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Chaos Predicted As Instant Asset Write-Off Scheme Ends

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SMEs are being put on notice that once the instant asset write-off (IAW) scheme deadline is over in June 2023, they can expect to contend with significant red tape as arduous rules come into effect. This IAW was introduced in 2015 and is applied when claiming a deduction for the…

Government Doubles Tax On Super Balances Over $3M

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Treasurer Dr, Jim Chalmers has said that the labour government will be doubling the tax rate applied on the future earnings for superannuation balances over $3 million as of 2025-26. Currently, this concessional rate stands at 15% but will increase to 30% in a couple of years. It is estimated…

Taking data security and privacy to the next level.

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At Accountancy Insurance, we take the security of our own data as well as the data of our clients very seriously.  Within our security protocols we have established a set of policies, processes and controls designed to produce predictable information security outcomes. These are just a few of the ways…

Wage Pressure Eases for Small Businesses

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The Australian Xero Small Business Index registered 93 points in January 2023, falling 26 points since November 2022. The index is based on anonymised and aggregated transactions from the small business sector. The index is estimated to have dropped due to a slowdown in four sub-metrics, including wages, jobs and…

Tax Avoidance Hot Issue For ATO

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To suppress tax dodging behaviour, the government is pushing hard at several initiatives at the federal, state and territorial levels. Last year, the Australian Tax Office (ATO) reported that about a third of large corporations did not pay tax for the 2020-2021 financial year. Despite this substantial difference, the ATO…

ATO To Publish and Publicise Final WFH Guidance

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Following harsh criticism of its November draft guidance on work-from-home (WFH) expense deductions, the Australian Tax Office (ATO) is soon expected to publish its final guidelines. Despite not having finalised the changes, the new PCG rules are already in effect. Tax professionals had lambasted the earlier draft that proposed changes…

CPI In Australia Tops Out At 7.8 percent For 2022

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The latest report by the Australian Bureau of Statistics has found that the consumer price index (CPI) rose by 1.9% for the December quarter of 2022 and a total of 7.8% for the year. This is the fourth consecutive quarter during which the index has risen at a level higher…

ATO Faces Criticism Over Agent Linking Process

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Several accounting bodies are urging the Australian Tax Office (ATO) to amend the new tax agent linking system. The process was earlier targeted at major public and multinational enterprises with sizable in-house accounting services but will soon be rolled out for small businesses. The ATO has criticised its design as…

Labour Market Woes Far from Over

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According to the Australian Bureau of Statistics (ABS), there was a slight decline in job vacancies in November 2022. Vacancies fell by 23,000, or 5%, from August, leaving a shortfall of 444,000. This also represents an 8% fall in job vacancies from the peak reached in May 2022. The latest…

Audit Shield claims activity across Australia Jul – Dec 2022

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The Accountancy Insurance Claims Department continues to be busy processing claims from client accounting firms across Australia. The five most common audit activity areas 1 July 2022 – 31 December 2022 were: > Payroll Tax (All States) > Employer Obligations (PAYG/SG/FBT) > Income Tax (WRE) > BAS (Pre & Post…