Rosemount Partners

You need more now than ever to retire.

Superannuation warning as amount Australians need to comfortably retire rises again: 'Steep' — Yahoo Finance Australia Retirees have faced a bevy of price increases in the last few months that could impact their twilight years.

https://www.accountingtimes.com.au/economy/quarterly-inflation-falls-to-lowest-levels-in-four-years

Quarterly inflation falls to lowest levels in 4 years Quarterly inflation has fallen to its lowest rate since March 2021, bolstering calls for an August rate cut.

https://www.9news.com.au/national/potential-superannuation-crisis-looming-sole-traders-entrepreneurs/f9b13126-16b9-47cc-a151-d43fa23b1844?app=applenews

www.9news.com.au

The June 30 Deadline for Trust Resolutions is Fast Approaching

Never share your MyID or ATO online services login

Wasn't it hard enough to be an employer in Australia?

https://www.accountingtimes.com.au/profession/employers-urged-to-educate-themselves-on-right-to-disconnect-changes?utm_emailID=*%7CMMERGEEM%7C*

Employers urged to ‘educate themselves’ on right to disconnect changes News and intelligence for Australian Accountants, focusing specifically on issues and industry developments of significance to the accounting profession

Is this why more and more businesses are offshoring work to increase productivity?

Australia's right to disconnect laws: Explained It's okay to set your phone to 'do not disturb', according to new right to disconnect laws coming into effect on August 26, 2024.

WORK EXPENSE?
Remember ato’s 3 golden rules for claiming a deduction for any work-related expense:
💲you must have spent the money yourself and weren’t reimbursed,
💲the expense must directly relate to earning your income, and
💲you must have a record (usually a receipt) to prove it.

MyGov scam emails & texts -
NEVER click on links!

It’s tax time and scammers are targeting your myGov account. Here’s how to stay safe Has anyone tried to hack into your account, or have you received fake myGov messages? It’s that time of year.

SMALL BUSINESS DUDED AGAIN BY THIS GOVERNMENT. INSANE!

The $20,000 instant asset write-off and small business energy benefits
passed Parliament on Tuesday more than a year since being announced.

The long-awaited passage of two key tax incentives this week has been met
with criticism from small business advocates who say the delay has rendered
the measures virtually useless for the current financial year.

On Tuesday, Parliament approved the Small Business Energy Incentive offering
up to $20,000 in deductions for energy efficiency upgrades and an increase
in the instant asset write-off threshold to $20,000 more than a year after
their initial announcement.

Minister for Small Business Julie Collins said the passage of the bills
demonstrated the government's commitment to putting small business at the
centre of its decision making.

"The Albanese Labor government is committed to delivering a better deal for
small business and recognises the sector is the engine room of the
Australian economy," she said.

"We're focused on delivering responsible, practical assistance to small
businesses so they can continue to invest and grow. The passage of
legislation delivers on this."

But with both measures set to expire at the end of the month, Australian
Small Business and Family Enterprise Ombudsman criticised Parliament for its
"political squabbling" and failing to give small businesses certainty.

"The small business community is cranky and exasperated about the incredibly
slow way these measures have progressed," ombudsman Bruce Billson said.

"It is not fine for political squabbling to run down the clock so there is
no realistic prospect a small business can have certainty to provision for
and spend this money with confidence the tax deduction is real."

It was also "absurd" to expect businesses to evaluate, purchase, and
implement eligible investments by 30 June, he said.

"The policy was designed to encourage small businesses to spend money it
would otherwise not have spent, but a lack of certainty over the program may
have deterred them."

The instant asset write-off and small businesses energy incentive is part of
the Treasury Laws Amendment (Support for Small Business and Charities and
Other Measures) Bill 2023.

The bill was introduced to Parliament in September but was delayed due to
disagreements between the House and Senate over provisions on the small
business instant asset write-off scheme.

BDO tax partner Mark Molesworth said it was now "almost certainly too late"
for the measures to have any meaningful impact on businesses.

"It is disappointing that yet again small businesses have been left in limbo
- with literally only three business days left in the financial year - when
a meaningful increase to the instant asset write-off should have been made a
permanent feature of the system years ago," he said.

Molesworth said the difficulty in getting the measure passed was emblematic
of the dysfunctional way that Australia approaches setting tax parameters.

"While this is an important measure for small business, it is a relatively
small concession in the context of Australia's finances," he said.

"It is to be hoped that lessons are learned from this, and the 2025
extension is passed expeditiously and, for preference, before the new
financial year begins."

Billson also called for safeguards to prevent future delays, with the
instant asset write-off resetting to $1,000 every year unless new
legislation was passed to increase it.

"Laws with a time deadline should come with a minimum implementation period.
We would suggest no less than six months from royal assent until the time a
scheme ends."

"Small businesses need to be able to trust Parliament to give them enough
time to understand changes and with certainty factor them into their
planning."

However, the bill to extend the $20,000 instant asset write-off scheme until
30 June 2025 has already hit a snag since being introduced to Parliament
earlier this month.

On Tuesday, the Senate Economics Legislation Committee tasked with examining
the measure on Tuesday sought an extension until August to complete its
report, originally due back Monday. “Accounting Times”.

Rosemount Partners: Accounting & Business Advice in Perth We provide a range of comprehensive business services assisting small business owners to establish, maintain and grow their businesses.

The reason we haven’t mentioned the 2024 federal budget is because there is nothing in it for SMALL BUSINESS.
👎🏼

Insights Archive - Rosemount Partners Valenti Lawyers and our Kim Valenti and his family have been clients of Rosemount Partners since it commenced business. During all of that time both Valenti Lawyers and the Valenti family have been advised on various accounting, taxation and business matters as they have arisen from time to time.

WA directors convicted!
Companies named in article,
ASIC is not mucking around!

WA directors convicted for failing director ID requirements Two Western Australian directors have been convicted in the Perth Magistrates Court and fined $5,000 for failing to obtain director ID numbers.