

Selling the Australian dollar one indicator that expresses a view the world is a riskier place today than it was yesterday. Judging by the heavy selling over the past few months this is currently the case. In mid-June 2018 the Australian dollar was trading at around its lowest level in more than a year, falling…

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