As an employer we are continuously looking for exciting and cool new things to apply within our organisation. What you always want to check first, is that you have the basic foundations right.

When claiming expenses relating to your employment income, you must ensure you have spent the money yourself and were not reimbursed by your employer. The expenses must be directly related to your income, and you must keep the appropriate records.

Some of you may have read or heard in the press, of the ATO taking a closer look at Family Trust distributions, which has caused a bit of a stir. So what is all the fuss about?

On 23^rd February 2022, somewhat unexpectedly, the ATO released draft guidance material which explained their approach to Section 100A of the income tax act (S100A). S100A essentially is an anti avoidance provision which can affect how trust distributions are taxed. The ATO are not introducing new legislation, but according to them are merely explaining how they interpret S100A.

Whilst the ATO has suggested that their interpretation has not changed since an earlier guidance issued by them in 2014, in practical terms the accounting profession is of the view that the ATO’s views have substantially changed.

As a part of Rawson Verco Need’s regular cyber security updates, we’ve put together some info on how to identify and respond to some common threats you find online.

Phishing: the fraudulent practice of sending emails purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers.

The first in the series is on Phishing Attacks. Phishing is a type of social engineering where an attacker sends a fraudulent message designed to trick a person into revealing sensitive information or to deploy malicious software on the victim’s infrastructure like ransomware.

When the Rawson Verco Need team suggested that The Training Guru writes an article about “Time Management” we have to admit that we got a little worried! We do not want to oversimplify a really tough subject for many of us. If you are like many people we know, and ourselves, when Time Management skills are not being utilised, it hurts. It hurts our family, our health, and the people who work with us. In the spirit of wanting you to feel less pain you may decide to try again and make some good changes here.

As part of last year’s Federal Budget, two important super guarantee (SG) changes will apply to your business from 1 July 2022.

• The rate of SG is increasing from 10% to 10.5%;
• The $450 per month eligibility threshold for when SG is paid is being removed.

In addition to these changes, the ATO are disallowing any deductions for Personal Superannuation Contributions (PSC) in individual’s Income Tax Returns if taxpayers are not receiving an acknowledgement of their Notice of Intent from their superannuation fund.