News Library

The business world is an ever-changing entity, and the current economic climate is no exception. With high inflation rates and the anticipation of more to come, it can be challenging for businesses to maintain their profit margins.

A number of the announcements in the Federal Budget are being actioned immediately, for example, the temporary reduction in the fuel excise. Other measures are plans for the future, including the plan to continue improving the digitisation of the tax system, with the proposed commencement of the digitalising of trust income reporting and processing set to start from 1 July 2024.

Latest updates on the Western Australian grants available. The Small Business Rental Relief package opens soon - Tenant Rent Relief Scheme announced as part of the Level 1 COVID-19 Business Assistance Packages. The Level 1 Small Business Assistance Grant - December 2021 is still open. The application process for the remaining Small Business Rental Relief package and the Level 2 COVID-19 Business Assistance Packages is being finalised.

Currently, if a new employee doesn't choose their own super fund, you can pay their super contributions to your business default fund. From 1 November, the super choice rules will change with the introduction of the stapled super fund.

In June last year, the government passed legislation containing an initiative that will require all directors, including directors of a corporate trustee for an SMSF, to obtain a Director Identification Number (DIN).

Our Audit Shield service provides for the payment of professional fees incurred by a client when audits, inquiries, investigations, reviews or examinations (audit activity) of lodged returns or financial compliance obligations are instigated by the Australian Taxation Office (ATO) and other government revenue authorities.

The ATO has plans to enforce new mandatory new client verification standards. These updates mean that tax and BAS agents will now have to sight two separate proof of identity documents while onboarding new clients.

“Cybersecurity is one of the biggest sources of financial vulnerability to any contemporary organisation.” - Acuity Magazine (Volume 6 Issue 4).