All directors or intended directors need a DIN

All directors or proposed directors within 12 months of directorships

of companiescorporate associations & body corporates registered under the Corporations Act.Corporate Trustees for TrustsSMSF Corporate Trustee

Need to apply for a Directors Identification Number (DIN) asap

I am writing to let you know about new legislation that requires all directors of Australian companies to have a director identification number (DIN).

You will need to apply for a DIN if you are a company director. This includes if you are the director of your SMSF corporate trustee or

Yes can claim the tax deduction for money spent on a RAT kit in the following cases:

1. You are required to take a test before undertaking work (e.g., as a mandatory requirement under an employer’s COVID mandate),

or2. You are required to travel for work interstate and the RAT is required under a State direction or health order to enter the State or return to your home state.

But of course, if you have purchased a RAT kit for private purposes (personal travel, convenience, absence of PCR testing) or you’ve been

Have you received gifts or loans from overseas relatives?

Many people in Australia receive gifts or loans from relatives overseas. As a result, it is not uncommon for the ATO to scrutinise these transactions to ensure they are genuine and not undeclared taxable income or capital gains. 

If you are the recipient of a financial gift or loan from overseas, it is important that you clearly document the nature of the amount received and keep supporting documentation to reduce the risk of the funds being incorrectly treated as income by the ATO.

ATO

SEQ 2021 COVID-19 Business Support Grant 

– Open at Midnight 16th August 2021

Targeted Support to who?

Queensland Labour State Government is targeting only businesses with unrelated staff for grant support, why?

business with related staff only, may be able to manipulate compliancealso, such business may be seen to have resources to support them self, where third party employees of the business could be seen as living from week to week, so really needing the support.See sole traders seen as one step removed from employees, also considered having limited resources and possibly living week to

When it comes to investment property depreciation, people mostly focus on the building and what’s inside, but the outdoors can be depreciable too.

It is important to know that not all landscaping is depreciable; there is a difference in how ‘hard’ and ‘soft’ landscaping is treated in terms of depreciation.

Hard landscaping, also known as hardscape, is the structural component or hard-surfaced area of the yard and assets. Sheds, retaining walls, outdoor tiles, seating and concrete walkways are examples. Assets such as these hold depreciable value and can be claimed using capital

GST Margin scheme guidance enhanced after user mistakes

If you sell or develop the property, you may be eligible to use the margin scheme, reducing the amount of GST payable on some property transactions.

However, the ATO says it has noticed errors in the two key parts to the margin scheme that taxpayers must get right – eligibility and calculation.

It has therefore improved its web content, which includes new videos, updated examples, and a link to the GST property decision tool

Learn More

Do I have to pay tax if I sell

Small Business Clients

Business in the following industries that make payments to contractors or subcontractors needs to lodge a Taxable Payment Annual Report (TPAR) by the 28th of August each year.

Black or Cash Economy Detection

The TPAR is a black economy measure designed to assist the ATO to identify contractors who don’t report or under-report their income. 

The ATO estimates that around 280,000 businesses need to lodge a Taxable payments annual report (TPAR) for 2019-20.

60,000 Business have not reported there (TPR) for the 2020 Financial Year.

The ATO has today confirmed more than 60,000

Property Landscaping Tax Deductions?

A common question asked by clients!

Landscaping work

How do I treat for tax the cost of landscaping to improve the value of a property?

Landscaping is an improvement to the property and therefore not deductible under section 8-1.

OK, what about landscaping being deductible under Div 43 capital works over 40 years?

Or if not claimable as a capital improvement under Div 43, can we add to the cost base of the investment property as improvements and no tax deduction allowed?

Answer

Costs involved in landscaping a property are generally seen to

Individuals

Personal income tax cuts

Date of effect1 July 2020

 Tax thresholdsTax rateCurrentFrom 1 July 2020From 1 July 20240%$0 – $18,200$0 – $18,200$0 – $18,20019%$18,201 – $37,000$18,201 – $45,000$18,201 – $45,00030%  $45,001 – $200,00032.5%$37,001 – $90,000$45,001 – $120,000 37%$90,001 – $180,000$120,001 – $180,000-45%>$180,000>$180,000>$200,000LITOUp to $445Up to $700Up to $700

Bringing forward the personal income tax plan will:

Increase the top threshold of the 19% tax bracket to $45,000 (from $37,000)Increase the top threshold of the 32.5% tax bracket to $120,000 (from $90,000)Increase the low income tax offset from $445 to $700

In addition, the LMITO (low and middle

JK1 Finished on the 27th September

(JK) 1 finished on the 27th September so all payments for JK 1, Fortnight 13 need to be paid by 27th September and then make the Monthly Declaration by 14th October to receive the  September JK1 Subsidy of $1,500 per fortnight per employee.

JK2 – Starts on the 28th September

What doesn’t change for employers, according to the ATO:-

Employers don’t need to re-enrol for the JK2, if they already enrolled for JK1 for fortnights before 28th SeptemberEmployers don’t need to reassess employees eligibility or ask employees to