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Accounting News

Understanding the Limits of Accountant’s Letters in Loan Applications

We are frequently approached with questions about the accountant’s letter in loan applications. In the course of our professional practice, requests for accountant’s letters to support loan applications are commonplace. It's crucial for our clients to be aware of both the capabilities and limitations of these letters. According to the Accountant's Letter Toolkit, which

What lockdown support is available?

What lockdown support is available? If you can’t work because you or someone in your household is impacted by COVID-19, there is support available, but it comes with fairly strict eligibility criteria. There are two payments accessible to individuals: The COVID -19 Disaster Payment; and the Pandemic Leave Disaster Payment. Both payments are accessible

New stapled superannuation employer obligations for new staff

Series3: What changes on 1 July 2021? New stapled superannuation employer obligations for new staff Currently, when an employer hires a new staff member, the employee is provided with a Choice of Fund form to identify where they want their superannuation to be directed. If the employee does not identify a fund, the employer

2022-09-14T03:29:07+00:00June 23rd, 2021|Categories: Accounting News, ATO Update, Financial News, Superannuation|Tags: |

Concessional and non-concessional contribution caps

Series2: What changes on 1 July 2021? - Concessional and non-concessional contribution caps From 1 July 2021, the superannuation contribution caps will increase enabling you to contribute more to your superannuation fund (assuming you have not already reached your transfer balance cap). The concessional contribution cap will increase from $25,000 to $27,500. Concessional contributions

2022-09-14T03:30:50+00:00June 11th, 2021|Categories: Accounting News, ATO Update, Financial News, Superannuation|Tags: , |

The New Lifetime Director IDs

The New Lifetime Director IDs Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers. ASIC does not currently verify the identity of directors and Elvis Presley and Bob Marley could “quite possibly” be registered.

2022-01-16T23:45:06+00:00May 19th, 2021|Categories: Accounting News, ATO Update, Financial News|Tags: , , , |

$450 per month threshold for super guarantee eligibility removed

$450 per month threshold for super guarantee eligibility removed Currently, employees need to earn $450 per month to be eligible to be paid the superannuation guarantee. This threshold will be removed so all employees will be paid super guarantee regardless of their income earned. The Retirement Income Review estimated that around 300,000 individuals would receive

Temporary loss-carry back extension – 21/22 Budget issues

Companies with an aggregated turnover of less than $5 billion will be able to carry back losses from the 2019-20, 2020-21, 2021-22 and 2022-23 income years to offset previously taxed profits in the 2018-19, 2019-20, 2020-21 and 2021-22 income years. Under this measure tax losses can be applied against taxed profits in a previous year,

2022-04-14T05:28:43+00:00May 17th, 2021|Categories: Accounting News, Financial News, Tax News|Tags: , , , |

Temporary full expensing extension – 2021/22 Federal Budget issues

Temporary full expensing extension Businesses with an aggregated turnover of less than $5 billion will be able to continue to fully expense the cost of new depreciable assets and the cost of improvements to existing eligible assets in the first year of use. Introduced in the 2020-21 Budget, this measure will enable an asset’s cost

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