Capitaleyes Latest Accounting News

The Tax Office has revealed that 250,000 tip-offs have been received about tax avoidance and dishonest behaviours since July 2019.
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If you’re an Australian resident for tax purposes, you don’t have to pay income tax on the first $18,200 you earn each year, from any source. This is called the “tax-free threshold”.
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Clients failing to engage must “act now” or face rapid escalation of enforcement action, the Tax Office has warned agents.
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The seven-day payment window and closure of the ATO’s clearing house are expected to disproportionately impact smaller employers.
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It’s estimated we spend a third of our life at work. It may even be more if you run your own small business. From working overtime during the week to catching up on paperwork on the weekend, having enough time to get everything done is a challenge for most small businesses.
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The government has released further details about the design of its payday super policy including an updated super guarantee charge framework. 
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The draft legislation aims to modernise the luxury car tax by tightening the definition of a fuel-efficient vehicle and adjusting the indexation rate.
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If you manage a self-managed superannuation fund (SMSF), recent changes to tax rules for certain fund expenses may affect you and the fund.
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Recent results from the data-matching program identified issues around the reporting of rental income and claims for capital works and depreciating assets. 
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Trade marks are a form of intellectual property protection your business can rely on to distinguish yourself from your competitors. Likewise, you can use trade marks to clearly differentiate your goods and services from your competitors.
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It’s common for small businesses to struggle when understanding their financial data.  Cash flow needs and a Profit and Loss statement are analysed more often a business owner and so, understood better.  
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The ATO is reminding businesses to lodge their tax payable payment annual report by 28 August after issuing around $9 million in penalties in the five years to 2023.  
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