From 1 July 2026, Australian law requires accounting practices to carry out anti-money laundering and counter-terrorism financing (AML/CTF) checks when providing certain services. Why are these checks required? The AML/CTF laws are designed to prevent money laundering and terrorism financing, increase transparency around who owns and controls businesses and trusts, and ensure professional services are…
✅ 1. Reconcile Your Accounts Ensure all bank accounts, receivables, and payables are up to date and match your records. Write off any bad debts before 30 June to claim a deduction. ✅ 2. Instant Asset Write-Off For businesses with turnover under $10 million: You can immediately deduct assets costing less than $20,000 (excl. GST). Assets must be installed and ready for use by 30 June…
Director ID is a new requirement for all directors. All acting directors, alternate directors, and appointed directors of Australian corporations and registered foreign corporations, managed investment schemes and registered charities under the Corporations Act 2001 (Cth) must apply for their director IDs. This includes a director of a corporate trustee of a SMSF. The director…
Continue Reading Preparing for Your Director Identification Number→
📌5 Tips 1. Keep Your Financial Data Organised 2. Immediate Asset Write-Offs 3. Know Your Tax Deductions 4. Top up your voluntary superannuation contributions 5. Look at Loss carry back tax offset Additional tips * Be mindful of cashflow – avoid spending on business assets for the sake of claiming tax deductions. In most cases, you’ll…
This end of financial year is a little different for many…. COVID-19 is having an overwhelming effect on individuals, businesses, and the economy. Among all this uncertainty, we are starting to see people and businesses returning to their usual way of life in a measured manner. Our focus today is on matters we can control,…
