Our Insights
Family business succession planning guide
New succession planning guide for family businesses The Australian Small Business and Family Enterprise Ombudsman, in conjunction with Family Business Australia, has released a new
JobKeeper fraud criminal conviction
First criminal conviction for JobKeeper fraud A person claiming to be a sole trader was convicted of three counts of making a false and misleading
2021/22 Federal Budget
Omnis Group Federal Budget Summary 2021/22 Key points covered by this summary: Personal income tax changes Changes affecting business taxpayers Superannuation related changes 1. Personal
Warning regarding new illegal retirement planning scheme
The ATO recently identified a new illegal retirement planning scheme SMSF trustees were informed that they could set up a new SMSF to roll-over the
Super changes from 1 July 2021
Super Guarantee Charge set to rise to 10% from 1 July 2021 Consider: How does this affect salary packages? Need to ensure our employer clients update their payroll
ATO loses case on JobKeeper and backdated ABNs
JobKeeper claims and backdated ABNs On 24 March 2021, the Full Federal Court handed down its decision in a decisive case. It concerned the requirement
ATO’s taxable payments reporting system update
Taxable payments annual report (‘TPAR’) for the 2020 financial year The ATO has confirmed that more than 60,000 businesses have not yet complied with lodgement
FBT rates and thresholds for the 2021/22 FBT year
Updated FBT rates and thresholds for the 2021/22 FBT year have been released The ATO has updated its webpage containing the fringe benefits tax (‘FBT’)
Company tax changes
Changes to company tax rates There are changes to the company tax rates. The full company tax rate is 30% and the lower company tax
Family trust elections
Review your family trust elections to get your tax right A family trust for tax purposes is one whose trustee has made a valid family
SMSF related party rental income deferrals
SMSF related party rental income deferrals due to COVID‑19 The ATO has made a determination to ensure that trustees of SMSFs do not inadvertently breach
Home office expenses rate extension
Shortcut rate for claiming home office expenses extended The ATO has again extended the ability to utilise the ‘shortcut rate’ for claiming home office running