Tessa Fisher

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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#ATOAUSTRALIAUPDATE 15th May2024 “Reforming treatment of transfer balance cap for SFTs” New measure announced reforming the treatment of the transfer balance cap for successor fund transfers. On 26 October 2023, the Assistant Treasurer and Minister for Financial Services announced a measure to reform treatment of the transfer balance cap (TBC) provisions for successor fund transfers (SFTs) in a media release. Then on 13 December 2023, the Australian Government re-announced the measure as part of the Mid-Year Economic and Fiscal Outlook 2023–24. The measure is not yet law. The measure will ensure individuals with a capped defined benefit income stream are not adversely impacted in the event of a successor fund transfer between superannuation funds. Currently, for recipients of capped defined benefit income streams, the balance of their transfer balance account can be unintentionally affected as a result of the original income stream being treated as ceasing and a new one beginning. This measure is intended to be retrospectively applied from 1 July 2017. Treasury released the exposure draft and explanatory statement for consultation from 3 April to 24 April 2024. Visit the link: https://lnkd.in/dzsHAw_h

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Amounts received that don’t count as assessable are classified by the ATO into three different categories: exempt income; non-assessable non-exempt income; and other amounts that are not taxable. Our article takes a look at all 3 categories. https://loom.ly/eTPiU_Y

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Please read this important update in response to some of the media commentary on the new CA Program pathways.

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🚨 Why Your Business Should Have a Registered BAS Agent Handling Your Books 🚨 If you're a business owner, ensuring your books are in order and compliant with Australian tax laws is crucial. Here’s why engaging a registered BAS Agent for your bookkeeping makes all the difference: ✅ Legal Compliance Only registered BAS Agents can legally prepare and lodge BAS for your business under the Tax Agent Services Act 2009 (TASA), ensuring you meet ATO standards. ✅ Expert Knowledge They stay on top of GST, PAYG, and superannuation laws, so your reporting is accurate and up-to-date. ✅ Reduced Risk of Penalties Registered BAS Agents follow a strict Code of Professional Conduct, minimizing the chances of costly errors and penalties. ✅ Safe Harbour Protections By using a BAS Agent, you may be protected from certain penalties if honest mistakes occur, thanks to the "safe harbour" provisions. ✅ Focus on Your Business Leave the tax worries to your BAS Agent while you focus on growing your business! ✅ Insurance for Peace of Mind BAS Agents are required to hold Professional Indemnity Insurance, adding an extra layer of security for your business. Hiring a BAS Agent ensures compliance and accuracy while giving you the freedom to focus on what you do best! #Bookkeeping #BASAgent #BusinessCompliance #Taxation #GST #ATO #SmallBusiness #MediumBusiness #SoleTrader #Company #TaxAgentServicesAct #BusinessEfficiency

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Are you a small business owner who feels overwhelmed by the complexities of bookkeeping and tax compliance? At Open Bookkeeping Australia, we understand that managing your finances can be a daunting task, especially when you have a business to run. Imagine a world where you don’t have to worry about missing BAS deadlines, making costly financial errors, or facing ATO penalties. Instead, you can focus on what truly matters – growing your business and serving your customers. With our affordable and professional bookkeeping services, you can have peace of mind knowing that your finances are in expert hands. We will ensure your records are accurate, your compliance is up to date, and your financial health is clear and actionable. Plus, we help you manage your cash flow effectively, ensuring you have the funds ready when it's time to lodge your BAS. Then, if you need help with lodging your EOFY taxes, we can help with that too. Don’t let the stress of bookkeeping and taxation hold you back. Join the many satisfied small business owners who trust Open Bookkeeping Australia to keep their finances in order. Contact us today! https://lnkd.in/g3T5JMyp

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Do you know what your Net Tangible Asset (NTA) requirements are as an AFSL holder? If you are an AFSL licensee that holds authorisations in relation to any of the below, you will need to ensure you are aware of your specific NTA requirements. - Registered Schemes - Investor Directed Portfolio Services - Corporate Collective Investment Vehicles - Custody Services To learn more about your NTA requirements, click the link below to watch our video. #regulatory #financialservices #ASIC 

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🚨 Why Timely Tax Filing Matters for Your Business 🚨 1️⃣ Avoid Penalties: Late submissions could result in hefty fines or penalties from the NBR. 2️⃣ Maintain Compliance: Timely filing ensures your business stays on the right side of the law, building trust with stakeholders. 3️⃣ Better Financial Planning: Early preparation helps identify tax-saving opportunities and improve cash flow management. 4️⃣ Focus on Growth: Don’t let last-minute tax stress take away valuable time from growing your business! 💼 Pro Tip: Start your tax preparation now to stay ahead of the game. The earlier you file, the more peace of mind you’ll have! 👉 Contact Solutiowave Limited today for professional and seamless tax solutions. Let us handle the complexities, so you can focus on your business goals! #TimelyTaxFiling #TaxSolutions #BusinessSuccess #StayCompliant #SolutiowaveLimited

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We are living through a period of rapid change. Are you prepared?   Chartered Accountants Australia and New Zealand is hosting a live webinar with renowned Global Futurist Dr Keith Suter, who will explore three key ways of thinking about the future to reduce the risk of being taken by surprise: prediction, preferred futures (how to make the competition irrelevant), and possible futures (thinking about the unthinkable). Register below: https://lnkd.in/gUavXiqX

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IT Enabled Legal Services IT Enabled Legal Services offers a cost-effective solution for legal aid with features like automated legal document generation, Q&A with lawyers, service requests, and legal blogs. Our intuitive contract generation mitigates risks specific to Bangladesh and provides a convenient way to understand legal processes in advance. This platform increases revenue for legal practitioners and the government while reducing costs for clients. Customers can access these services from our partner lawyers at pre-scheduled dates, specific locations, and known prices. The platform enhances legal awareness through blogs and the “Ask a Lawyer” feature, providing basic legal support across Bangladesh. The MVP is in English, with plans to include Bengali. IT Enabled Legal Services aims to take all kinds of legal related traffic in internet & will have panel to see lawyers or law firm from customer rating as well as a panel for legal expert advertisement. https://lnkd.in/gy9CXh7j #legal #service #legal_service #software #lawyer #bdlaw

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Government urged to add accountants, auditors to fast-track visa list Eleven accounting, auditing and data-related roles should be added to the list of occupations eligible for fast-tracked migrant visas due to ongoing staff shortages at major accounting firms, according to two major professional bodies. Vacancies for the occupations, which include external auditors, accountants and finance managers, could not be adequately filled by domestic candidates, international students, recent migrants or those on skilled migration visas, a submission by Chartered Accountants ANZ and CPA Australia argues. “Australian businesses are under a lot of pressure at the moment, with insolvencies continuing to rise,” said CA ANZ chief executive Ainslie van Onselen. “They need access to the expertise of accountants and auditors, not just now, but well into the future.” https://lnkd.in/ggp38hyc #immigration #accountant #auditor #workvisa #priorityrequest #skillshortages #australia

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