Latter Kennedy Accountants & Business Advisors

ASIC’s annual insolvency data shows corporate business failure is up 39% compared to last financial year.

For more information, click here 👉 https://latterkennedy.com.au/the-rise-in-business-bankruptcy/

Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved.

To read more, click here 👉 https://latterkennedy.com.au/divorce-you-and-your-business/

The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends.

The case of Rusanova and Commissioner of Taxation is enough for a telemovie. Click below to read 👇
https://latterkennedy.com.au/when-is-a-gift-not-a-gift/

The Government has amended the legislation guiding registered tax practitioners to include compulsory reporting of material uncorrected errors to the Tax Commissioner.

To find out more, click here 👇
https://latterkennedy.com.au/the-changes-to-how-tax-practitioners-work-with-clients/

Please note that our office will be closing early at 3.30pm today. We open again at 8.30am on Monday 12 August 2024.

We apologise for any inconvenience.

📢 Fuel Tax Credit Rates have changed from 5 August 2024.

View updated rates here 👇
https://www.ato.gov.au/businesses-and-organisations/income-deductions-and-concessions/incentives-and-concessions/fuel-schemes/fuel-tax-credits-business/rates-business/from-1-july-2024-to-30-june-2025

It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return.

Click here to read more 👇
https://latterkennedy.com.au/earned-an-income-from-the-sharing-economy/

The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple.

For more information, click here 👇
https://latterkennedy.com.au/is-your-family-home-really-tax-free/

Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year.

Read more here 👇
https://latterkennedy.com.au/20k-instant-asset-write-off-passes-parliament/

Will 2024-25 be another year of volatility or a return to stability?

For more information, click here 👇
https://latterkennedy.com.au/whats-ahead-for-2024-25/

Single Touch Payroll (STP) end of financial year finalisation declaration!

Employers need to make a finalisation declaration by providing a finalisation indicator for an employee (and directors, contractors, etc.) as part of your STP reporting.

Once you have provided the finalisation indicator for the employee, the ATO will pre-fill the employee's income tax return and display the information as 'tax ready' in myGov.

For the 2023-2024 financial year, employers have until Sunday, 14 July 2024 to complete this finalisation declaration. You may be subject to a penalty if you do not make a finalisation declaration before this due date.

Single Touch Payroll (STP) end of financial year finalisation declaration!

Employers need to make a finalisation declaration by providing a finalisation indicator for an employee (and directors, contractors, etc.) as part of your STP reporting.

Once you have provided the finalisation indicator for the employee, the ATO will pre-fill the employee's income tax return and display the information as 'tax ready' in myGov.

For the 2023-2024 financial year, employers have until 14 July 2024 to complete this finalisation declaration. You may be subject to a penalty if you do not make a finalisation declaration by this due date.

HAPPY EOFY!!

New nationwide research released by ASIC’s Moneysmart reveals that 47% of Australian adults with debt have struggled to make repayments in the last 12 months.

For more information, click here 👉 https://latterkennedy.com.au/5-million-struggle-with-mortgage-payments/

Here's a summary of the key changes coming into effect on 1 July 2024
👉 https://latterkennedy.com.au/whats-changing-on-1-july-2024/

Please note our office will be closed on Thursday 13th June for the Rockhampton Public Show Holiday.

Normal trading hours commence Friday 14th June.