Our Latest Accountancy News

Tax and the Normalisation of Cryptocurrency

November 17, 2021

The Australian Taxation Office recently updated its guidance on tax and cryptocurrency. In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. You know when the banks come on board, cryptocurrency has become normal.…

How to set up your Director ID

November 17, 2021

Emma Zajac

Small Business

Director ID, ID, SMSF

Directors are now required to register for a unique identification number that they will keep for life. What is a director ID? A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being a director, change companies, change their name, or…

Further super reforms to ‘safeguard’ Australians’ retirement

November 4, 2021

Emma Zajac

General

Retirement, Retirement Income, Super, Superannuation, Your Super Scheme

Treasurer Josh Frydenberg and financial services minister Jane Hume have encouraged citizens to get behind super reform changes that have come into effect this month, citing them as the “most significant in nearly 30 years”. In a joint release, the Treasurer and financial services minister confirmed that from 1 November 2021 Australians will see their…

NSW Government Stay & Re-Discover Vouchers

NSW Stay & Rediscover

October 29, 2021

Emma Zajac

General

Hospitality, NSW, NSW Government, Service NSW. Businesses., Small Business, Stay & Rediscover

Stay & Rediscover supports accommodation providers across NSW by encouraging all residents aged over 18 years to book a stay using their $50 voucher. How Stay & Rediscover works To be eligible to apply for a $50 voucher, you must be: aged 18 years or over a NSW resident. You will be able to use the $50…

ATO Guidance: Working From Home Shortcut

October 27, 2021

Emma Zajac

General

Accountants, ATO, Business Support, COVID-19, COVID19, Home Office Expenses, Tax, Work-from-home

The Australian Taxation Office has extended the working from home (WFH) shortcut method to 30 June 2022. The temporary shortcut method has been available for employees who worked from home and incurred some additional running expenses as a result. It allows them to easily work out their WFH expenses from 1 March 2020 to 30 June 2020,…

NSW doubles down on alfresco dining with $66m stimulus

Alfresco Restart Scheme: NSW Government Announce $66m Hospitality Package

October 18, 2021

Emma Zajac

General

Alfresco Restart Initiative, Alfresco Restart Scheme, COVID, COVID-19, COVID19, Hospitality, Hospitality Package

The Perrottet government is set to offer $5,000 start-up grants to 5,000 emerging hospitality businesses across the state in a bid to jump-start the NSW economy. The NSW government announced a $66 million hospitality package as part of its “Alfresco Restart” scheme aimed at revamping alfresco dining, “outdoor activations” and events businesses across the state…

BECOME A SUPERANNUATION MILLIONAIRE WITH A SMSF

Become a superannuation millionaire with an SMSF

October 14, 2021

Emma Zajac

Self-Managed Super Fund

According to the Australian Taxation Office (ATO) statistics, there were (as at 30th June 2021), approximately 600,000 Self Managed Super Funds (SMSF) holding approximately $820 billion in assets or about 25% of the $3.3 trillion invested in superannuation. With the advent of COVID, many saw this as an opportunity to take control of their wealth…

Recruiting New Employees? The 1 November Superannuation Rule Changes

October 7, 2021

Emma Zajac

General

Super, Superannuation

When your business hires a new employee, the Choice of Fund form is used to identify where they want their superannuation to be directed. If the employee does not identify a fund, generally the employer directs their superannuation into a default fund. From 1 November 2021, where an employee does not identify a fund, the…

Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation law, and the death nomination you made.

What happens to your superannuation when you die?

October 7, 2021

Emma Zajac

General

Super, Superannuation, Superannuation Death

Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation law, and the death nomination…

Unwinding COVID-19 Relief

October 7, 2021

Emma Zajac

General

COVID, Covid Relief, Covid Support, COVID-19, COVID19, Relief

COVID-19 support will roll back as states and territories reach vaccination targets. The National Plan, the road map out of COVID-19, does more than provide greater freedoms at 70% and 80% full vaccination rates, it withdraws the steady stream of Commonwealth financial support to individuals and business impacted by COVID-19 lockdowns and border closures. We…

Tax and the Normalisation of Cryptocurrency

How to set up your Director ID

Further super reforms to ‘safeguard’ Australians’ retirement

NSW Stay & Rediscover

ATO Guidance: Working From Home Shortcut

Alfresco Restart Scheme: NSW Government Announce $66m Hospitality Package

Become a superannuation millionaire with an SMSF

Recruiting New Employees? The 1 November Superannuation Rule Changes

What happens to your superannuation when you die?

Unwinding COVID-19 Relief

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