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ATO Update

Client ID verification process

Dear  Clients, Due to ATO & TPB’s requirements, We need to check your ID verification prior to accepting new clients to prevent ID abuse by unauthorised persons. Even though the new proof of identity (POI) requirements will become mandatory in the latter half of 2022, We, FIve Elements Accounting & Advisory, adopted client ID

2023-01-06T02:07:37+00:00October 4th, 2022|Categories: ATO Update, ADMIN|Tags: , , , |

How to sell your business

We’re often asked the best way to sell a business. There are two key components at play in the sale of a business: structuring the transaction; and positioning the business to the market. Both elements are important and can significantly impact your result. Structuring the transaction covers areas such as pricing the business, the

2022-10-04T04:58:18+00:00September 22nd, 2022|Categories: ATO Update, Tax News|Tags: |

Tax & your family home

Tax & your family home Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption. Capital gains tax (CGT) applies to gains you

2022-10-04T04:59:06+00:00July 22nd, 2022|Categories: ATO Update, Tax News|Tags: |

FY2022 Tax Time Targets

Tax Time Targets The ATO has flagged four priority areas this tax season where people are making mistakes. With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. Record-keeping Work-related expenses Rental property income and deductions, and Capital gains from crypto assets, property,

2022-10-04T05:10:03+00:00June 22nd, 2022|Categories: ATO Update, Tax News|Tags: |

The introduction of the Director Identification Number (DIN)

How to set up your Director ID Directors are now required to register for a unique identification number that they will keep for life. What is a director ID? A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being

2022-09-14T03:26:10+00:00November 12th, 2021|Categories: Accounting News, ADMIN, ATO Update|Tags: , |

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: , |

Super guarantee rate increase to 10%

Series1: What changes on 1 July 2021? - Super guarantee rate increase to 10% On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% - the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025. The 0.5% increase does not

2022-04-14T05:16:49+00:00June 9th, 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: , , , |
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