Connecting the Dots | September 2024

FEATURED in this Edition ????

> Key Dates for Accounting Firms

> ATO Updates

> Is your Business Compliant?

> New Thin Capitalisation Rules

> The Effect of Financial Reporting on the Valuation of Technology Firms

> SMSF should register for GST

?? 21 September

• Lodge and pay the August 2024 monthly Business Activity Statement (BAS) if you report monthly.

?? 30 September

• Lodge and pay the annual GST return if you are a taxpayer with a turnover of less than $20 million and have elected to report annually.
• Lodge PAYG withholding payment summary annual report if prepared by a BAS agent or tax agent excluding large withholders whose annual withholding is greater than $1 million.
• Lodge Annual TFN withholding report 2024 if a trustee of a closely held trust has been required to withhold amounts from payments to beneficiaries.
• End-of-year finalisation declaration through STP for closely held payees due for employers who have both closely held payees and arm's length employees.
• Annual TFN withholding report for closely-held trusts where a trustee has been required to withhold amounts from payments to beneficiaries during the previous financial year – final date for lodgment.

ATO Updates

| Have you appointed an Auditor?

| Benefits of using ATO’s Voluntary Disclosure Service

| Financial advice – Request for Member Input!

| ASIC Financial Advice Update

Read more >>

EXPLORE Our latest blogs ????

Understanding Business Activity Statement (BAS): Is Your Business Compliant? - Services Management

Submitting a BAS guarantees that your business remits the accurate amount of tax, thereby mitigating potential legal complications, fostering a reputation for dependability, and facilitating financial advantages through eligible deductions and credits.

Read more >>

New Thin Capitalisation Rules - One Business Services

The recent changes to Australia’s thin capitalisation rules involve new earnings-based tests for certain entities, replacing the previous asset-based rules. The updated rules will apply to tax assessments for income years starting on or after 1 July 2023, while the new debt deduction creation rules will apply to assessments for income years beginning on 1 July 2024.

Read more >>

The Effect of Financial Reporting on The Valuation of Technology Firms

- Wealth Management

Financial Reporting is critical in shaping the valuation of technology firms on the stock market. For investors, accurate and transparent financial statements are critical for determining a company’s true value, particularly in the dynamic and often volatile technology sector.

Read more >>

SMSF should register for GST - Smart SMSF

When managing a Self-Managed Super Fund (SMSF), one of the decisions trustees need to make is whether the fund should register for the Goods and Services Tax (GST). While this decision is often straightforward, certain situations can make it more complex. Let’s break down when and why an SMSF might need to consider GST registration.

Read more >>

CS?Highlights ?

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

[email protected]

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.

Copyright ? 2024,?Carisma Solutions, All rights reserved.