June 21, 2022

Tax Time Targets

The ATO has flagged four priority areas this tax season where people are making mistakes. In general, there are three ‘golden rules’ when claiming tax deductions: You must have spent the money and not been reimbursed. If the expense is for a mix of work related (income producing) and private use, you can only claim…

June 14, 2022

What’s changing on 1 July 2022?

A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up: For business Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July…

June 1, 2022

ATO Ramps up Heat on Directors

Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations. These letters are a warning shot and should not be ignored. The director penalty regime ensures that directors are personally liable…

March 23, 2022

DAA at The Big Meet Careers Expo

DAA will be at ‘The Big Meet Careers Expo‘ this Friday 25 March 2022. We look forward to chatting with undergrads and recent grads looking for genuine professional opportunity.   Have a look at our Careers page for more opportunities at DAA.

May 14, 2021

DAA’s noteworthy points from the 2021-22 Budget

The federal treasurer, Mr Josh Frydenberg, handed down the 2021-22 federal budget (“Budget”) in Parliament on 11 May 2021. This Budget sees the federal government (“Government”) providing direct economic support for individuals, households and businesses in an effort to encourage economic recovery. DAA highlights some noteworthy points from the Budget here. Removal of Superannuation Work…

March 30, 2021

Coronavirus Land Tax Relief

The State Revenue Office Victoria (“SRO”) has released a number of land tax measures to support local landlords and tenants affected by the COVID-19 pandemic and Victoria’s State of Emergency. Some of these relief measures include:  2020  Land tax deferral for non-residential property;  25% land tax reduction and deferral for eligible landlords;  Additional 25% land tax reduction for eligible landlords;  25% land…

March 24, 2020

Australia’s second economic stimulus package announced

As the number of confirmed COVID-19 cases surges across the country, both Victorian and Commonwealth Government announced further economic stimulus packages to buffer the tremendous shock the coronavirus has caused to our economy. Federal Government Package The Federal Government introduced another $66.1 billion package that includes economic stimulus measures to support individuals and households, businesses,…

March 13, 2020

Australia’s $17.6 billion economic stimulus package

On the same day the World Health Organisation declared COVID-19 a global pandemic, the federal government unveiled a $17.6 billion economic stimulus package to ease the financial fallout caused by the virus. This action aims to keep Australians in jobs and small/medium business in business during the challenging economic environment. Here is how some of…

March 4, 2020

Directors personally liable for company’s GST liabilities from 1 April 2020

From 1 April 2020, company directors can be personally liable for their company’s outstanding GST. This is an extension to the existing director penalty regime that allows the ATO to collect unpaid Superannuation Guarantee Charges and PAYG liabilities from directors personally. The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 received royal assent on 17…

October 29, 2019

Blow for gaming machine operators

On 16 October 2019, the High Court of Australia unanimously allowed an appeal from the ATO and found the gaming licenses acquired by a Victorian hotel operator were CGT assets, therefore not eligible for a deduction in relevant income year or over the following five years (FCT v Sharpcan Pty Ltd). This overturned the Full Federal Court’s 2018…

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