ATO focus areas
In the last few months, we have seen the ATO raise concerns around the way that tax practitioners are managing their own tax affairs. Given the ongoing application of the ATO's guidelines for professional firm profits and reports in the media suggesting that the ATO might begin to target structures that are commonly used by professional firms, it is important to be aware of the key risk areas and what needs to be done to stay under the radar.
We have also seen the ATO express concerns about the level of non-compliance with Division 7A, with the ATO commencing a targeted education program in this area. The ATO's key message is that if you take money out of a company, there will be tax implications. We will take this opportunity to consider the various ways that clients can be caught when taking funds from a company and how to avoid the most common mistakes.
With Michael Carruthers
Tax Director
Essential year-end tax planning
As we approach the end of the tax year, it is essential to assist clients to consider their tax planning opportunities now and identify steps that need to be taken before the 30 June in order to maximise their tax outcomes and minimise their risk of losing opportunities for deductions for the 2023-34 tax year. Plus, we’ll cover some of the 1 July 2024 changes that will impact clients to help with planning for the tax year ahead.
We will also look at the impact of long proposed changes that are expected to become law for the 2023-24 tax year in relation to an increase to the ‘instant asset write off’ threshold and a bonus tax deduction relating to electrification and more efficient energy use.
With Rae Ni Corraidh
Tax Adviser
Superannuation: time to take stock
As they say, never a dull moment in super and the last 12 months have been no different. In this session, Mark Ellem, Head of SMSF Education at Accurium will provide an overview of the key superannuation changes and their impact on individuals; SMSFs and your practice. What proposed changes and measure are law and which ones are still in the wings (or in the wind) and what are some of the important ATO rulings and cases that effect individuals and their superannuation strategies. Mark will also share with attendees the common and not so common questions that have been received from practitioners, providing a great insight into the challenges of your fellow practitioners.
With Mark Ellem
Head of Education, Accurium