Our Latest Accountancy News

ATO Sheds Light On Crypto Compliance Focus

May 25, 2021

ATO, Crypto Compliance, Cryptocurrency, tax agent, tax office, Tax Time

The Tax Office has urged advisers and taxpayers alike to heed its guidance on accounting for cryptocurrency come tax time, when it will be looking to ensure that all capital gains events are accurately reported — not just gains. Speaking at a tax-time tips seminar on Thursday, ATO assistant commissioner Adam O’Grady warned tax agents…

ATO to set its sights on ‘copy-paste’ expense claims

ATO Set’s It’s Sights on ‘Copy-Paste’ Expense Claims

May 24, 2021

Emma Zajac

General

ATO, Copy Paste, COVID-19, COVID19, Expenses, Taxpayer, Work-Related Expenses, Working from home

The Tax Office has issued a warning to taxpayers who opt for “copy-pasting” work-related expense claims, like those accrued for travelling between work sites, or laundering uniforms, while they have been working from home. The ATO on Thursday warned taxpayers that it will set its sights on ineligible work-related expense claims come tax time, issuing…

Older Australians in SMSFs will be able to contribute earnings or savings directly into superannuation funds with the repeal of the work test.

Work Test Scrapped for Voluntary Superannuation Contributions

May 19, 2021

Emma Zajac

Self-Managed Super Fund

Older Australians in SMSFs will be able to contribute earnings or savings directly into superannuation funds with the repeal of the work test. The government has announced it will allow individuals aged 67 to 74 years (inclusive) to make or receive non-concessional (including under the bring-forward rule) or salary sacrifice superannuation contributions without meeting the…

Couple working from home during the COVID-19 Pandemic

ATO Signals Crackdown on 4 Ineligible Work-From-Home Claims

May 11, 2021

Emma Zajac

General

Claim, COVID-19, Expenses, Tax, Tax Time, Taxpayer, Work-from-home

As tax time looms, the ATO has pointed to four key ineligible work-from-home claims it will be watching closely as taxpayers look to make the most of flexible working arrangements. The ATO on Thursday urged all taxpayers to be aware that, while the temporary shortcut method will remain available to those claiming work-from-home deductions this…

Your SMSF: When Expenses and Investments Are Not at Arm’s-Length

May 10, 2021

Emma Zajac

Self-Managed Super Fund

We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its members (or relatives of members). We’ve set out some of the common questions and answers. In general, all interactions between…

Tax Exemption for ‘Granny Flat’ Arrangements

May 10, 2021

Emma Zajac

General

Disability, Granny Flat, Granny Flat Tax Exemption, Home, House, Pension, Tax Exemption, Tax Liability

To protect older Australians, the Government has moved to formalise ‘granny flat arrangements’ by providing an incentive to protect all parties in the arrangement. Typically, granny flat arrangements occur when an older person transfers some sort of consideration (often title to property or proceeds from the sale of property) to their adult child in exchange…

Woman Clearing Desk into an Archive box Leaving her Job

Top 8 Reasons Why Staff Leave

May 10, 2021

Emma Zajac

General

Leaving Employment, Quitting Job, Skill Set Shortage, Small Business, Small Business Owner, Staff, Staff Leave, Staff Shortage

Australia is facing a shortage of skilled labour. When the supply of staff dry up the focus often turns to retention. But the first step is to understand why people you want to stay, choose to move on? Very few people will reveal the whole truth about why they leave an employer. Partly they don’t…

https://thegarisgrprod.wpengine.com/blog/

The New Lifetime Director IDs

May 10, 2021

Emma Zajac

General

business, Business Owner, Director, Director ID, New Company, Unique Identification Number

Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers. ASIC does not currently verify the identity of directors and Elvis Presley and Bob Marley could “quite possibly” be registered. Or at least that was…

The 2021 Hunter Innovation Festival is back with a bang!

Proud Sponsors of the 2021 Hunter Innovation Festival

May 5, 2021

Emma Zajac

Community & Awards, General, Small Business

City of Newcastle, Hunter iF, Hunter Innovation Festival, Innovation Festival, Local Businesses, Newcastle, Small Business, Sponspors

The 2021 Hunter Innovation Festival is back with a BANG! The Garis Group are proudly sponsoring the 2021 Hunter Innovation Festival brought to you by Hunter iF, and Festival Partner 2021, the City of Newcastle. Kicking off on Monday 3rd of May, until Sunday the 16th, with this year’s festival theme being ‘Innovate to Regenerate.’…

‘Increase the rate, broaden the base’: Looking at GST 20 years on

Looking at GST 20 years on: ‘Increase the rate, broaden the base’

April 27, 2021

Emma Zajac

Small Business

Business Tax, Debate, Economy, Funding, Goods and Services Tax, GST, GST Rate, NSW Government, Small Business, Small Business Tax, Tax

Consumption tax should be raised to 20 per cent or broadened to cover a wider base, says tax experts as debate over the GST rages on. At a tax reform conference hosted by the Blueprint Institute in Sydney on Monday, a panel of tax experts each had varying suggestions to government on the ways the…

ATO Sheds Light On Crypto Compliance Focus

Work Test Scrapped for Voluntary Superannuation Contributions

ATO Signals Crackdown on 4 Ineligible Work-From-Home Claims

Your SMSF: When Expenses and Investments Are Not at Arm’s-Length

Tax Exemption for ‘Granny Flat’ Arrangements

Top 8 Reasons Why Staff Leave

The New Lifetime Director IDs

Proud Sponsors of the 2021 Hunter Innovation Festival

Looking at GST 20 years on: ‘Increase the rate, broaden the base’

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