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Blogs

Stay updated with the latest insights, tips, and trends in accounting, bookkeeping, and financial management. Explore our expert advice to help your business thrive.

Top Tips for SMSF Compliance

SMSF Compliance Guide — Factor1 Accountants & Advisers Note: This guide reflects the latest SMSF compliance rules for 2024–25. 1) Keep Personal and Fund Assets Separate Mixing SMSF assets with

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With the Low and Middle-Income Tax Offset gone, we’ll feel the pinch this tax season.

If you are a low or middle-income earner (i.e. taxable income below $126,000), please be reminded that the low and middle-income tax offset (LMITO) has ended on 30 June 2022, which will impact your upcoming tax returns for the 2022-23 financial year. Without this offset, your tax bill will be higher this year, so expect a higher tax liability or a much lower tax refund during tax time.

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Single Touch Payroll (STP) Phase 2

Single Touch Payroll (STP) Phase 2 is an expansion of the ATO’s payroll reporting system, where you’ll be required to report additional information and clarify the payments you make to your employees.

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Budget 2022-23

With the release of the Federal Budget last night, Australians can see a clearer way forward to navigate through the coming financial year.

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