NEWS

DFK International Ranked 6th Largest Accounting Association

DFK International has been ranked as the sixth largest association in the world by a leading industry magazine. DFK Benjamin King Money has been a proud member of DFK International for 11 years. The association has moved up one spot in the ratings to achieve sixth place in the International Accounting Bulletin’s (IAB’s) annual 2022 World Survey Report. The report is based on collective fee income, with DFK International members firms achieving a turnover of $1.532 billion. DFK has sat…

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Updates and changes to Fringe Benefits Tax (FBT) this past year

This alert outlines some of the major benefits and key developments over the last year concerning COVID-19. The following dates should be noted – Employers providing motor vehicle benefits need to take the odometer reading on the 31st March 2022. If the FBT return is lodged electronically and registered with a tax agent, the due date for lodgement and payment is 25 June 2022. If you lodge by paper, the FBT return due date is 21 May 2022 and the…

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New Superannuation laws to be introduced

On the 10th of February 2022, parliament agreed to enact new laws in relation to superannuation, previously announced in the last federal budget. These new laws aim to provide greater flexibility for members to get more monies into their funds over their lifetime. A summary of the changes are below: Removal of superannuation guarantee (SG) minimum threshold The changes remove the minimum salary threshold before an employee’s salary or wages count towards the superannuation guarantee. The previous minimum threshold was…

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Single Touch Payroll – Phase 2 to begin in 2022

All employers have to report payments made to employees and closely held payees to the ATO using Single Touch Payroll reporting from July 2021. Single Touch Payroll (STP) Phase 2 was initially planned for 1 July 2021 to align with the mandatory reporting for all employers, but it has been postponed to 1 January 2022. The ATO will allow employers until 31 March 2022 to start reporting if they don’t have an STP reporting solution in place yet. Some payroll…

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Changes to super for employers: stapled super funds

From 1 November 2021, when you have a new employee start with your business, who doesn’t provide their super fund details, you need to request their stapled super fund details from the ATO. A stapled fund is an existing super fund that is linked or ‘stapled’ to an individual. It is designed to follow the individual as they change jobs to avoid them having multiple super fund accounts which will assist reduce their account fees. When a new employee starts,…

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Cryptocurrency and SMSFs

As the rise of cryptocurrency continues, many trustees are wondering if their SMSF can invest in this popular asset class. Yes is the answer, however attention to detail is required. This asset class can be volatile, so the trustee should consider the sole purpose test and whether this investment meets their retirement needs. The sole purpose tests governs whether an investment or an action within an SMSF provides retirement benefits for its members. If cryptocurrency is to be considered an…

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New Director Identification Requirement

In 2020 the Federal Government announced the introduction of a Director Identification Number (Director ID) to try and prevent the use of false or fraudulent director identities. The new Australian Business Registry Service (ABRS) is responsible for administrating the Director ID initiative. Visit their website https://www.abrs.gov.au/ for further information. This program takes affect from November 2021 and all directors must have applied for their Director ID by November 2022. This unique identification number will be permanent and will remain in place forever.…

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What is Temporary Full Expensing (TFE)?

As business taxpayers prepare their 30 June 2021 income tax returns they will need to consider their depreciation claim for depreciable business assets.  These considerations may need to include whether the following rules may apply Instant Asset Write Off (IAWO) or Temporary Full Expensing (TFE) – Eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use. Backing Business Investment –…

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Removal of special purpose financial statements

For annual reporting periods beginning on or after 1 July 2021 (i.e. 30 June 2022 year ends), the following Australian for-profit private sector entities no longer need to prepare special purpose financial statements (SPFS): Required by legislation to prepare financial statements that comply with Australian Accounting Standards or accounting standards; or Required by their constituting or another document (e.g. lending agreement, shareholder agreement and trust deed) to prepare financial statements that comply with Australian Accounting Standards, if the document is created or amended…

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Update to Business Services for the 2021/22 FY

LOSS CARRY BACK TAX OFFSET AND TEMPORARY FULL EXPENSING/INSTANT ASSET WRITE OFFS The government has proposed to extend loss carry back tax offset and temporary full expensing by 12 months to 30 June 2023. The loss carry back tax offset was a welcome announcement in the Federal Budget handed down on 6 October 2020. The temporary rules are designed to provide a cash flow support to eligible corporate entities that were previously in a tax paying position but now find…

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A member firm of DFK International a worldwide association of independent accounting firms and business advisers.

CONTACT

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PO Box 1163, Camberwell, VIC 3124
Telephone: 03 9804 0411
Facsimile: 03 9804 0422
Email: info@dfkbkm.com.au