Capitaleyes Latest Accounting News

ATO and the Tax Practitioners Board have developed new client verification guidelines for tax practitioners, with criminals using increasingly sophisticated attempts to steal taxpayer identities.  
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The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage the impact of yet more COVID-19 restrictions.
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  Since the arrival of COVID-19, small businesses have been faced with challenges but there are opportunities to pivot and survive.  Here are 6 tips to help.  
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Accountants and business leaders who hold equity positions in their firms and split profits between personal income and associated entities, have been urged to consider whether the arrangements put them in the path of the ATO.
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  Imagine this scenario: George, who lives in Melbourne and is aged 23, gets a call from his grandmother in Athens. Grandma says she is going to give him $100,000 for Christmas. George is ecstatic. With profuse thankfulness, George gives Grandma the bank details.  
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  ATO second commissioner Jeremy Hirschhorn has outlined the Tax Office’s commitment to ensuring a business-led recovery continues in the Australian market in the 2022 calendar year.  
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The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage the impact of yet more COVID-19 restrictions.
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  The number of SMEs struggling due to late payments is still being felt, according to new research.  
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  On 1 July 2021, the maximum number of allowable members within an SMSF increased from four people to six people.  
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  The ATO and the SMSF Association have clarified some of the areas of confusion with respect to the director identification number process and outlined some of the ATO’s longer-term plans.  
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  Single Touch Payroll will be expanded from 1st January 2022, with additional requirements.  
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  A very interesting, graphical, summary of the monsters of our global economy.  Fascinating stuff!!  
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