Proposed tax on $3m super balances
FBT exemption for electric vehicles
With car fringe benefits one of the most common benefits provided by employers to employees, a new ATO fact sheet shines more light on the FBT exemption for electric vehicles.
...Continue reading »Reducing the risk of crypto scams
ASIC has released fresh and timely information around crypto scams.
Scammers use cryptocurrencies, like bitcoin or ether, because they are not easily recovered. Crypto can be sent overseas quickly with limited oversight. If you lose your money to a crypto scam, your money is likely gone. If you buy crypto, only invest what you can afford to lose as it’s a somewhat volatile investment.
...Continue reading »Fending off GST audits
The Government has welcomed the actions of an ATO-led taskforce in relation to what is termed “the biggest GST fraud in Australia’s history”.
...Continue reading »Lost Super
Did you know there is around $16 billion in lost and unclaimed superannuation across Australia?
The ATO recently indicated this is an increase of $2.1 billion since last financial year and is urging Australians to check their account to see if some of the money is theirs.
...Continue reading »SMSF Accountant/Administrator
Oreon Partners is a second tier accounting practice bringing together a wealth of expertise of highly experienced and skilled principals. The boutique practice located at Kent Town aims to focus on delivering exceptional advice to loyal clients built on strong relationships. The practice comprises 6 accounting partners and a financial planning partner, with over 60 team members who together service a large range clients. The practice seeks a full time SMSF Accountant/Administrator. Duties include but not limited to: Preparing SMSF financial statements and annual returns Preparing activity statements and other quarterly obligations (e.g. TBAR) Preparing minutes and resolutions Preparing electronic
...Continue reading »Client Story: Chris Longwill, Mortgage Choice Tea Tree Gully
Chris Longwill recently decided to make a career change that would allow him more time with his young family while combining three of his passions: people, finance, and property.
...Continue reading »New work from home record keeping requirements
Are you one of the five million Australians who claim work from home deductions? If so, stricter record-keeping rules may now apply.
...Continue reading »FBT and car logbooks
With the end of the FBT year approaching, are your car logbooks in order?
The operating cost method is used by many employers to calculate their car FBT liability. This method is particularly effective where the business use of the vehicle is high. Keeping a logbook is essential to use the operating cost method.
...Continue reading »Legislating the purpose of superannuation
On 20 February 2023, Treasury released a consultation paper on legislating the purpose of superannuation. This is an idea that has been around since 2016 when the former Coalition government contemplated doing the same thing.
...Continue reading »Crystalising capital losses
It’s been a particularly difficult 12 months for investors.
On the superannuation front, we now have two major reports assessing how super accounts fared in the 2022 calendar year. SuperRatings issued its average balanced return recently and found it was minus 4.8%. Late last year, ChantWest undertook a similar exercise – reporting a figure of minus 4.6%. There have been four negative years since 2000. In 2002, there was an identical return of minus 4.8%, and in the horror 2008 GFC year, the average super fund fell 20%.
...Continue reading »Super teething issues
Last year 9,700 individuals applied for compassionate release of super for dental treatment expenses, and 82% were approved. Out of those approved, 9% were for a dependent child’s dental treatment, which could include braces. What is the pathway for access?
...Continue reading »PAYG instalment variations
The ATO is encouraging accountants to educate clients around varying PAYG instalments – this can potentially assist cashflow.
...Continue reading »Client Story: Dawn Patrol Coffee
Dawn Patrol Coffee was first established in South Australia in 2014 by Dom Ossa and Nick Suggitt. They shared a passion for great coffee and wanted to find a way to buy and showcase different brew methods and share insights on coffee production with customers.
...Continue reading »Missed the Director ID Deadline?
Have you missed the deadline to apply for a director identification number (director ID)?
If so, you can still apply!
...Continue reading »ATO New Year’s Resolutions
The ATO has released its new year’s resolutions…and there is not a gym in sight!
According to the ATO the five new year’s resolutions to keep if you want to stay on top of your tax and super in 2023 are:
...Continue reading »Reduction in downsizer eligibility age
The eligibility age for downsizer contributions reduced from 60 to 55 years from 1 January 2023. This means if you are age 55 or older, you could invest the proceeds of the sale of your family home to your superannuation outside of your standard contribution caps.
...Continue reading »The importance of cash flow forecasts
As we enter into the new year, with many economists predicting a slowing of the economy, planning your business’s cashflow is more important than ever.
Studies suggest that the failure to plan cash flow is one of the leading causes of small business failure. To this end, a cash flow forecast is a crucial cash management tool for operating your business effectively.
...Continue reading »New Oreon Video Special Story
We are delighted to launch our new video, featuring some fantastic clients. Learn more about Oreon, how we started, what we’re all about, and why we love being partners with Xero.
Oreon Partners - Corporate Event Special Story
To coincide with the Adelaide 500 motor racing weekend, Oreon Partners proudly hosted a fun-filled corporate event in our grounds with viewing decks, food, drinks and plenty of action. Enjoy our recap video from the weekend.