New guidance for the allocation of professional firm profits
Effective from 1st July 2021, the ATO outlined their new proposed compliance approach to the allocation of profits for professional firms and medical practitioners. The ATO has always had concerns about arrangements involving redirecting of income that includes income from professional services received by individual professional practitioners to associated entities to reduce the amount of
Director Identification Numbers – What you need to know!
If you haven’t already heard the news, Directors now have a new piece of administration they need to take care of as of the 1st November; the application for the Director Identification Number (DIN). Company directors will need to apply for their DIN themselves and cannot use agents to apply on their behalf. You can
The Bring-forward measures and 6-member SMSF bill passes Parliament
In June 2021, the measures to extend the bring-forward age up to 67 and the bill to increase the number of members allowed in an SMSF were passed by both houses of Parliament. Both measures have been items of discussion for an extended period of time, and we are excited to have a definite outcome
Ignite Ideas Grant – Round 8 Applications Opening 1st July
Round 8 of the Ignite Ideas Fund is opening on July 1st 2021! Two tiers of funding are available, tier one provides grants of up to $100,000 for projects of up to 12 months duration and tier two provides grants of up to $200,000 for projects of up to 24 months duration. If you haven’t
3 Tax saving strategies to consider for the 2021 financial year!
Before the end of the year closes, we wanted to provide you with 3 tax saving strategies we would encourage you to consider and speak to your accountant about before it is too late! If you are a new client, please call us and speak to one of our specialists for a free consultation and
Have you setup your MyGov Account?
Did you know you can access a large amount of your government information via MyGov? When setting your MyGov account you will need identity documents so make sure you check what you need before you begin the process. Please also note that when you set up your MyGov account the ATO will automatically change your correspondence
JobTrainer for employers
What is JobTrainer? JobTrainer is the latest employment support initiative in the ‘Job’ series after JobSeeker, JobKeeper and JobMaker were announced earlier this year to deal with economic impact of coronavirus. The Australian Government has announced it will invest $2 billion to give hundreds of thousands of Australians access to new skills by retraining and upskilling them
Insurance Policies provided by advisers have higher claims payout success
Advised life insurance has a higher rate of admitted claims than non-advised insurance across all four product types, according to new data released by ASIC and APRA. The two regulators released the data as part of the second phase of an ongoing project to collect and analyse claims data from all life insurers to establish