CPA Staff Update
Our senior accountants have access to members only CPA tax updates and they participated in the first webinar for 2023 last week. Some of the key points that were discussed during the webinar were:
- Junior Minerals Exploration Incentive(JMEI) is a temporary tax incentive to encourage investment in small minerals exploration companies undertaking greenfields minerals exploration in Australia.
- Withholding variation for personal services income. A PSI can varies the amount paid to Commissioner Under s.13-5 of schedule 1 TAA to Nil under conditions.
- ATO actively reviewing arrangements where: Individual accessed private company profits in tax-free form By arranging for profits to be passed to individual through interposed holding company.
- The tax calculation for Non-arm’s length expense (NALE) in super fund change.
Chatgpt
We have started internally the discussion of how ChatGTP can help us analysing the financial performance of a business. We have made the decision to test Chatgtp check the pros and cons and its maturity and consider offline use on financial data. One of our new initiatives for 2023. We will be keeping you informed.
More Checklists online
If you are an existing client and you need assistance in collecting the documents for your tax returns, contact us as last month we have moved online, checklists for assisting in collecting the documents for Individuals, companies and SMSF. We can provide the link to you.
