No.92: Full Detailed Federal Budget Report 2022/2023

Federal Budget 2022/23 full detailed report Highlights In an economy emerging from the pandemic, the unemployment rate is currently at 4% and there is an expected budget deficit of $78 billion for 2022/23. As international uncertainties add pressure on the cost of living, key measures of this year’s Budget are aimed to provide a relief
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No.91: ATO Draft Ruling issued impacting Taxation of Trust Distributions

On 23 February 2022, the Australian Taxation Office issued a Draft Taxation Ruling which is likely to have a significant impact on the taxation treatment of income distributions from trusts.   Specifically, the draft ruling provides the Commissioner’s position on the application of Section 100A, an anti-avoidance provision first announced as a new measure in 1978
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No.90: Important update for visitors to Blaze Acumen’s office

At Blaze Acumen, we value the health and safety of both our clients and staff members. Therefore, observing Government health orders, we are now required to sight proof of vaccination via the Services Victoria phone app or a certified medical exemption to be permitted to visit our office. If you are unable to visit our
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No.89: Valuation of property and unlisted investments

This article is relevant for clients with a Self-Managed Superannuation Fund  Last year we raised with you several areas receiving greater auditor focus and ATO scrutiny. Refer Client Alert No.71: 2020 SMSF Compliance Renewed auditor focus and ATO scrutiny These issues continue to face close scrutiny, in particular the guidelines for valuing assets, which we explore
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No.88: Director Identification Number (Director ID)

As part of the government’s Modernising Business Registers Program, from 1 November 2021, all directors will need to apply for a Director ID (formerly referred to as Director Identification Numbers or DINs).  You will be issued with one Director ID that will link across all director positions and you will hold this number for life.
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No.86: Further Victorian Business Support Announced

On 30 September 2021, the Victorian Government announced a package of grants for the next six weeks, to be jointly funded by the Commonwealth and Victorian Governments. The grants comprise extensions and ‘top-ups’ of existing grant categories that have previously been provided, including the Licensed Hospitality Venue Fund. Further details of the grants can be
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No.85: Superannuation Bulletin | Contributions & Pensions

This Client Alert is relevant to Clients with superannuation  Indexation of Contribution caps Restrictions limit the amount that can be contributed to super, referred to as the contribution cap limits. As of 1 July 2021, the superannuation concessional and non-concessional contribution caps have been indexed. The new caps are:       The total superannuation balance
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No.84: Draft legislation for changes to employee share scheme

The Government has released draft legislation implementing tax and regulatory reforms for employee share schemes (ESS), making it easier for businesses to offer ESS.  These changes were foreshadowed in the 2021-2022 Federal Budget. Tax changes Under the current legislation, tax-deferred ESS schemes allows an employee to defer paying tax in relation to their ESS interests
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No.83: NSW COVID-19 Support Packages

There has been a raft of support measures introduced to help NSW businesses and individuals during the extended 2021 COVID-19 lockdown. Outlined below is a summary of those measures including some frequently asked questions regarding the 2021 COVID-19 Business Support Grant: 2021 COVID-19 Business Support Grant The 2021 COVID-19 business grant provides support for businesses
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