We spent three amazing days at Voco Hotel boosting our team members’ energies in Hunter Valley. The beginning of 2022 was just an incredible opportunity to gather together and discuss our goals and plans to keep leading the accounting practice at Bramelle Partners.
Recent Posts by bpadmin
At a recent conference, the Commissioner of Taxation gave some insights on the future direction of the ATO including upcoming changes, transformations, and aspirations. One of the main goals the ATO hopes to achieve by 2024 and beyond is to become more data driven. It wants to expand the use of data capabilities to provide a holistic picture of taxpayers as well as using more detailed “nearest neighbour” analytics. The Commissioner also touched on how these new data driven capabilities can be used to support small businesses.
As investing in cryptocurrency becomes more popular in Australia, there is also a corresponding increase in the amount of scams being reported. Due to the unregulated nature of cryptocurrency and the recent failure of two Australian cryptocurrency exchanges, this investment space has become a risky free-for-all, with Scamwatch estimating that around $35m were lost to cryptocurrency scams in the first half of 2021. If you’re one of the unlucky ones to have been scammed, depending on your circumstances, a capital loss may be claimed.
Details have been released on the GST Analytical Tool used by the ATO in GST reviews and other assurance matters. Fundamentally, the tool obtains figures from BASs lodged and the financial statement of performance from an entity, and makes various adjustments in order to understand whether the correct amount of GST is being paid relative to the reported economic activity. While this tool is currently only being used for the Top 100 and Top 1000 GST assurance programs, the basic principle could be applied to all GST reviews.
Recent Comments by bpadmin
No comments by bpadmin yet.