Superannuation for many Australians is at risk of a 45 per cent penalty tax due to ATO rules around applying your own professional or trade skills to your personal life.
And who is at most risk of this super rule? Accountants, solicitors, real estate agents and tradies.
The current rules prohibit transactions with related parties at “mate’s rates” or no rate at all. Even mistakenly using a work laptop to complete a personal task could trigger a breach.
To examine this rule and offer CPA Australia’s view is Richard Webb, Policy Adviser for Superannuation and Financial Planning at CPA Australia.
Listen now.
Host: Jennifer Duke, External Affairs Lead at CPA Australia
Guest: Richard Webb, Policy Adviser for Superannuation and Financial Planning at CPA Australia CPA Australia publishes three podcasts, providing commentary and thought leadership across business, finance, and accounting:
Search for them in your podcast app.
Email the podcast team at podcasts@cpaaustralia.com.au
And you can read CPA Australia’s joint submission to Treasury on the non-arm’s length expense rules for superannuation funds.
For further reading, there is a media release by CPA Australia on this topic.
Today’s episode features special guest, ATO Assistant Commissioner Tim Loh.
He’ll be discussing the changes made by the ATO to working from home (WFH) deductions and what these revisions mean for you.
Listen now.
Host: Elinor Kasapidis, Senior Manager, Tax Policy, Policy & Advocacy at CPA Australia
Guest: Tim Loh, Australian Taxation Office (ATO) Assistant Commissioner
CPA Australia publishes three podcasts, providing commentary and thought leadership across business, finance, and accounting:
Search for them in your podcast app.
You can email the podcast team at podcasts@cpaaustralia.com.au
For further information on today’s podcast, the ATO’s media release outlines changes to working from home deductions.
Additionally, there is a practical compliance guideline from the ATO for additional running expenses while working from home.
And the ATO has a downloadable PDF poster which summarises working from home deductions.
You can also read about working from home expenses on the ATO’s website.
Also, the ATO’s Facebook, Twitter and LinkedIn accounts have content related to today’s episode.
Today’s episode examines new reporting requirements for electronic distribution platforms.
This is relevant to many Australians as an estimated 250,000 work in the online economy, otherwise known as the gig, sharing or barter economy.
And some of these changes from the Australian Tax Office (ATO) will start on 1 July 2023.
Explaining what you need to know is guest expert Elinor Kasapidis, senior manager of tax policy at CPA Australia.
Listen now.
Host: Dr. Jane Rennie, General Manager Media and Content, Marketing and Communications at CPA Australia
Guest: Elinor Kasapidis, Senior Manager of Tax Policy at CPA Australia.
CPA Australia publishes three podcasts, providing commentary and thought leadership across business, finance, and accounting:
Search for them in your podcast app.
Email the podcast team at podcasts@cpaaustralia.com.au
For more insights, CPA Australia has made a submission to the ATO on electronic distribution platform reporting.
And the ATO has useful information on the sharing economy reporting regime
Today’s episode looks at budget submissions made to the Federal Government.
Each year, hundreds of organisations make submissions to the Treasury. This includes CPA Australia, which has 44 recommendations.
Discussing the business issues underlying these requests is guest expert Gavan Ord, Senior Manager of Business Policy at CPA Australia.
Listen now.
Host: Dr. Jane Rennie, General Manager Media and Content, Marketing and Communications at CPA Australia
Guest: Gavan Ord, Senior Manager of Business Policy at CPA Australia
CPA Australia publishes three podcasts, providing commentary and thought leadership across business, finance, and accounting:
Search for them in your podcast app.
Email the podcast team at podcasts@cpaaustralia.com.au
And you can read CPA Australia’s 2023 budget submission to Treasury.