BUDGET 2021-22
With the announcement of last nights budget for 2021-22, it is worthwhile to note that many of the announced measures will require changes to the law before the Australian Taxation Office can administer them on behalf of the Australian Government.
Some of the budget items, updates previous blog posts which some include:
The Low and Middle Income Tax Offset (LMITO) – Extended for 2021/22 which will impact 10.2 million Australians and has the potential to provide ongoing support for household spending.
Instant Asset Write-off – For depreciable assets for businesses with turnover below $5 billion has been extended for another 12 months until 30 June 2023.
Boosting Apprenticeships Commencements – This will support an additional 100,000 apprentices and trainees, on top of the 170,000 places already supported.
Follow the link for more detailed information on the budget and to implement these new budget strategies, we can help so reach out.
SCAM ALERT
There is a scam circulating which asks people to update their myGov or myGovID details.
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Xero Update: New TPAR Report
Xero have released a new version of the TPAR, which includes validation rules highlighting which records require attention, and a history and notes section, among other improvements.
For updates on this and to report your TPAR contact us.