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ATO tweaks ABN application process

The tax office has amended its Australian business number application process to ensure applicants are entitled to an ABN, giving it greater visibility over an applicant’s history. According to an ATO spokesperson, the tax office has implemented…
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SMSF Benchmark Report - Class

Class provides detailed analysis of newly established SMSFs, delivering revealing insights on key characteristics and trends. Background- The Class SMSF Benchmark Report, released for March 2019, is a statistical analysis of approximately…
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Single Touch Payroll - Do it Once, do it Right

IN BRIEF The new Australian Single Touch payroll system is coming into effect in 2019, making way for a more efficient and secure system of payroll filing. While the impact for businesses already using online accounting software will…
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Solicitors Trust Account Audit March 2019

For any Law Practitioner, the Law Society requires an audit of the trust records at 31st March each year under the Law Professional Uniform Law (NSW). The Law Society website sets this out as follows: Appointing an external examiner Your…
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ATO Benchmarks A Handy Business Check-up

The ATO has released its latest benchmark data to help businesses in over 100 industries compare their performance against competitors. These valuable benchmarks can help you assess measures like your cost of sales or total expenses, among…
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Three Common CGT Obstacles For Homeowners

In straightforward cases, a property owned by individuals and used as a main residence throughout the period of ownership will receive a full exemption from capital gains tax (CGT) when the home is sold. But this "main residence exemption"…
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Increased Super Thresholds For 2019-20

While the concessional and non-concessional contributions caps will remain unchanged for the 2019-20 financial year, certain other important superannuation thresholds are set to increase from 1 July 2019. The "CGT cap amount" for non-concessional…

Explanatory Memorandum April 2019

Things to get right this FBT season Fringe benefits tax (FBT) returns will soon be due and with the FBT season now in full swing, it’s vital for tax professionals and managers to have the latest information. FBT expert Stephen O’Flynn has…

BUDGET - SPECIAL EDITION

PERSONAL TAXATION Personal tax cuts: low–mid tax offset increase now; more rate changes from 2022 In the 2019–2020 Federal Budget, the Coalition Government announced its intention to provide further reductions in tax through the non-refundable…