Tax Compliance Features
The Government has reinvigorated the 120% skills training and technology costs deduction for small and medium business.
An election ago, the 2022-23 Budget proposed a 120% tax deduction for expenditure by small and medium businesses on technology, or skills and training for their staff. This proposal has now been adopted by the current Government and details released in recent exposure draft by Treasury.
This article discusses the Australian Taxation Office's updated guidelines on how to differentiate between employees and independent contractors, and the impact of these changes from a tax accounting perspective. Learn about the new approach, the factors that will be assessed, and what employers can do to ensure compliance with the legislation.
As previously communicated, the Federal Government introduced a regulation that will need to be adhered to by anyone that is a director of an Australian company. This applies to ALL companies, whether they are trading companies, trustee companies (i.e. Companies that are trustees of a Self-Managed Super Fund or a Family Trust), private companies and public companies.
Discover effective strategies for agribusiness and business tax planning with our essential guide on interim financial statements. Ensure timely and informed decisions to optimise your taxation position for the 2024 financial year.
It seems as though lately almost everyone is talking about cryptocurrencies, telling you about their crypto investments, or asking you if you’re involved. However, when it comes to tax time, many people are either forgetting to declare their crypto investments or labelling them wrongly. If you are involved with cryptocurrency, the team at Smith Shearer are here to ensure that you are making smart decisions with your investments and declaring them correctly come tax time.
Diving into the details of Capital Gains Tax (CGT) in Australia, especially if you own a large property over 2 hectares, might seem overwhelming at first. However, by understanding some basic rulings surrounding CGT, you’ll be able to plan wisely when it comes to selling your home.
In this blog post, we explore the newly introduced Small Business Technology Investment Boost and Small Business Skills and Training Boost, which provide small business owners with additional deductions on their tax returns. Discover how you can leverage these boosts to maximise your business's tax benefits while embracing digital innovation and investing in employee training. From understanding the eligibility criteria to tips on claiming the deductions and staying updated with Super Guarantee requirements, this post equips you with the knowledge to optimise your business tax return and propel your small business towards success.
Four new tax rulings have been released to address taxpayers utilising adult-child beneficiaries of family trust to reduce tax.
You may have seen that recently the ATO announced changes to the way businesses must now report Single Touch Payroll (STP). There is a chance this might affect reporting for your business, so to clear up any confusion, we’ve put together the below information to help you work out what you need to do.
Making superannuation payments on behalf of your employees prior to June 30 is an important tax planning strategy. When to pay your employees' Q4 super guarantee (SG).
The ATO has now released Draft Taxation Ruling TR 2022/D1 Income Tax: Section 100A Reimbursement Agreements.
If you operate within a trust structure, it’s vital you know about this ruling. While it’s complex information, we will try to break it down for you as much as possible. Read on…