Nick Jinoh Park

21 October - What’s On This Week? 🗓️ 🛎️ Comprehensive Monthly Tax Update - October 2024 Catch up with our comprehensive monthly tax update with ATO activity, cases, edited binding rulings, specialist deep dives & more. 🌏 Trust Distributions to Non-Residents Distributing to non-resident beneficiaries can be taxing! Touch on core provisions such as Sections 97 & 98, and other key issues. 🏢 Company Tax Fundamentals Program - Advanced Company Tax Issues Part 4 of this series covers tax issues like RDTI, ESIC, basics of tax consolidation, and tax implications of winding up a company 💰 How to Explain Dividends & Franking Credits to Clients It can be difficult explaining tax concepts to clients - like how do franking credits work if we can’t see “real money” moving! 🚀 Unlimited access engaging tax training for accounting firms. Check out our upcoming & free live events here: https://lnkd.in/gRDUvmst

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CA ANZ Statement on the Tax Agent Services (Code of Professional Conduct) Determination 2024: Chartered Accountants Australia and New Zealand (CA ANZ) welcomes more robust and effective regulation, however rules that create inconsistencies and uncertainties work against compliance and good governance. In practice, registered tax and BAS agents will find it difficult to comply with certain aspects of this latest Code Determination in its current form. From the outset, CA ANZ and the other professional bodies have consistently opposed the Minister being able to unilaterally alter Code obligations, as it avoids more robust scrutiny from parliament, and our concerns are justified. Check out our full response below 👇 #CAANZ #DifferenceMakers

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The Institute of Public Accountants, Chartered Accountants Australia and New Zealand, CPA Australia, and SMSF Association are concerned about the rising personal risks associated with issuing accountants' certificates and are advocating the removal of these certificates from the wholesale investor tests. Read the AccountantsDaily article here: https://ow.ly/TkaC50RRYt4

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The draft regulations prescribing how the Division 296 tax will apply to defined benefit interests reflect the same poor design as the overall legislation, four industry bodies have claimed. https://ow.ly/qxbm50RtaMl Chartered Accountants Australia and New Zealand CPA AustraliaFinancial Advice Association Australia (FAAA) Institute of Public Accountants #SMSF #financialplanning #financialservices #ausbiz #accounting #superannuation #smsmagazine

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Latest proposal from NBR regarding universal self-assessment for both individual and corporate taxpayers from 2024-25.

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The Australian Taxation Office (ATO) is ramping up its debt collection efforts and disclosure of business tax debts to credit reporting bureaus is an important part of its debt recovery process. This practice, while intended to encourage engagement and compliance, poses a threat to the creditworthiness and financial stability of small and medium businesses (SMBs) across the country. For business owners already grappling with a challenging economic landscape, a black mark on their credit report can be a devastating blow. It can hinder access to essential financing, strain relationships with suppliers and even jeopardise future growth prospects. Learn more: https://lnkd.in/gwPkgixD #ATOdebt #smallbusiness #financialmanagement

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Australian tax season? eGCA is your trusted ally. Our dedicated team ensures timely, precise tax filings and compliance, covering everything from tax preparation to corporate structuring. Focus on growing your business while we manage your accounting needs. Partner with eGCA for expert financial support and a stress-free tax season. #taxseason #egca #australia #taxfilings #compliances #taxpreparation #corporate #corporatestructuring #work #tax

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I had a fantastic chat with Trevor Marchant after he watched a recent webinar I presented with Peter Towers of ESS BizTools. We talked about the common barriers accountants face when offering advisory services - like limited capacity, confidence issues, and clients not seeing the value or wanting to pay for these services. Trevor highlighted another key challenge: the confidence to sell these services effectively, a critical aspect often overlooked. Trevor, who has extensive experience working with accountants, shared that advisory services need to be actively sold, unlike traditional accounting services that have become commoditised and price-driven. Most clients aren't even aware of these advisory offerings, so it’s up to us to introduce them, explain the benefits, and communicate their value - the "benefits of the benefits," or the AFTERS, as Trevor puts it. Trevor’s eBook, "How to Sell Professional Services in a Professional Manner," is packed with insights and practical tips for selling with confidence. It’s a great resource for any accounting firm looking to strengthen its advisory services. You can check out a 27-page sample at the link 👇👇👇, and if you're keen, the full eBook is just $49 plus GST. https://lnkd.in/gj6g97Vw

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Not-for-Profit entities often receive assets at less than fair value or for no consideration, principally to enable them to further their objectives. In our latest article Sheryl Levine and I have outlined the AASB 1058 and AASB 102 guidelines and how not-for-profit entities can effectively account for goods received in kind. #NFPAccounting #AASB #Compliance

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Are compliance fees dropping outside of New Zealand I wonder? And are firms with more modern systems and a more diverse range of services (delivered by team members not owners) more valuable? I’d be interested in hearing some perspectives on this

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My guest this week on the podcast is Matthew Seddon, one of this year's finalists in the Tax Policy Charitable Trust prize competition. We discuss his suggestion to expand the withholding tax regime to contractors. This could be one way of addressing the tax gap identified by the last Tax Working Group in 2018. #nztax #taxpolicy #taxgap #paye https://lnkd.in/g5tQMj9M

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My guest this week on the podcast is Matthew Seddon, one of this year's finalists in the Tax Policy Charitable Trust prize competition. We discuss his suggestion to expand the withholding tax regime to contractors. This could be one way of addressing the tax gap identified by the last Tax Working Group in 2018. #nztax #taxpolicy #taxgap #paye https://lnkd.in/g5tQMj9M

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Section 100A is designed to cap tax avoidance within the operation of trust taxation.  To give us a clear guideline on acceptable behaviour, the ATO has colour-coded the different levels of risk associated with various tax planning strategies involving trust distributions into green and red zones.  Some examples of activity that are likely to be red flags for further investigation are: 🔴 Is the action taken only being done for a tax advantage?  🔴 If the beneficiary returns trust income to the Trust as assessable income.  🔴 If the beneficiary entitlements set off against subscription for units in Trust.  For more examples and what falls into the green zone, check out this blog: https://hubs.la/Q02Cmh730 - #accountingservices #accounting #accountantsandaccounting #taxplanning

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#PP_taxInsights | When is a gift not a gift?🌟 🚀 The case of a taxpayer unsuccessful in arguing that the deposits received were gifts and loans 👀 The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends. In a case involving default assessments, it is important to remember that the bar is set quite high. This is because taxpayers are required to prove what their actual taxable income was in the relevant years to demonstrate the ATO’s assessments were excessive. Subscribe to receive timely and insightful information directly to your inbox. We have a article explaining it all at: https://lnkd.in/g82jPsKC 💡 Still unsure, we are #heretohelp 🙌 . . . #TaxAdvice #TaxInsights . #PRATTPartners #charteredaccountants #businessadvice #businessspecialist #businesssupport 🖇 Partner with a firm that takes the time to understand your needs, with personalised service & advice to help you achieve your goals. PRATT Partners ~ Expert Advice Starts Here 🙌 * Award-winning Business Accountants * Offices | Sydney I Gold Coast I _________________________________ BE THE FIRST TO KNOW Subscribe to receive future reports. Complete our form to receive timely and insightful information directly to your inbox. Make sure you never miss an update. https://lnkd.in/gdei8TR6

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