Posts by nathan-creativeserumcom

The Land Tax (Discretionary Trusts) Amendment Bill 2021, introduced to State Parliament, gave trustees additional time to consider their land holding arrangements to 31 December 2021. As this date is fast approaching we suggest you act now! A trustee of a discretionary trust may nominate a designated beneficiary for pre-existing trust land and that nomination…

As we approach the silly season, many employers are looking to recognise and reward their staff with Christmas parties, bonuses, gifts and leave. But it is important to know your obligations and to ensure expenses are correctly entered into your accounting software. Here are some of our top Accounting tips for this festive season: CHRISTMAS…

The Australian Taxation Office (ATO) have seen an increase in the instances of stolen identities being used to set up a new SMSF. Once a fraudster manages to register an SMSF, the criminals, of course, will then orchestrate rollovers into their bank accounts under their control and, unfortunately, abscond with the retirement savings of their…

If you are currently a director of a company you need to apply for your own director ID. The fastest way to do this is online using the myGovID app (note this different to a MyGov login). A director identification number (director ID) is a unique identifier you will keep forever. It will help to…

Not all payments you receive are assessable income for income tax purposes. If a payment you receive is not assessable income, you do not need to include it in your return. List of non-assessable amounts: The following amounts are not assessable, for example: betting and gambling wins (unless you operate a betting or gambling business)…

We all have something we’d like to be doing more of. It could be spending more time on hobbies, less time at work and more time raising a family, more time travelling the world or reducing working hours as we get closer to retirement. One thing we all want to make sure of is that…

The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on blockchain. Cryptocurrency generally operates independently of a central bank, central authority or government. The creation, trade and use of cryptocurrency is evolving rapidly. This information is the…

The Australian Taxation Office (ATO) is reminding Australians that it is paying close attention to undeclared income from secondary work, including from the sharing or ‘gig’ economy this tax time. Assistant Comissioner Tim Loh has noticed some confusion about when these side hustles cross the line and become taxable. “Generally, when you provide your labour, skills…

From 27 September, employers need to commence contact with long term casual staff with a written offer to convert them to permanent employment. The Fair Work Act gives casual employees the right to convert to permanent employment after 12 months of employment, if they have had a regular pattern of hours on an ongoing basis…