Accounting & Advisory Blog | News & Views

GST and the Financial Acquisitions Threshold - what you need to know

IPO’s, capital raisings and mergers and acquisitions: have you considered GST & the Financial Acquisitions Threshold (the FAT)? There are specific GST rules for making financial supplies, including IPO’s, capital raising, mergers and acquisitions, and dealings in shares. While financial supplies are usually input-taxed and therefore do not attract a liability to remit GST, they generally have no GST recovery on expenses relating to these supplies.

18 August 2022 Tony Ince

Working from home deductions: Changes in the 2023 Financial Year

With the commencement of the 2023 financial year, the way in which employees may claim a tax deduction for their home office costs have changed. The 'shortcut method' allowed taxpayers in certain circumstances to claim a deduction for specified working from home costs based on an hourly rate of 80 cents per hour. This provision was widely used by taxpayers as a simple method of claiming tax deductions while working from home during periods of lockdown and company workplace policy. Effective from 1 July 2022, the 'shortcut method' is no longer available.

17 August 2022 Daniel Pegdon; Caleb Ong

Business Structures: What is right for you?

No business structure is perfect. However, it is important that you have the correct structure in place at the correct time. There are four common types of business structures which include, Sole Trader, Partnership, Company and Trust. When considering the choice of structure, it is wise to consider commercial and risk related issues, tax related matters and succession/asset protection. As tax rules evolve over time, and as a business moves through its life cycle, the optimal choice of structure may change as well. It is therefore important that you review your structures regularly to ensure they are still fit for purpose.

14 August 2022 Varun Kumar and Clint Bainbridge

Taxable Payments Annual Report: Due 28 August 2022

Businesses which provide certain services are required to report payments made to contractors and lodge a taxable payments annual report (TPAR) with the Australian Taxation Office (ATO). The TPAR for the 2021-22 income year must be lodged by Sunday 28 August 2022.

11 August 2022 Varun Kumar

APAC MID-MARKET MERGERS & ACQUISITIONS REPORT FY2022

Across the APAC region, new COVID-19 strains, geo-political instability and early interest rate hikes have led to a turbulent year in FY22. However, M&A activity has increased by 56%, with average deal values rising by 12% from FY21, showing continued market confidence.

9 August 2022 Moore Australia

Regulatory Changes for Proprietary Companies

The requirements in the Corporations Act (2001)that exempted grandfathered large proprietary companies from lodging financial statements with ASIC has been removed and the tax transparency threshold for proprietary companies will be reduced to $100 million.

8 August 2022 Kristen Haines

ATO focus on rental properties

The Australian Taxation Office (ATO) have highlighted that income and deductions from rental properties remain a key area of focus. They have found that 90% of tax returns reporting rental income contain at least one error. Our team have collated the recent information from the ATO together with some of our recent articles covering various topics for consideration.

4 August 2022 Varun Kumar and Clint Bainbridge