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NSW Drought Relief

Recently the NSW Government announced additional assistance for all farmers in NSW to prepare for and manage the current severe drought. Some of the new provisions include: A $250m top

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Guidance for SMSFs on transfer balance reporting

          The Australian Taxation Office has released further guidance on when SMSFs need to report events affecting their members’ transfer balance accounts (by making a transfer

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Salary sacrifice integrity

            Legislation has also been introduced to prevent employers from using an employee’s salary sacrifice contributions to reduce the employer’s own minimum SG contributions. Some

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Understanding the evolution of blockchain and cryptocurrencies

While it’s unlikely that traditional accounting will be replaced by a blockchain method in the near future, accountants should keep a keen eye for any developments and be prepared to deal with new standards in accounting for cryptocurrencies.

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Update to Australia’s vital statistics

        Please click on the following link to see all this interesting information. The areas covered are: Overview Markets GDP Labour Prices Money Trade Government Business Consumer

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Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds

It's that time of the year again!  Use the following Checklists to speed up your tax return and to help ensure all deductions are made.

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Tax Office reveals adventurous, dubious claims ahead of tax time

The ATO has released several case studies of adventurous and misguided expenses claims from taxpayers, but some fear they’re being made an example of because the Tax Office cannot “audit their way out” of a large-scale expenses crackdown.

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ATO reveals top tax time mistakes, set to contact 1 million taxpayers

The ATO will be contacting over one million taxpayers either directly or through their tax agent in the coming months as part of its compliance activity, and have revealed the most common trouble spots for taxpayers at tax time. 

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Watch out for charges with incoming GST laws.

Accountants and their clients have been advised to pay close attention to the commencement of GST on low value imported goods that could see Australian retailers incorrectly charged by overseas suppliers.

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Super savings gap for women stuck at 30%

While the gender gap in superannuation is improving, an economic index indicates women are still retiring with superannuation balances 30 per cent lower than men.

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