Tessa Fisher

Do you feel overwhelmed by the sheer volume of software and app options in Public Practice? CA ANZ have created a guide that aims to clarify the key business functions within your practice and align these with the most widely used software applications (apps) available. Download the guide here: https://ow.ly/RobK30sHmRJ #CAANZ #DifferenceMakers

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Do you feel overwhelmed by the sheer volume of software and app options in Public Practice? CA ANZ have created a guide that aims to clarify the key business functions within your practice and align these with the most widely used software applications (apps) available. Download the guide here: https://ow.ly/IS6030sHn13 #CAANZ #DifferenceMakers

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𝗣𝗮𝗿𝘁 𝟮 𝗼𝗳 𝗺𝘆 𝘄𝗲𝗯𝗶𝗻𝗮𝗿 𝘀𝗲𝗿𝗶𝗲𝘀 𝗼𝗻 𝘁𝗵𝗲 𝗱𝗿𝗮𝗳𝘁 𝗧𝗣𝗕 𝗴𝘂𝗶𝗱𝗮𝗻𝗰𝗲 𝗼𝗻 𝘁𝗵𝗲 𝗖𝗼𝗱𝗲 𝟭𝟳 𝗗𝗲𝘁𝗲𝗿𝗺𝗶𝗻𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝗰𝗼𝗺𝗶𝗻𝗴 𝘂𝗽. In this webinar I will cover: 👉 Obligation to keep proper client records of tax agent services 👉 Supervision, competency and quality management 👉 Keeping clients informed Date: Tuesday 3 December 2024 Time: 12 - 1 pm AEDT Medium: Zoom You must be a member of the johnjeffreystax.com.au website to attend the webinar. The first webinar covered upholding and promoting the ethical standards of the tax profession and false and misleading statements. These are now available for viewing for members of my website. 😁 It's easy to become a member of my website. Just visit johnjeffreystax.com.au and follow the instructions on the home page. Membership costs only $25 + GST per month. You can download my submission on the TPB draft guidance by visiting my website. The download facility is the first item on the home page.

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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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ARE YOUR SMSF ASSET VALUES GETTING OLD & SMELLY? Another poignant article from Todd Wills of SelfManagedSuper Magazine Unchanged asset values on notice June 17, 2024 Todd Wills SMSF annual return Asset values Auditors ATO Contravention reports The ATO will be paying particular attention to SMSFs that continue to report unchanged asset values and will be focusing on annual returns to be lodged later this year. SMSF trustees should accurately report changes in the value of assets held by their fund as the ATO will be checking they have done so as part of the lodgement of this year’s SMSF annual returns (SAR). Heffron SMSF technical and education services director Leigh Mansell said after identifying more than 16,000 SMSFs where values were unchanged over a three-year period, the ATO will review the SARs of those funds and trustees must ensure their financial reporting is accurate by the 31 October deadline for lodging returns. “If you received one of these letters, then you potentially have a problem. The ATO is worried that trustees are not valuing their assets to market at the end of each financial year and the particular asset classes that were targeted were residential and commercial property, unlisted shares and unlisted trusts,” Mansell said during a recent online adviser briefing. “What should you do if you have a fund that received one of those letters? Essentially the trustee of that fund is on notice and the ATO have said they’re going to be monitoring the fund’s next SMSF annual return. “Trustees need to make sure that the assets are reported at market value when they’re next preparing their fund’s financial statements and make sure they’ve got objective and supportable evidence to justify the values that have been used. “If the values don’t change in the next return that is lodged, it may be that the ATO then reviews that fund to try and work out what’s going on. It may be perfectly okay, maybe the valuation of these assets hasn’t changed, but the ATO is going to be looking for evidence of that.” She also noted no contravention reports had been issued to funds failing to report unchanged asset values over the past three years, indicating SMSF auditors were also likely to face scrutiny as a part of the program. “From an auditor’s perspective, you need to make sure that the trustee is providing you with the objective and supportable evidence that you need to justify the valuations that have been used in those financial statements,” she said. “If the evidence doesn’t support those asset valuations, then you need to think about whether you should be qualifying and is it a part A qualification, a part B qualification or possibly a reg 8.02B qualification. “Does it necessitate an auditor contravention report? If there is one asset that makes up most of the balances of the fund, and you’re worried about that particular asset value, are you actually disclaiming your opinion in relation to that particular fund?”

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In this webinar hear CPA Australia’s policy experts discuss and distill the key announcements from the 2024-25 Australian Federal Budget. 🌎 It will include discussions on key budget announcements on taxation, superannuation, industry support, household support and the broader economy. Register now.

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Trusts - Taxation Trusts are a popular tool for estate planning and asset protection in New Zealand. While the trustee has legal title to the trust assets, they are obligated to manage them for the benefit of the beneficiaries, following the guidelines outlined in the trust deed and the Trusts Act 2019. It’s crucial to stay informed about the latest tax changes to ensure your trust is structured and managed effectively. Recent changes include: - Increased trustee tax rate: The trustee tax rate has been raised to 39%, aligning it with the top personal income tax rate. This will affect most trusts for their tax year ending 31 March 2025, however trustees should consider the impact of this before the end of this financial year, including options to minimise the 39% tax rate (for example, beneficiary income distributions). - IRD Guidance: IRD has recently provided several documents including interpretation statements specifically for Trusts (refer to the link below) that consider the tax implications for Trusts. With the introduction of additional disclosures in Trust tax returns in recent years, IRD are likely to continue additional focus on Trusts. Have you considered how these changes may impact your trust? Feel free to get in touch with us to discuss your trust's tax position. https://lnkd.in/gdQ9nV3D

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WHY BECOME A MEMBER? The other side of the coin is that you will be that local tax adviser for an overseas adviser looking for assistance in your jurisdiction! Win win, eh? By becoming a Tax Native, you will: - More effectively deal with issues and opportunities outside of your jurisdiction; - Be able to quote for jobs with an overseas aspect, safe in the knowledge you have access to a Tax Native in the other jurisdiction(s); And more: https://lnkd.in/dB86w-38 #taxnatives #taxadvisor #tax #taxjurisdiction

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You can simply grow your business beyond your own borders by joining Tax Natives

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⏩ Australian Tax Return System Australia's tax return system is an essential aspect of the country's financial framework, ensuring that both individuals and businesses contribute to the nation's revenue. Understanding how to navigate this system can be beneficial, whether you're a resident, a business owner, or an expatriate. This article aims to provide a comprehensive overview of the Australian tax return process, its importance, and how to manage it effectively. ⏩ What is a Tax Return? A tax return is a form filed with a government body to report income, expenses, and other relevant financial information. In Australia, tax returns are primarily lodged with the Australian Taxation Office (ATO). The ATO uses the information provided to assess an individual's or business's tax liability. ⏩ Key Dates and Deadlines The Australian financial year runs from July 1 to June 30. Tax returns for individuals are due by October 31 following the end of the financial year. ⏩ Who Needs to Lodge a Tax Return? ◾ Individuals: Most individuals who earn income in Australia need to lodge a tax return. This includes residents and non-residents who earned Australian income, such as from employment, investments, or business activities. ◾ Businesses: All businesses, including sole traders, partnerships, companies, and trusts, must lodge tax returns. The complexity of the return can vary depending on the business structure and income. ◾ Other Entities: Superannuation funds, self-managed super funds (SMSFs), and other entities also need to lodge returns as per specific guidelines. ⏩ Steps to Lodge a Tax Return ◾ Gather Information: Collect all necessary documentation, including income statements, receipts for deductions, bank statements, and any other relevant financial records. ◾ Choose Lodgment Method: You can lodge your tax return electronically using through the ATO's online services, use a registered tax agent, or file a paper return. ◾ Complete the Return: Accurately fill in the required information. This includes reporting all income, claiming allowable deductions, and ensuring all figures are correct. ◾ Lodge the Return: Submit your completed tax return by the due date. Ensure you receive a confirmation of lodgment. ◾ Pay Any Owed Tax: If you owe additional tax, make sure to pay it by the due date to avoid interest and penalties. #AustralianTaxReturn #CPA #Australiabusiness

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How is land tax calculated when property is held in a trust? Like so many answers related to the law; it depends. It depends on the type of trust as there are different rules and requirements for each type. This article looks at: 👉 Special trusts; 👉 Fixed trusts; 👉 Superannuation trusts; 👉 Trusts created by a Will; and 👉 How land tax thresholds work. https://bit.ly/34LKjVD #nswtrust #landtaxonpropertyintrust #estateplanninglawyer

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🚀 Boost Your Business in 2024 with Expert Tax Planning Tips! 🚀 Is your small or medium-sized business ready to tackle the new financial year with confidence? Our recent article dives into essential tax planning strategies tailored specifically for Australian businesses. Discover: 🔹 Key tax-saving opportunities 🔹 Practical tips for effective financial management 🔹 Insights to help you navigate the complexities of the tax system Don't miss out on these expert tips to optimise your tax strategy and drive your business forward! Read the full article now: Expert Tax Planning Tips for Australian Small and Medium-Sized Businesses in 2024 ➡️ https://lnkd.in/gqChnekJ #TaxPlanning #SmallBusiness #MediumBusiness #FinancialStrategy #Altias #BusinessGrowth #TaxTips2024 Ben Johnson

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Welcome to the world of Australian property tax, where understanding your obligations is as important as owning the keys to your property! This no-nonsense guide cuts through the jargon to give you the essentials: who is responsible for property tax, the method for its calculation, an overview of exemptions and deductions, and strategies for managing your tax liabilities. Whether you’re a property pro or just starting out, this guide has got you covered! To read more : https://lnkd.in/ev98AT3y #realestatetax #tax #taxation #taxrefund #propertytaxrelief #propertyinvestment

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Members – if you haven't already watched it, this session is a resource you won't want to miss. From 1 August 2024, registered tax practitioners must comply with new obligations under the Code of Professional Conduct (Code) in the Tax Agent Services Act 2009 (Cth) (TASA). While we support robust and effective governance of ethics and good conduct across the tax profession, in practice, these new obligations will add a considerable compliance burden and a range of uncertainties for all registered tax practitioners. Understandably, this change, in the form of a Ministerial Determination, has caused heightened concern across the profession, and we are committed to supporting our members and advocating for a better outcome for practitioners through this change. So, members, we've created these resources to help you navigate the changes: 🔷 In a recorded insights panel session with Tim Sandow, CTA, Marg Marshall, CTA and Robyn Jacobson, CTA, we unpack the new obligations and what they mean for you in-depth (and we mean in-depth – it's nearly two hours long!) 🔷 Follow along with the expert session with a comprehensive slide pack that you can download for easy reference later Members can access the resources here ➡️ https://lnkd.in/ggkJ9kaj If you're not a member but keen to access this resource and all of the other benefits that come with membership, join today! https://lnkd.in/getpx_r4 #TheTaxInstitute #TTI #tax #thehomeoftax #jointhetaxconversation #membership #memberresources #TaxPolicyandAdvocacy

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WHY BECOME A MEMBER? The other side of the coin is that you will be that local tax adviser for an overseas adviser looking for assistance in your jurisdiction! Win win, eh? By becoming a Tax Native, you will: - More effectively deal with issues and opportunities outside of your jurisdiction - Be able to quote for jobs with an overseas aspect, safe in the knowledge you have access to a Tax Native in the other jurisdiction(s) - Save precious time by quickly accessing relevant advisers around the world - Earn commissions for each referral made to another Tax Native through our dedicated and encrypted messaging system - Earn fees for referrals made to you by other Tax Natives through our dedicated and encrypted messaging systems - Learn about the hot topics in other jurisdictions through quality content and events More Information - https://lnkd.in/dB86w-38

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