You need to apply for your own director ID. The fastest way to do this is online using the myGovID app. Step 1 – Set up myGovID You will need a myGovID with a Standard or Strong identity strength to apply for your director ID online. If you live outside Australia and can’t get a…
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A recent judgment heard by the Full Court of the Federal Court will have a profound impact on the way accountants approach matters concerning spousal assets. The matter of Commissioner of Taxation v Bosanac [2021] FCAFC 158 was heard recently with the judgment holding that a $4.5 million property acquired in the name of one spouse was jointly owned…
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The ATO has reminded tax practitioners to ensure their clients’ Australian business numbers (ABNs) are sound with a new review set to identify those that warrant cancellation. The Tax Office’s review will seek to identify potentially inactive ABNs for cancellation. “Your client’s ABN may be selected if they have not reported business activity in their tax…
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Treasurer Josh Frydenberg and financial services minister Jane Hume have encouraged citizens to get behind super reform changes that have come into effect this month, citing them as the “most significant in nearly 30 years”. In a joint release, the Treasurer and financial services minister confirmed that from 1 November 2021 Australians will see their superannuation…
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Download a copy of our November Newsletter
There has been much coverage recently of two important issues facing the nation: a review of the Reserve Bank and the housing market. With regard to the former, The Organisation for Economic Co-operation and Development and International Monetary Fund this month separately backed a review of the RBA, highlighting its failure to achieve its inflation…
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Most businesses like to think they’re a customer centric organisation, but nobody’s perfect, right? Here’s how to incrementally improve your customer relationships. Think about your clientele and ask yourself: what are their goals? What are they trying to do for them or perhaps their own customers? What keeps them awake at night? When are they…
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Cash-flow issues have reared their head again across Australia’s SME community again, with one in four small businesses reporting late payments. According to a new Xero survey of more than 1,000 SMEs, late payments have become a major stressor with 24 per cent of small businesses and sole traders delaying payments to themselves due to cash-flow challenges.…
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There is no doubt that the construction industry is doing its best to maintain momentum through this period to support economic recovery. However, the building sector, in general, is still experiencing a significant price increase in building materials, particularly when it comes to steel and timber products, due to sourcing and shipping constraints. There are…
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Every business uses assets to generate revenue. Think of depreciation as a warning light that tells you the remaining value of the life of each asset. To understand depreciation, you’ll need to know what assets depreciate, common depreciation methods and the impact depreciation has on your financial statements. What is depreciation? Depreciation is the decline in the value…
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A chart of accounts is a lot like the game Jenga. If you take a block away from one section of your business, you have to add it back somewhere else. Accounting systems by definition have a general ledger in which your asset accounts (what you own) match your liability accounts (what you owe). While…
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The prudential regulator is increasing the minimum interest rate buffer it expects banks to use in serviceability of home loans. The Australian Prudential Regulation Authority (APRA) has announced changes to mortgage lending rules for banks. As flagged by the Reserve Bank on Tuesday (5 October), it is increasing the minimum interest rate buffer it expects banks to use when assessing…
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Handing over your small business to a successor takes considerable time and effort. Here’s why you need a succession plan to help you do it. Small and family businesses have been the backbone of the global economy for decades. In Australia, small and medium-sized enterprises (SMEs) make up about 70 per cent of all businesses – about half a…
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Mick at Accountplan was awesome. Honestly you don’t realise when you come across a good broker until you’ve had a bad one, and this was my experience until being recommended to Mick. The refinance and loan consolidation he got me was a bloody good deal. Well done Mick, Cheers Dave. Welcome to Accountplan, proudly assisting…
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Download a copy of our October Newsletter
The ATO’s crackdown on work-related expenses appears to have paid off, with Australians claiming nearly $1 billion less in 2018–19. The new figures come from the ATO’s latest taxation statistics, which examine the 14.67 million individual tax returns for the 2018–19 financial year. These statistics are only published some time after the fact, as the…
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ATO officers will now be expected to explain to taxpayers why their tax refunds are being retained, after laws were passed to extend the commissioner’s discretion to retain refunds where tax obligations have not been fulfilled. The passage of Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 early last year now allows the Tax Commissioner to retain a…
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A petition to delay the start date of the second phase of Single Touch Payroll is underway, with a payroll association slamming the ATO’s six-month deadline as “highly negligent”. On Tuesday, the ATO confirmed that it was working towards a 1 July 2021 start date for STP phase 2, which will see employers required to report additional…
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