Capitaleyes Latest Accounting News

ATO adds indebted sole traders to credit referrals

The step should help promote transparency and fairness, says IPA. The ATO has begun disclosing tax debts of sole traders to credit reporting bureaus (CRBs) if they meet its criteria for referral.
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Sub-trusts ‘redundant’ under final Div 7A ruling

With interest-only loans no longer an option the commercial incentive for sub-trusts ends, says the Tax Institute.
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NALI ‘a special problem for SMSFs’

Tax benefits attract miscreants, but non-arm’s length rules should allow minor transgressions to be fixed, says CA ANZ.
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Tax time guide offers path through 100A

ATO update on trust distributions outlines key features of low and high-risk arrangements.
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Write a business plan

A written business plan is essential to help you start and grow your business
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Be wary of trust disclaimers, ATO warns

Beneficiaries are urged to understand the tax effect of entitlements in the wake of a recent High Court decision.
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Single Touch Payroll: Phase 2 deferral reminder

First update was in January 2022, now phase 2.
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Tax time tips

The more detail you can give your accountant the quicker your tax return can be processed and, usually, the better the outcome. The following will help.
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100A ruling ‘turns tax avoidance logic on its head’

The ATO’s 100A draft ruling on trusts has turned the logic of “tax avoidance” on its head and may be fundamentally flawed, according to tax law specialist Ron Jorgensen.
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Tax Time Checklists – 2022 Individuals; Company; Trust; Partnership; and Super Funds

  Working from home because of COVID-19 means most will have more deductions than in a normal year. These checklists will help your tax agent ensure you don't miss any deductions. Simply print, complete and return. Please click on the following links to access the checklists most appropriate to your needs. Individuals Company Trust Partnership Superannuation […]
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100A ruling turns tax avoidance logic on its head

The ATO’s 100A draft ruling on trusts has turned the logic of “tax avoidance” on its head and may be fundamentally flawed, according to tax law specialist Ron Jorgensen.
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Inflation will force a third of businesses to raise prices

More than a third of businesses expect to impose larger-than-usual price rises in the next three months, the latest Australian Bureau of Statistics data found.
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