After much speculation, the Government has announced that they will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. This will mean that more Australian taxpayers will receive a personal income tax cut and take home more in their pay packet from 1 July, but for some, the impact will be less favourable than it would have been prior to the redesign.
In the dynamic landscape of business operations, the role of a Chief Financial Officer (CFO) is paramount in steering a company towards financial success. However, for many businesses, the prospect of hiring a full-time CFO may seem financially daunting. As a strategic alternative businesses may choose to use an accountant to fulfil the role of a Chief Financial Officer (CFO) for several reasons...
- Posted in Bookkeeping, Business Advice, Growth, Profitability, q4 financial, Tax & Accounting
- by q4financial
There are harsh penalties for employers if the super is not paid on time. In addition to interest and penalties, the employer cannot claim a tax deduction for any payments made after the due dates. Read on...
The answer according to the ATO - you should keep records long enough to cover the period of review (also known as the amendment period) for an assessment that uses information from the record.