Virtual Financials

The Director Identification Number (DIN) regime has been passed by parliament and is now law.

The Director Identification Number (DIN) regime has been passed by parliament and is now law. Under the new law, all directors of companies registered under the Corporations Act 2001 will need to have one unique identifier. The DIN is a measure that limits the opportunities for a company and its directors to engage in phoenixing …

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Western Sydney man charged in $20 million fraud investigation

A 24-year-old western Sydney man has become the 13th person charged for his alleged role in a $20 million fraud and money laundering operation. The accused is alleged to have dealt with $1,373,300 that were proceeds of an illegal scheme to embezzle money that should have been remitted to the ATO and facilitating the above …

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4 Payment Options Your Small Business Should Consider

Payments Accountants and Business Advisors Recommend When customers make a buying decision, they’re not just considering the quality and price of your products or services, they’re also evaluating the ease and convenience of the whole buying process. As a business owner, you should offer different payment options to provide the best customer experience and to …

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Are you paying contractors? You may need to complete a TPAR to the ATO

The taxable payments annual report (TPAR) reports to the ATO information about payments made to contractors for certain services. TPAR for the building and construction industry has been in place for some years. In recent years, cleaning services, courier services and some government entities have been added to the system. This year, taxable payments reporting …

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Government grants and payments during COVID-19

Government grants and payments during COVID-19 Find out about the tax consequences of government stimulus measures to assist Australians impacted by COVID-19. Australian Government assistance JobKeeper: Employer: JobKeeper payment tax consequences Employee: JobKeeper and your tax return Sole trader: JobKeeper and your tax return Other: Boosting cash flow for employers – tax consequences COVID-19 early release of superannuation …

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JOBKEEPER 2.0 – What are the changes?

COVID-19: JobKeeper Payment extended The federal government has announced that the JobKeeper Payment will be extended to 28 March 2021. The JobKeeper Payment, which was originally due to end after 27 September 2020, will continue to be available to eligible businesses (including the self-employed) and not-for-profit organisations  until 28 March 2021. The following changes will …

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