Capitaleyes Latest Accounting News

Business valuation is often described as a dark art. Indeed, get three different valuers to value the same asset and you will likely end up with three very different results. But this doesn’t need to be the case.  
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The carry-forward rules are often overlooked by eligible individuals who do not use the full amount of their concessional contributions (CCs) cap in a particular financial year.
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If your business is experiencing financial difficulties from the many lockdowns, the Australian Taxation Office (ATO) may be able to help by processing the tax return faster, if you are due a refund. 
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  A director identification number (director ID) is a unique identifier you will keep forever. It will help to prevent the use of false or fraudulent director identities.  
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The government is finally delivering on its budget promise to remove the $450 per month superannuation guarantee threshold.
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One changes in this area.
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The government’s long-slated “flexibility in superannuation” legislation is finally law.
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The revenue thresholds defining small, medium and large charities are set to be raised, saving over 5,000 charities the need to produce reviewed or audited financial statements.
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Under the COVID-19 early release measures, individuals could apply to have up to $10,000 of their super released during the 2019–2020 financial year and another $10,000 released between 1 July and 31 December 2020. 
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The ATO has long held firm on the principle that rent payments (being a form of occupancy costs) are generally outgoings “of a private or domestic nature” and therefore not deductible, even where part of the rented home is used as a home office. However, it has been accepted that in some circumstances, a rent deduction may be claimed if a part of the home is used exclusively for income-producing activities and there is no alternative place of business provided by the taxpayer’s employer.
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Australian employers will now have two more months to transition to the second phase of Single Touch Payroll as the ATO announces a blanket deferral in light of the current business environment.
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  Most new employees are eligible to choose the super fund you pay their super guarantee contributions to.  
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