Connecting the Dots | April 2024

Welcome to this month's edition, where we focus on "Lodgment", providing you with valuable insights and solutions. Let's navigate this journey together for a successful and organized April.    

One Business Services Insights 💭

Superannuation and Paid Parental Leave

• Government media release on 7 March 2024.
• Parents to receive 12% superannuation on government funded Paid Parental Leave (PPL) from July 2025.
• Parents of children born on or after 1 July 2025 will receive 12% superannuation in addition to government funded Paid Parental Leave (PPL).
• Approximately 180,000 families receive these payments annually, more details will be released in the May 2024 Federal Budget.

Relates to Federal Government’s Paid Parental Leave Amendment (More Support for Working Families) Bill 2023

• Currently before the Senate - proposes to give families an additional 6 weeks of Paid Parental Leave (PPL).
• If passed, from 1 July 2024, families will have access to an extra 2 weeks of leave each year, until the overall length of the scheme is increased to 26 weeks by July 2026.

Industry Insights  💭

• Ahead of new climate reporting standards, organizations are struggling with green skills shortages and increasing reliance on costly external expertise. Experts emphasize the need for internal training and education to build sustainable in-house capabilities for climate reporting.
• AFCA's senior ombudsman warns advisers of the risks in applying the general wholesale test to SMSFs due to unresolved legal uncertainties. A recent AFCA complaint highlighted ambiguity between wholesale and retail client definitions, with upcoming determinations expected to address this grey area.
• ATO warns businesses against false invoicing and illegal financial arrangements, using advanced analytics to detect such schemes.
• The accounting profession lags in technology adoption, and professional bodies are crucial in driving innovation and addressing data security concerns. Despite some advancements, varying adoption rates and security issues remain challenges.
• The ATO requires SMSF auditors to assess diversification in investment strategies and report non-compliance through an auditor contravention report (ACR).
• The ATO is pursuing over $50 billion in collectable debt, with 65% related to small businesses, primarily from unpaid GST and PAYG withholding. This has raised concerns about businesses' viability and created an unfair competitive advantage for non-compliant businesses.
• Legal expert advises that a change of trustee deed in NSW might need registration under section 6 of the Trustee Act 1925, depending on the trust deed or legislation. Recent court judgments show varying views on this requirement, adding complexity to the process.
• ATO adjusted a Next 5,000 group's taxable income by $7 million plus penalties due to an unsubstantiated related party real property transaction. The agency warns that failing to report such arrangements can result in lengthy and costly reviews.

ATO UPDATE Apr 2024

• Quarterly TBAR lodgment Reminder
• Prepare to lodge your SAR by 15 May
• Did you miss your lodgment due date?
• ASIC reaffirms ongoing registration obligation for financial advisers    

Read More >

Vertical-Wise Blogs 👇🏼

A Study on the relationship between Financial Market Efficiency and Economic Growth by Wealth Management

Although the relationship is complex, there is a strong correlation between Financial Market Efficiency and Economic Growth. Read More >

Fringe Benefits Tax (FBT) – FY 2024 by Services Management

The Fringe Benefits Tax was formally instituted in legislation in 1986. Prior to its enactment, businesses were able to provide perks such as vehicles, corporate hospitality, and meals to employees, their families. Read More >

SMSF Outperformance: Key Insights from 2021-2022 FY by Smart SMSF

Recent research on the financial performance of SMSFs for the 2021-2022 financial year reveals notable findings. Read More >

Tax Planning Strategies 2024 by One Business Services

Tax planning is a crucial aspect of financial management for both businesses and individuals. By understanding and implementing effective strategies, you can optimize your tax obligations. Read More >

March Highlights ✨

International Women’s Day &  RADA Annual Day 2024 Celebration

Meet our CS Titan For April👋🏼

SWADHIN BEHURA

My journey with Carisma Solutions began 9 years ago, and it's been an incredible ride. The guidance from Jonah Stephen, Prasoon Veerath and Roshan Carvalho has shaped my goals since day one. They say, 'Set big goals to achieve great things,' and I live by that. We were told Carisma Solutions would lead the industry, and now that's our reality.

Working with talented colleagues, turning challenges into opportunities, and contributing to crucial projects sharpened my skills.

As Service Delivery Head of One Business Services, I ensure top-notch services and client satisfaction. Learning and cross-skilling foster a winning spirit. Global exposure with clients on-site expanded my knowledge.

Success isn't instant; it's daily practice. It's leading a cohesive team, learning from challenges, and celebrating success, all rooted in Carisma Solution's Philosophy: 'Happy associates, Happy clients, great sustainable business.' That's our goal.

My journey reflects dedication and perseverance, values that I believe are essential in every professional endeavor.

Key Dates 📩

21 Apr 2024

• Lodge and pay quarter 3, 2023–24 PAYG instalment activity statement for head companies of consolidated groups.
• Lodge and pay March 2023 monthly business activity statement.

28 Apr 2024

• Lodge and pay quarter 3, 2023–24 activity statement if electing to receive and lodge by paper and not an active STP reporter.
• Pay quarter 3, 2023–24 instalment notice (form R, S or T). Lodge the notice only if you are varying the instalment amount.
• Make super guarantee contributions for quarter 3, 2023–24 to the funds by this date.

Note: Employers who do not pay minimum super contributions for quarter 3 by this date must pay the super guarantee charge and lodge a Superannuation guarantee charge statement by 28 May 2024.

30 Apr 2024

• Lodge TFN report for closely held trusts if any beneficiary quoted their TFN to a trustee in quarter 3, 2023–24.

Stay connected with our Client Success Executives

👨🏽💻 Prasoon Veerath 👨🏻💻 Roshan Carvalho 👩🏻💻 Pooja Tattia

To discuss, please contact us at (61) 39075 6705 or write to

biz@carisma-solutions.com.au

Disclaimer: The Client Newsletter is issued as a helpful guide to clients and is sent for their private information. You are advised not to act solely on the basis of the material contained in the Newsletter as changes in regulations may occur quickly.

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