ATO’s new crackdown on Discretionary Trusts

Posted by Team AVS on 22 Apr, 2022 0 Comments

The ATO has just updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses. Depending on the structure of these arrangements, there is a potential that the ATO may take an unfavourable view on what were previously understood to be legitimate arrangements.

Background

For various reasons, including legal tax minimisation and asset protection, many business owners oper

FBT year-end checklist

Posted by Team AVS on 9 Apr, 2022 0 Comments

March 31 marks the end of the 2021/2022 fringe benefits tax (FBT) year which commenced 1 April 2021. It’s time now for employers and their advisors to turn their attention to instances where non-cash benefits have been provided to employees, and also where private expenses have been paid on their behalf.

Although it will generally fall to your accountant to prepare the FBT return, from your software file or other records, all of the instance

Federal Budget 2022-23 – What it’s have in store for you?

Posted by Team AVS on 30 Mar, 2022 0 Comments

The 2022/23 Budget was handed down last night by the government.

While there was some targeted, boutique assistance for small business, the Budget was very much focused on addressing cost of living pressures faced by individuals and families. In a departure from recent years, the Budget was relatively silent on the superannuation front.

Business

The headline measures included:

20% Additional Deduction for Skills Training and Digi

Varying Payg instalments: What you need to know

Posted by Team AVS on 23 Mar, 2022 0 Comments

Pay as you go (PAYG) instalments allow you to make regular prepayments throughout the year towards the expected tax on your business and investment income. By paying regular instalments throughout the year, you should not have a large tax bill when you lodge your tax return.

You can vary your PAYG instalments if you think your current payments will result in you paying too much or too little tax for the income year. You must make variations on

Claimimg a tax loss for your business

Posted by Team AVS on 9 Mar, 2022 0 Comments

Before you claim a tax loss, make sure you have correctly claimed expenses that you are entitled to. Overclaiming expenses can put your business in an incorrect tax loss situation.

It’s also important to remember to apportion your expenses correctly, so that only the business portion of the expense is claimed, and not any personal component of the expense.

Keeping accurate and complete records will help you keep track of your tax loss

Do your clients have ATO debts of $100k+?

Posted by Team AVS on 23 Feb, 2022 0 Comments

Many accountants will know a client whose business has struggled due to COVID-19 and they are unable to pay their tax bills and are in huge debt. How can clients be helped out of this situation?

As you would be aware, the ATO has been focussing its attention on compliance as a result of thousands of business owners neglecting to lodge returns over the past 18 months.

Legislation was recently enabled to allow the ATO to disclose to credit

Tax deductibility of Covid-19 test expenses

Posted by Team AVS on 14 Feb, 2022 0 Comments

The Morrison Government is taking action to ensure that COVID‑19 tests (including Polymerase Chain Reaction and Rapid Antigen Tests) are tax deductible for hard‑working Australians, and exempt from fringe benefit tax for businesses, where they are purchased for work‑related purposes.

To remove any doubt, the Government will introduce legislation to make clear that work‑related COVID‑19 test expenses incurred by individuals will be ta

Getting it right for super

Posted by Team AVS on 2 Feb, 2022 0 Comments

Paying super is an important part of being an employer. We know you do your best to keep up with paying your employees super, but things don’t always go to plan.

If you missed, or didn’t pay the full amount of your employees' super guarantee (SG) for the quarter ended 31 December 2021, you'll need to:

lodge a Super guarantee charge statement to us by 28 February 2022
pay the SG charge to the ATO.

By law, the ATO is unable to ex

Director ID: a requirement for company directors

Posted by Team AVS on 15 Jan, 2022 0 Comments

A director identification number (director ID) is a unique identifier that a director applies for once and keeps forever. Director ID is now a requirement for all directors.

Applications for a director ID are available at Australian Business Registry Services (ABRS). You'll need a myGovID with a Standard or Strong identity strength to apply for a director ID online.

Its important to note that you'll need to apply for your director ID yourse

On the road: How to treat work-related travel and living away from home costs

Posted by Team AVS on 23 Dec, 2021 0 Comments

The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels – or spends time living away from home – for work.

Certain conditions need to be met to ensure an allowance can be considered a travel allowance:

None of the individual absences from the employee’s usual place of residence exceed 21 days.
The employee is not present in the same work location for 90 or more d

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We would be happy to recommend their services.

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Being a layman with Tax and Accounting and new to Australia, I was looking for a professional and efficient tax accountant who can also help me understand the tax structure here and show some avenues to save money.I was recommended to AVS through my friend and it was no looking back since then.Team at AVS are diligent tax professionals with an eye to detail. They spend time in understanding the requirements and needs of clients, ensuring it aligns with all the legal aspects.I am very pleased working with AVS and would recommend to anyone who is looking for professional, efficient and personalized tax accounting services.

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