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The TOP 10 BEST Accountants in Stratford QLD

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LBA Partners

clyi8zm43000m08jq7ngl6qjk Tax incentives for small businesses this tax time

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As lodgement time once again approaches, business owners should be aware of the key changes in the 2023-24 tax return which may benefit their bottom line in the form of paying less tax. Specifically for small businesses, there are 2 incentives available for certain costs incurred in the 2023-24 income year: the small business instant asset write-off and the small business energy incentive. In addition to these small business specific incentives, Australian companies of all sizes may be able to claim the digital games tax offset (DGTO).

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LBA Partners

cly89xdg5000g08ku27gq29mh Get your employees’ super and payroll right for the new financial year

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As the new financial year begins, employers need to keep an eye on various payroll activities to make sure their employees’ pay and superannuation contributions are processed correctly and at the right times, especially with a number of changes and rate adjustments coming into effect from 1 July 2024. Are you keeping on top of these considerations at this busy time of year?

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LBA Partners

clxy2lrx5000d08jq9w507doq Tax time reminders for small businesses from the ATO

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Tax time is approaching rapidly, and the ATO has reminded small businesses of a number of areas they should be thinking about in the lead up to preparing their tax return and looking forward to 1 July, including STP obligations; PAYG instalments; and reviewing their tax-deductible expenses, eligibility for small business concessions and their overall record-keeping. The ATO has also highlighted its self-paced online learning platform for small businesses to help small businesses understand their tax obligations.

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LBA Partners

clxe78r03000d08l012yeg2qx New annual reporting obligation for NFPs

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Non-charitable NFPs that self-assess as income tax exempt must lodge an annual self-review return with the ATO from 1 July 2024 to confirm their eligibility for their income tax exemption. The NFP self-review return for the 2023-24 income year can be lodged using the ATO's Online Services for business, or a registered tax agent can lodge on behalf of the NFP using the ATO's Online Services for agents. NFPs will need to annually confirm or update information on a pre-populated return after the first NFP self-review lodgment.

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LBA Partners

clx2lbqbo000j08l9eniu8vza Early access to super for dental work

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ATO statistics have shown a steep rise in the dental subcategory of medical expenses for the compassionate release of super, leading to the Dental Board of Australia raising their concerns regarding dental practitioners encouraging patients to access super in order to fund their dental care.

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LBA Partners

clwu9dexa000b08l6578sdq1v Div 7A loans: minimum repayments

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As the end of the financial year approaches, along with the company lodgment date, now is the time for the decision-makers of private companies to ensure that arrangements are made for loans to shareholders and associates to be repaid before the company lodgment date, or alternatively, to ensure that complying loan agreements are in place. This avoids the application of Div 7A, which captures payments such as loans to shareholders and associates and treats them as unfranked dividends.

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LBA Partners

clwk9gujn000n08l45vef3ff0 Get ready for tax time 2024

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The end of the financial year is fast approaching and with that, tax time 2024 is kicking into gear. As with previous years, the ATO has flagged three primary areas where taxpayers frequently make mistakes. These consist of incorrect claims of work-related expenses, inflated rental property claims, and the omission of income from tax returns. The ATO recommends that taxpayers not lodge too early, and instead wait until the end of July or later to lodge, to avoid having their returns flagged as incorrect by the system.

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LBA Partners

clwaa0jjc001c08jr8t7fhewj Federal Budget 2024: Business Measures

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Treasurer Jim Chalmers has handed down the 2024-25 Federal Budget. The major tax-related measures concerning small to medium enterprises (SMEs) and businesses announced in the Budget include: the extension of the instant asset write-off for small businesses; changes to the foreign resident CGT rules; extension of energy relief payments to small businesses; Future Made in Australia tax incentives; extension of the BAS notification period; more funding for the ATO; the extension of existing ATO compliance programs; and funding for the new Administration Review Tribunal.

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LBA Partners

clw08opyi000c09jv4s5cdofb ASIC warns consumers to beware of cold callers

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ASIC has issued a warning to consumers to remain vigilant against high-pressure sales tactics and deceptive online advertisements used by certain cold calling operations to offer unsuitable superannuation switching advice. It has expressed particular concern about these practices, noting that individuals aged between 25 to 50 - the primary targets of these operations - are at risk of significant retirement savings depletion due to a combination of reduced super value owing to unsuitable investments, excessive fees, and/or other charges.

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LBA Partners

clvq8qzjj000b08jz3mmjeoik Navigating complexities of crypto investments: SMSFs

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The digital currency landscape continues to be treacherous terrain for Self-Managed Super Fund (SMSF) trustees, with a growing number of reports indicating significant losses due to a variety of factors, including scams, theft, and collapsed trading platforms. The ATO is urging trustees to educate themselves on the potential pitfalls of crypto investing, including the fact that many crypto assets are not classified as financial products. This means that the platforms facilitating their trade often lack regulation, increasing the risk of loss without recourse.

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LBA Partners

clvg9axsm000h08jxcdr5359z Trust reporting changes from 1 July 2024

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Trustees and beneficiaries should be aware that reporting changes as part of an ATO Trust Administration Systems project will be occurring from 1 July 2024. From the 2023-24 income year and onward, four new capital gains tax (CGT) labels have been added into the trust tax return statement of distribution which trustees will need to be aware of. In addition, a new schedule will also be introduced for all trust beneficiary types, and new data validations will be added.

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LBA Partners

clv68yqgs000b08jv5ui6cuje Old ATO debts: IGTO weighs in

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ATO’s recent actions to activate debts, some decades old, and either offsetting them against tax refunds or issuing demands to pay from taxpayers have caused considerable angst among many. In light of this, the Commonwealth Ombudsman/ACT Ombudsman, and the Inspector-General of Taxation and Taxation Ombudsman (IGTO) have jointly issued new guidelines aimed at improving how Australians are notified about government debts to ensure that the process of debt notification is handled with transparency, clarity and sensitivity towards impacted individuals.

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LBA Partners

cluw8slsx000h08l69308hcxw Get ready for FBT time

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The start of April signals the approach of FBT lodgment time. With the landscape of FBT evolving every year due to legislative amendments and administrative updates, employers need to be mindful of the changes applying for the current FBT year. For the 2023-24 FBT year, 25 May 2024 is the deadline for employers to lodge returns and pay any associated liabilities. However, employers that lodge FBT returns electronically through tax practitioners will have access to a deferred due and payment date of 25 June 2024.

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LBA Partners

clum80x99000b08l141ya58xk ATO’s use of small business benchmarks

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The small business benchmarks used by the ATO for various purposes, including identifying business which may be avoiding their tax obligations has been updated for the 2021-22 income year. The benchmarks consist of 9 broad categories covering accommodation and food; building and construction trade services; education, training, recreation and support services; health care and personal services; manufacturing; professional, scientific and technical services; retail trade; transport, postal and warehousing; and other services.

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LBA Partners

cluav397h000b08la3utk9311 Rental bond data matching program continues

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The ATO has announced that it will continue rental bond data matching to the 2025-26 income year. This program first commenced in 2005, collected data dating back to 1985 and has continued since then. According to ATO estimates, records relating to around 900,000 properties will be obtained each financial year. This data will be used to identify under-reporting or non-reporting of income in tax returns, the misapplication of CGT provisions leading to under or non-reporting in relation to sale of properties, and non-compliance with foreign investment laws.

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LBA Partners

clu28nk5y000j08l52k0lbyx7 ATO concerns over Div 7A

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Division 7A of the ITAA 1936 was originally introduced as a way to uphold the integrity of the tax system by ensuring the fair taxation of transactions between private companies and their stakeholders. As it is such a complex area, the ATO is working in partnership with tax professionals in 2024 to raise awareness of common errors and issues identified. These include keeping adequate records, properly accounting for and reporting payments as well as the use of company assets by shareholders and associates, and complying with rules around Div 7A loans.

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LBA Partners

clt88jn19001g08jr8fbug6ub SBSCH and SMSF bank account validation

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To safeguard retirement savings held in SMSFs from fraud and misconduct, the ATO is rolling out new security features. One soon to be implemented feature consists of checking for a match between an employee’s SMSF bank account details and the SMSF record when electronic payments are made via the Small Business Superannuation Clearing House (SBSCH). Where there is a mismatch, SBSCH cannot accept payments to an employee’s SMSF until the error is resolved.

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LBA Partners

clsy8d5aq000d08leehw61e23 Australia’s love affair with SMSFs continues

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Establishing a self managed superannuation fund (SMSF) offers a variety of benefits, so it is perhaps no surprise that in the latest data released by the ATO, the number of SMSFs in Australia continues to grow as more people seek to take advantage of control and flexibility offered. However, taxpayers seeking to establish SMSFs should also be aware of the challenges and considerations that can significantly impact these funds’ suitability for individual retirement planning, such as the complexity and responsibilities involved.

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LBA Partners

clso8fkfq000b08l6dqdoehkz FBT electric vehicle home charging rate

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With the rise in businesses purchasing EVs for the use of their employees, the ATO has finalised its guidelines setting out the methodology for calculating the cost of electricity when an eligible electric vehicle is charged at an employee’s or an individual’s home. The rate of 4.20 cents per km has been listed as the appropriate figure and will apply from 1 April 2022 and later FBT years. To use this rate, employers will need to keep a record of the distance travelled by car and a valid logbook must be maintained if the operating cost method is used.

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LBA Partners

clse7g7dw001o08jz0a8j7ows Tackling offshore tax evasion

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With the revelation that an increasing number of ordinary professional Australians are turning to establishing offshore companies as a way to decrease the amount of tax paid in Australia, the ATO has warned against the move and is using the many tools available to it to tackle the problem before it becomes established. This includes using advance data analytics to identify and cross-reference information from various sources, actively participating in the exchange of tax information with various countries and gathering information through multi-agency taskforces.

Need an affordable accountant open now? These 95 results near you are waiting for your call. Here are our top Stratford Accountants with reviews & ratings.

Closed

Suite 6/254–256 Mulgrave Rd, Westcourt QLD

Tax returns

Accounting

Bookkeeping

Super fund audits

Cairns Quality Accounting image

Closed

Woree Plaza Lvl 1 12-20 Toogood Rd, Woree QLD

Superannuation

Business tax returns

Shares/managed funds

Business advice

Gary Wilkins and Associates image

Closed

Woree Plaza 12-20 Toogood Rd, Woree QLD

LBA Partners image

Closed

Unit 1/146–156 Anderson St, Manoora QLD

Tax planning strategies

Bookkeeping services & advice

Cash flow planning

Assistance for self-managed superannuation funds

Closed

2/355 Sheridan Street, Cairns North QLD

Professional

Registered Tax Agent

Expert

Certified Advisor

Closed

Unit 7/15–17 Pease St, Manoora QLD

Closed

62 Pease St, Manoora QLD

Accounting

Bookkeeping

Tax return services

Tax consultation

Closed

Lvl 1/172 Mulgrave Rd, Westcourt QLD

ASIC compliance

Audit insurance

Business & corporate advisory

Business structuring & asset protection

Closed

278 Ross River Rd, Aitkenvale QLD

Accounting

Tax consultants

Bookkeeping

Closed

53 Anderson Street, Cairns City QLD

Business Acquisitions

Preparation of Income Tax Returns

Closed

53 Anderson St, Manunda QLD

Superannuation

Tax Returns

Preparation of Financial Statements for:

Accounting Services

Closed

120 McLeod Street, Cairns City QLD

Accounting Services

Income Tax Returns

Financial Statements

Capital Gains Tax

Closed

1057 Captain Cook Hwy, Smithfield QLD

Accounting

Audits & acquittals

Business planning & advice

Tax services

View Stratford Accountants Businesses Below

Closed

236 Draper St, Parramatta Park QLD

Closed

172 Mulgrave Rd, Westcourt QLD