CRYPTO Trading Many of you got bored in lock down, didn’t you? We have noted a marked increase in the number of people trading in Crypto. Please understand that each and every transaction is a CGT event. If you buy 0.025 of a Crypto Currency, but only sell 0.005 of…
General Update – COVID hours, Working from home, 2021 Work and related
COVID-19 Update – Operation times & General Update 10th January 2022 Happy New Year from the Team at KDC Accounting. May your 2022 be happy, healthy, and Safe, with many reasons to celebrate (and permission to do so 😊) Contents COVID-19 and our office hours. 1 Our COVID-19 Policy. 1…
JobKeeper 2.0
Please see our updated information on JobKeeper 2.0 JobKeeper from 28 Sept with Alternative Tests This has been mailed to most clients likely to be considering their eligibility to JobKeeper 2.0. If you have not received our email, the contents are below and we kindly request that you notify the…
29th Sept 2020 Update on turnaround times
Thank you to everyone who has embraced our COVID-safe work flow arrangements. It seems many of you are quite happy to send us your work without an interview. Many of you have also embraced our questionnaire – just a reminder: it is not compulsory and could just be used as…
Superannuation Update
Have team members who Salary Sacrifice into superannuation? Salary sacrificed superannuation can no longer be used as a contribution towards the SGC liability. SGC now needs to be calculated on the pre-sacrificed income amount, not the post sacrificed income amount. (Subject to Ordinary Times Earnings principals).
ATO Debt > $100,000? Not in a payment arrangement?
Quick updates you need to know if you are in business: ATO Debt > $100,000? Not in a payment arrangement? ATO Debt Credit reporting became law on 28th October 2019. The Australian Taxation Office can, and will, now disclose the value of any tax debt information of a business to…
Not receiving emails?
Do you have a Hotmail or gmail account? Are you not receiving emails from us? There is an ongoing outage where Microsoft have increased their spam filters, and are now blocking a lot of emails from companies, who, previously, have been able to send emails. We are part of this…
Is your SMSF investment strategy meeting diversification requirements?
Is your SMSF investment strategy meeting diversification requirements? Recently the ATO has contacted some 18,000 auditors and trustees of self-managed super funds (SMSFs) which hold 90% or more of the fund’s assets in one asset or a single asset class. It is important that SMSF trustees and auditors understand the…
The $11.1bn small business tax shortfall
Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’. These new figures give visibility to tax compliance issues within the small business sector and indicate where we can expect ATO resources to be focussed now and in the…
Are all your SMSF eggs in one basket?
The investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity. The ATO is concerned that, “a lack of diversification or concentration risk, can expose the SMSF and its members to unnecessary risk if…