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Floods, other natural disasters, and help with tax

Now that the floodwaters are starting to subside, it is perhaps timely to be reminded that as well as the more obvious immediate devastation inflicted on people’s property, destructive events such as fires or floods can also mean loss of income for the many affected people. This can come about not only directly, but also

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Daily updates: 29 March – 1 April

1 April Full expensing and loss carry back hot tax time topicsThe Tax Practitioner Stewardship Group reports that it is receiving a lot of feedback from both taxpayers and tax practitioners that there is a keen desire to be prepared early if planning to make claims under the temporary full expensing and/or loss carry back

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Quiet achievers went beyond the books during COVID-19

John Jeffreys As the JobKeeper scheme nears its end, the role that tax agents and accountants have played to keep businesses — and people — afloat should not be underestimated. Back on 30 March 2020, when Prime Minister Scott Morrison announced the JobKeeper package, accountants and tax agents’ phones across Australia started to ring hot.

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5 tax tips for navigating the small business CGT concessions

By Simon Dorevitch 1 AFFILIATESRemember your spouse and children’s birthdays…and that they are no longer automatically your affiliates. Whether a person is an “affiliate” is relevant in numerous small business CGT concession contexts, including when applying the maximum net asset value, small business and active asset tests. Therefore, it is important to remember that the definition

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Take heart: Australians love their tax agent and accountant

It would be a serious understatement to say that the past year has been a doozy, and tax practitioners could be forgiven if they wondered if their performance to satisfy client expectations was such that they had regained pre-pandemic levels of trust and faith. Well the good news seems to be that the answer is

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Daily updates: 22-26 March

26 March Do you have SMSF clients with a TBAR obligation?The ATO warns that if a transfer balance account (TBA) event occurred in your client’s SMSF between 1 January and 31 March 2021, and any member of the SMSF has a total super balance greater than $1 million, then your client is required to lodge a transfer balance account return (TBAR) by

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ATO “lifeline” for businesses voluntarily paying back JobKeeper money

Tax & Super Australia (TSA) welcomes the ATO helping to clarify circumstances for when JobKeeper repayments voluntarily made by a company are tax deductible — an issue first raised by TSA earlier this year. However, it says confirming the tax treatment in legislation would go further to remove ambiguity on the matter. As reported in

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Financial complaints ombudsman breaks down its COVID-19 flash points

The Australian Financial Complaints Authority (AFCA) has compiled its COVID-19 complaint data from 3 March 2020 to 28 February 2021, which has revealed some trends. Among COVID-associated complaints, travel insurance was the most complained about product type, with 3,516 complaints across a year of the pandemic, though the rate fell sharply as travel reduced.  

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