Every year, we are asked about the tax impact of various Christmas or holiday related gestures. Here are our top issues:

TaxationJPR BUSINESS GROUP8 December 2021Tax, Taxation

If Santa was an Australian tax resident

A lighter look at the complexity of Australian taxation laws and the year that has been.

TaxationJPR BUSINESS GROUP4 December 2021Tax, ATO, australian tax office, Australian Economy

Overseas gifts and loans in the spotlight

The ATO has recently issued an alert on gifts or loans from overseas. The ATO is particularly concerned about schemes and arrangements designed specifically to circumvent Australian tax laws. In general, Australian-resident taxpayers need to declare their worldwide income in their Australian tax return

TaxationJPR BUSINESS GROUP10 November 2021Taxation, Tax, australian tax office, ATO

SMSF COVID-19 Audit Relief Extended

The ATO has extended COVID-19 relief for SMSF trustees. The relief measures, which protect trustees from COVID-19 related contraventions of the super laws, now extend from the 2019-20, 2020-21 and 2021-22 financial years

Tax and the Normalisation of Cryptocurrency

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.

TaxationJPR BUSINESS GROUP10 November 2021Bitcoin, Cryptocurrency, ATO, australian tax office, Crypto, NFT

How to set up your Director ID

Directors are now required to register for a unique identification number that they will keep for life. What is it?

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 move overseas.

Corporate Secretarial, Financial AccountingJPR BUSINESS GROUP10 November 2021director ID, Board, Director

Recruiting new employees? The 1 November superannuation rule changes

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.

What happens to your superannuation when you die?

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.

Unwinding COVID-19 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 look at the impact and the support that remains in place.

Mental Health Support for Business Owners

Running a business can be an isolating experience. And, with COVID-19 lockdowns and disruptions to trade, the pressure can be intense.

NewAccess for Small Business Owners is a free and confidential mental health program developed by Beyond Blue to give small business owners the support they need. Whether you’re just feeling stressed, or completely overwhelmed about everyday life issues, they can help.