Category: Accounting

The capital gains tax (CGT) discount can reduce by 50% a capital gain that you make when you dispose of (sell) a CGT asset that you have owned for 12 months or more. However, the discount is only available to: individuals (but not foreign or temporary residents) complying superannuation funds ...

Announced as part of the 2023-24 Federal Budget, increased funding has been provided to the ATO to scrutinise taxpayers who have a high-value outstanding debts of over $100,000 and aged debts older than two years where those taxpayers are: public and multinational groups with an aggregate ...

As the end of the financial year approaches, it’s crucial for individuals and businesses alike to engage in effective tax planning. By taking proactive steps to manage your finances before the year ends, you can optimize your tax situation, minimize your tax liabilities, and potentially ...

Do you operate your business via a family trust? The ATO released its final guidance material on the application of section 100A on 8 December 2022 – TR2022/4 and PCG 2022/2. In doing so, it has fortunately clarified a number of issues. To recap, the ATO in February 2022 updated its guidance ...

Employees of non-small business employers can now access 10 days of paid family and domestic violence leave in a 12- month period. Employees of small businesses (employers with less than 15 employees) can access the leave from 1 August 2023. Key points Full-time, part-time and casual employees ...

As the year comes to an end, Lockwood Partners and Provide Group take this opportunity to wish you and your family a happy festive season! Our office will be closed from 12pm Wednesday 21 December and re-open 8am Monday 16 January 2023. For those of you that have not yet had a chance to visit ...

In his first Budget since the May 2022 election, Treasurer Jim Chalmers has opted to not to rock the boat, perhaps in recognition of the UK government’s recent Budget disaster. Instead, he has reset the economic forecasts to reflect the changing economic environment and targeted spending on ...

The wait is over, Lockwood Partners and Provide Group will open for business on Monday 24 October at our new location: Level 2, 456 High Street Echuca We appreciate the patience and support of our valued clients over these past few months, and we look forward to welcoming you to our new ...

All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporations are now required to obtain a director ID. A director ID is a unique identifier that a director will apply for once and keep forever and is aimed at preventing ...

With the new financial year approaching, there are two important super guarantee (SG) changes that will apply to businesses – how much you need to pay and who is eligible for super. The SG rate will increase from 10% to 10.5% from 1 July 2022.  Employers will need to use the new rate to ...