AscendPoint

Wishing everyone a jolly Christmas and a financially sound New Year! May your ledgers balance, profits multiply, and tax returns bring joy. Here's to another year of success and fruitful collaborations.  Merry Christmas 2024 from all of us at AscendPoint! #merrychristmas #xmas #seasongreetings #festive #ascendpoint

Previously announced on 13 December 2023, the Government has passed the legislation and made these changes to the Foreign Resident Capital Gains Withholding (FRCGW) with effect from 1 January 2025: 1 - increase the FRCGW tax rate from 12.5% to 15% 2 - decrease the withholding threshold from $750,000 to $0 This will apply to all property sales including for all Australian residents. All vendors (both local or foreign) will require a clearance certificate from Australian Taxation Office (ATO) by settlement, otherwise the withholding rate of 15% will apply to the sale. #sellingproperty #foreigninvestors #propertyinvestor #frcgw #withholdingtax #ato #taxchanges2025 #ascendpoint

Staff celebrations can attract Fringe Benefits Tax (FBT) and many employers including Small Business Owners often overlook this as we are just focusing on celebrating this festive season. Planning must be done before hiring a restaurant or venue. To avoid a nasty unexpected FBT Tax bill from ATO, employers need to understand if they are providing their employees entertainment-related benefits which is subjected to FBT. ATO considers: 1)Amount spent on each employee 2)When and the venue of the celebration 3)The attendance list – just employees, or are partners, clients or suppliers invited? 4)Value and type of gifts provided, if any We suggest that all employers providing entertainment-related fringe benefits to keep full records to enable the calculation of FBT accurately especially when FBT Tax is at 47%. #fringebenefitstax #fbt #festiveseason #christmasparty #workcelebrations #ascendpoint

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It is the SMSF trustees' job to value the SMSF’s assets at their market value as of 30 June. Market value means the price that a willing buyer and seller agree on for a fair, independent transaction. This value will be used to prepare the SMSF’s financial reports, statements, and annual tax return. The SMSF trustee must provide an unbiased valuation with evidence for the auditor. Some assets need to be valued by an independent and qualified valuer. The SMSF auditor will review this information and give their audit opinion based on what they see. However, the auditor is not responsible for valuing the SMSF’s assets. Not following these rules could lead to a late lodgment of the annual tax return or contravention of the SIS Act. #smsf #smsfvaluation #smsfrules #smsfaudit #smsfauditor #ascendpoint

The Government's digital identity app 'myGovID' is now 'myID'. This is aim to reduce the common confusion between myGovID and myGov. From users' perspective, nothing needs to be done as: - user does not need to set up a new myID. Login details, email address and identity strength remain the same; - the existing app should automatically be updated to myID or users can manually update; and - users will be able to use myID app to securely access government online services. #myid #ato #taxpayers #ascendpoint

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It is the time of the year that many employers will be planning to reward staff with a celebratory Christmas party or event after all their hard work. Often overlooked, there are important tax issues to consider, including Fringe Benefits Tax (FBT) and income tax implications of providing 'entertainment' (including Christmas parties) to staffs and clients. Did you know that the minor benefit exemption provides an exemption from FBT for most benefits of 'less than $300' that are provided to employees and their associates (e.g., family) on an infrequent and irregular basis. It is crucial to take note that 'less than $300' means no more than $299.99! A $300 of gift will be caught for FBT, whereas a $299 gift may be exempt. #christmasgifts #fbt #fringebenefits #taxexemption #taxplanning #ascendpoint

Australian Taxation Office (ATO) estimates that it will obtain more than 11 million individuals data as part of its data-matching programs. It will acquire information from ASIC, property management software companies, insurance providers and other bodies. For lifestyle assets, insurance policy data will be collected where the asset value exceeds the nominated thresholds. - Motor vehicles $65,000 - Thoroughbred horses $65,000 - Fine art $100,000 per item - Marine vessels $100,000 - Aircraft $150,000 #datamatching #ato #taxoffice #taxplanning #taxadvice #ascendpoint

The Victorian Government has announced a very much welcoming news on the new temporary off-the-plan land transfer (stamp duty) concession. For any contract entered into from 21 October 2024 to 20 October 2025 (ie 12 months), this new concession will be available for off-the-plan purchases of dwellings (including apartments and townhouses) within strata subdivisions. All current off-the-plan concession remains. This new concession will be available to all owner occupiers, investors, companies and trusts (local and foreign). #statetax #stampduty #offtheplan #victorianproperty #propertyinvestors #property #ascendpoint