The Federal Government, through the Australian Business Registry Service (ABRS), is implementing a new director identification number (director ID) regime which will require all company directors to apply for a director ID number. The phased implementation commences from November 2021. For a summary of what this all means see below. Background The purpose of the... Read More
If you have new employees who start from 1 November 2021 and they don’t choose a super fund, you may need to request their ‘stapled super fund’ details from the ATO. A stapled super fund is an existing super account of an employee that follows them as they change jobs. This change aims to stop... Read More
The ATO are reminding taxpayers that they have an app which allows you to quickly and easily check your 2020–21 tax return progress. The ATO app allows you to: view when lodgements and payments are due view a summary of your accounts including income tax and activity statements and payment plan details keep your personal... Read More
With tax time underway the ATO are seeing an increase in reports of email scams that try to steal personal information. Scammers pretending to be from the ‘myGov customer care team’ are sending emails that include screen shots of the myGovID app, asking people to verify their identity by clicking on a link. The ‘secure... Read More
To assist in collating the information for your personal Income Tax Return for the 2021 financial year, the following link provides a checklist of items to consider prior to attending your appointment or forwarding your taxation information to our office. BQK Individual Tax Return Checklist Read More
A reminder to our clients who are required to remit super guarantee (SG) for their employees, that on 1 July 2021, the SG rate will increase from 9.5% to 10%. For payments of salaries and/or wages on or after 1 July 2021, the minimum SG contribution rate of 10% will need to be applied. If... Read More
With the end of the 2021 Financial Year approaching fast, the following link provides a list of items to consider pre 30 June 2021 for tax planning purposes. Please call our office if you would like to discuss any of these items further. Pre June 2021 Tax Planning Information Sheet Read More
Cryptocurrencies will get a lot more attention this tax year after the ATO expressed concern that Australian taxpayers may not fully understand the taxation implications of buying, holding and selling this class of asset. In particular, the ATO believes people may have the misconception that cryptocurrency gains are tax free, or only taxable when the... Read More
An effective tax planning tool to be considered prior to June 30 is the Superannuation carry forward of Deductible Contributions. New rules introduced by the Government from July 2018 allow eligible super fund members to use any of their unused deductible contributions limit on a rolling basis for five years. This means eligible taxpayers may... Read More
Western Australian Government Small Business Lockdown Assistance Grant As a direct result of the recent ANZAC Day long weekend lockdown in the Perth, Rottnest & Peel regions, the WA Government announced a $2,000 grant for eligible businesses. The payment is intended to offset direct costs incurred due to the lockdown. The grant is to assist... Read More
Directors Identification Number – What you need to knowThe Federal Government, through the Australian Business Registry Service (ABRS), is implementing a new director identification number (director ID) regime which will require all company directors to apply for a director ID number. The phased... Read More