ATO warning on asset wash sales
June 30, 2022
The ATO warned taxpayers not to engage in “asset wash sales” to artificially increase their losses and reduce gains for tax purposes. The ATO said its sophisticated data analytics can...
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Legal professional privilege protocol
June 30, 2022
The ATO has published its recommended approach regarding Legal Professional Privilege (LPP) to respond to formal notices requiring production of documents. Specifically, it covers the ATO...
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NSW first home buyer property tax option
June 30, 2022
NSW will introduce a First Home Buyer Property Tax Option whereby first home buyers purchasing a property valued at up to $1.5 million will be provided with an option to pay an annual prope...
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Government fee changes effective 1 July 2022 for products and services involving properties
June 29, 2022
Effective Friday 1 July 2022, Government registration fees associated with properties will change.
These property costs may be collected by banks on behalf of the Government or legal pr...
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ASIC Fees Increase for 2022/23 Financial Year
June 20, 2022
The increased fees will apply from 1 July 2022 to 30 June 2023.
Company Registration
– Registering a company name will increase to $538
Company Name Reservation
–...
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Gavin Ma Advanced to FCPA Status
June 10, 2022
On 31 May 2022, Director Gavin Ma attended the CPA Australia Certificate Presentation at Grand Hyatt Melbourne to be formally recognised as a Fellow of CPA Australia.
Gavin Ma &a...
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New Federal Ministry sworn in
June 9, 2022
The Ministry of the new Federal Labor Government has been sworn in. The key appointments from the perspective of the accounting and legal professions are as follows.
Treasurer: Jim Chal...
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New car depreciation cost limit
June 9, 2022
The ATO has released the new maximum value for calculating depreciation on the business use of a car first used (or leased) in the 2022–23 income year. It has increased from $60...
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Director ID: Tips to help director clients get their ID online
June 9, 2022
Australian Business Registry Services (ABRS) is encouraging agents and intermediaries to support their director clients to apply for their director identification number (director...
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Div 7A and PCG 2017/13: UPEs – sub-trust arrangements maturing in 2021–2022 and beyond (Options 1 and 2)
June 9, 2022
The ATO has extended the operation of PCG 2017/13, its current guidance on trust unpaid present entitlements (UPEs) and sub-trust arrangements with interest-only payments, so that it can a...
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