Australian Tax Rates & Tables 2022-23
Tax Rates & Tables 2022-23 We’ve created a quick reference guide for you containing the 2022-23 tax rates. Covering both individual and company tax rates, tax offsets, superannuation, depreciation and fringe benefits tax. This easy to print desktop guide is available to download and print. Click here to Download Career opportunities A rewarding career. A rewarding future. Join Our Team
Thinking about going green? Proposed Electric Car Discount Bill 2022
If you feel guilty for adding to the environment’s vehicle emissions burden, here is some good news. Soon you may be able to purchase an electric car at a huge discount, good for both you and the future of the planet. No, the discount won’t come from a manufacturer or car dealer, instead the from Australian government! It has just introduced Treasury Laws Amendment (Electric Car Discount) Bill 2022, intending to exempt the provision of an electric car (including a hybrid) to an employee from fringe benefits tax. The upshot of the technical mumbo jumbo is, in order to obtain the discount, you need to do more than just purchase the car. You have to enter into a salary sacrifice [...]
The connection between Natural Love & Exclusion and debt forgiveness
A debt that has been incurred by a business that cannot be ‘collected or recovered’ may be reduced under the commercial debt forgiveness rules. These rules often play a large role in insolvency proceedings and need to be handled carefully. Commercial debt forgiveness occurs when a creditor forgives a commercial debt owed by a debtor. This means that a debt that your business owes could be forgiven if your obligation to pay the debt is released, waived or otherwise extinguished, other than by repaying the debt in full. The commercial debt forgiveness rules operate so that the taxpayer is required to reduce a certain specified amount (such as tax losses, net capital losses or CGT cost bases of assets) by [...]
Director Identifiers: Your obligations moving forward
The final stage of the DIN rollout is soon to cross the finish line. The expectations of Directors are clear and so are the penalties for non-compliance. The Australian Business Registry Services (ABRS) commenced its Director ID enforcement in March this year. They focused on first-time directors who had not completed their director ID requirements and took an education, awareness and assistance approach. Eventually, the registrar will initiate firmer compliance actions. This may be issuing a directive to directors who do not comply. If they still don’t comply even after being directed to, these directors may be referred to ASIC. ASIC is responsible for enforcing director ID offences. The issuing of offences and penalties ABRS provides guidance and support to [...]
Are you a director of a company with an overdue tax liability?
Around 50,000 Director Penalty Notices (DPN) have been issued by the ATO to directors of companies having overdue tax payments. The issuing of a DPN is a procedural step only required of the ATO before it can commence proceedings against the director to recover penalties which have already accrued. Non-lockdown DPN If a company has made timely reporting of its obligations (even if it has not paid them), the ATO will send what is called a ‘non-lockdown’ DPN. This requires the company to have lodged its business activity statements (BAS) and instalment activity statements (IAS) within three months after the due date for lodgment, and its SGC statements within one month and 28 days after the end of the quarter [...]
Corporate Advisor Winter Edition 2022
The 13 financial reporting, corporate governance regulatory topics of crucial importance to CFOs and Directors this Winter. 30 June 2022 reporting is the focus. We detail ASIC-focus areas, the lessons from of its financial-reporting surveillance program, and changes to AFSL reporting. For many for-profit entities, this season sees the end of special purpose financial statements and the challenges in the preparation of first time general purpose financial statements. A task not to be underestimated. Also gone is reporting under the reduced-disclosure regime, replaced by simplified disclosure. Much has been happening of particular relevance to boards – climate change, penalties for non-lodgement of financial reports, cyber security, reforms to AGMs and electronic documents, and a reminder that time is running out [...]