Business valuation is often described as a dark art. Indeed, get three different valuers to value the same asset and you will likely end up with three very different results. But this doesn’t need to be the case.
A director identification number (director ID) is a unique identifier you will keep forever. It will help to prevent the use of false or fraudulent director identities.
If your business is experiencing financial difficulties from the many lockdowns, the Australian Taxation Office (ATO) may be able to help by processing the tax return faster, if you are due a refund.
The ATO has long held firm on the principle that rent payments (being a form of occupancy costs) are generally outgoings “of a private or domestic nature” and therefore not deductible, even where part of the rented home is used as a home office. However, it has been accepted that in some circumstances, a rent deduction may be claimed if a part of the home is used exclusively for income-producing activities and there is no alternative place of business provided by the taxpayer’s employer.
Under the COVID-19 early release measures, individuals could apply to have up to $10,000 of their super released during the 2019–2020 financial year and another $10,000 released between 1 July and 31 December 2020.
The government’s long-slated “flexibility in superannuation” legislation is finally law.
Australian employers will now have two more months to transition to the second phase of Single Touch Payroll as the ATO announces a blanket deferral in light of the current business environment.
The total sum of CO2 emissions since 1880 (in tons). Food for thought, that's for sure
The revenue thresholds defining small, medium and large charities are set to be raised, saving over 5,000 charities the need to produce reviewed or audited financial statements.
The ATO has made an extension to several COVID-19 compliance relief for SMSFs to cover the 2021-22 financial year.