We are aware of scammers targeting myGov accounts for ATO scams.

The ATO have provided some hints on what to look out for:

• Do not click on any links in a message asking you to login to a government service such as myGov. The Australian Taxation Office (ATO) recently removed all hyperlinks in unsolicited outbound SMS. So, if you have received such a message containing a link claiming to be from the ATO, it is a scam.
• Be careful of requests for personal or financial information, especially if they claim to be urgent or time sensitive. The ATO will never ask for passwords, account numbers, or other sensitive data via email, SMS or by phone.
• Avoid downloading or opening attachments in suspicious emails. They can infect your computer and compromise the security of sensitive business information that can be stolen and later used to commit fraud.
• Look out for unusual transactions or interactions on your accounts. If you are ever unsure if the contact is legitimately from the ATO, do not engage with it and contact the ATO to verify it on 1800 008 540. You can also look at the ATO scam alerts.

There are also resources available at the Australian Government National Anti-Scam Centre and ScamWatch including The Little Book of Scams.

SW Accountants and Advisors encourages all clients to be alert for potential scams and to reach out to your advisor at SW should you have concerns.

“At SW we are dedicated to safeguarding our systems and client data. In an era where scams are becoming more sophisticated and frequent, protecting your personal information is paramount. If you receive any suspicious communications, always verify their authenticity before taking any action.”
– SW’s Chief Information Officer, Michael Fugaro

The post Scams Awareness Week 26 – 30 August 2024 appeared first on SW Accountants & Advisors.

Latest update

The Technology Investment Boost and Skills and Training Boost became law on 23 June 2023.

What is it? 

Technology investment boost: The technology investment boost allows eligible small businesses to claim a bonus deduction equal to 20% of the eligible costs incurred in relation to business expenditure and depreciating assets to support the businesses’ digital operations capped at $20,000 per income year.  

Skills and training boost: The skills and training boost allows eligible small businesses to claim a bonus deduction of 20% on the eligible costs incurred for a broad range of external training provided to their employees. 

Who is it for? 

The two tax incentives apply to small business entities with an aggregated turnover of less than $50 million. 

Eligibility requirements of the expenditures  

Technology investment boost 

To be eligible for the bonus deductions, the expenditures must be incurred in relation to the businesses’ digital operations and must meet the following criteria: 

• the costs must be incurred between 29 March 2022 and 30 June 2023
• the expenditures must be deductible under another taxation law
• if the expenditure relates to a depreciating asset, then the asset must be first used or installed ready for use by 30 June 2023. 

Some examples of the expenditures that support the digital operations of the businesses include the following: 

• digital enabling items – computer and telecommunications hardware and equipment, software, internet costs and services that form and facilitate the use of computer networks
• digital media and marketing – audio and visual content that can be created, accessible or viewed on digital devices
• e-commerce – supporting digitally ordered or platform-enabled online transactions and portable payment devices, and subscriptions to cloud-based services
• cyber security – cyber security systems and monitoring services.  

Certain expenditures such as salary & wages, financing or training costs, and expenses incurred in developing in-house software are not eligible for the bonus deduction. 

Under the existing taxation law, small business entities generally deduct a depreciating asset’s cost in one income year or over its effective life.  The bonus deduction is equal to 20% of the asset’s cost regardless of the method of deduction that the entity adopts. 

Skills and training boost 

Expenditure eligible for bonus deductions under this measure will need to satisfy the following criteria.

The expenditure must be: 

• incurred between 29 March 2022 and 30 June 2024 
• for external training of the employees, either provided in-person in Australia or online (regardless of where the employee is located).  This means that in-house or on-the-job training will not qualify for the bonus deduction
• for the purpose of training where the arrangement or enrolment occurs on or after 29 March 2022
• deductible under taxation law, which means the training should be business related
• the small business entity must be charged directly or indirectly for the expenditures by a registered training provider, and the training program must also be within the scope of the provider’s registration. 

Practically this would mean that where incidental costs are incurred, they will not qualify for the bonus deduction unless it is charged by the registered training provider. 

• the registered training provider must not be the small business entity or an associate of the small business entity.  

We note that the incentive only applies to employees. It is disappointing to see that this provision does not therefore apply to training provided to: 

• non-employee business owners such as sole traders or partners in the partnership, or 
• contractors in a business. 

When can the bonus deduction be claimed in the tax returns? 

For both tax incentives, there are special rules for the entities to determine when they can claim the bonus deductions in their income tax returns. The timing when the bonus deductions can be claimed will depend on when the expenditures are incurred and the entities’ balancing date. 

How we can help 

If you would like to discuss further the eligibility requirements or how to claim the bonus deductions, please get in touch with your usual SW advisor.   

Contributors:

Rahul Sanghani, Senior Manager

Dalin Teav, Tax Consultant

The post Supporting Small Business | Technology Investment Boost and Skills & Training Boost  appeared first on SW Accountants & Advisors.

Barney Ling, Head of Information Technology at SW has compiled a detailed report on the key technology objectives and design decisions that went into the project, as well as reflections on the lessons learnt months after the project completed.

Prior to the pandemic a physical office refit had been in planning, however, the resulting disruption clarified our technology objectives and provided an opportunity to purpose build our office spaces to support hybrid working.

Our offices now not only look and feel great, but have also had a full technology uplift to support new ways of working. The technology uplift has included the following major elements:

• Wi-Fi only office
• Activity Based Working workstation design
• Advanced AV capabilities to support location equity
• A digital signage solution integrated with Teams rooms

If you are considering a similar initiative, please feel free to reach out with questions – we are only too happy to help and share our learnings.

Author

Barney Ling, Head of Information Technology

The post Future focused technology design at SW appeared first on SW Accountants & Advisors.

The series engages highly experienced speakers to bring you the latest trends, opportunities and thinking from across the sector. Each session runs up to 1-1.5hrs, includes panel discussion and audience Q&A.

Upcoming event

Tenancy risk management – 16 August 2022

Stay tuned to our website and socials for further details.

Past events

Asset valuation trends & financing considerations – 19 July 2022

Join highly experienced industry professionals as we delve into current property & economic trends, and explore what this means for lending & risk appetite.

• Recent movements in the Commercial & Industrial space – how recent movements in the sector have effected asset valuations and demand
• Impact of the economy on lending – in light of inflation & interest rates, the economic outlook for property and the resulting impact on risk appetite and lending parameters
• Financing options – working with clients to navigate financing options and alternative structures

Speakers

Danny Armstrong
Director, Banking & International Business
SW 

Scott Keck
Chairman
Charter Keck Cramer

Darren Kerr
State Director, Property VIC/TAS
ANZ Commercial Banking 

How technology is accelerating commercial property growth – 21 June 2022

This session delved into the impacts of technology on the property industry across Australia.

The webinar covered:

• technology and commercial property
• market trends & new technology
• case study

Future events

Demands & trends – 13 September 2022

The post Property webinar series – SW & Re-leased appeared first on SW Accountants & Advisors.

Daren leads the development and implementation of SW’s proprietary CTS Pillar Two software solution, designed to help multinational groups navigate the complexities of OECD Pillar Two compliance. His team combines deep expertise in tax effect accounting with advanced analytics to automate GloBE calculations, streamline workflows, and enhance the integrity of tax provisioning processes. Daren regularly advises clients on Pillar Two strategy, including the preparation of GloBE Information Returns, transitional safe harbour calculations, and tailored implementation plans.

He leads the International Tax team and advises multinational groups on international structuring, profit repatriation strategies, sale and acquisition structuring, tax consolidation, application of the accruals taxation regime (e.g. CFC, FIF, foreign hybrid, and trust taxation) and other taxation issues.

Daren has a proven track record of delivering innovative tax solutions for his clients. He works collaboratively with them to break down complex tax legislation into simple, easy-to-understand compliance requirements and create tailored solutions that suit the needs of the organisation.

Daren’s experience includes:

• Assisting clients with their annual compliance requirements
• Advising on global transfer pricing strategy and policy
• Delivering international tax and structuring solutions
• Assisting clients with profit repatriation strategies
• Developing tax structures and solutions for M&A transactions
• Advising clients on tax consolidation

Daren is a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

The post Daren Yeoh, Partner appeared first on SW Accountants & Advisors.

Our Technology Industry Group brings together experts with deep experience across the sector. We stay ahead of industry shifts through ongoing knowledge sharing and trend analysis, ensuring our clients are equipped to navigate complex challenges and seize new opportunities.

We provide tailored support across:

• Audit and AIFRS compliance
• Consulting during periods of rapid growth
• Revenue recognition and management
• International tax compliance and advisory
• Global expansion strategy and governance changes

We’re passionate about helping technology businesses scale with confidence, stay compliant in dynamic regulatory environments, and unlock their potential in local and global markets.

The post Technology appeared first on SW Accountants & Advisors.

He regularly assists foreign businesses and investors on their move to Australia, providing initial structuring and set up advice, strategic tax planning, ongoing operational advice, as well as full accounting, tax and corporate secretarial compliance outsourcing services.

Andy’s skills include assisting both locally and foreign owned businesses across a range of industries including hotels and hospitality, financial and professional services, start-ups, information technology, property and construction and wholesaler and distributor.

In addition, Andy has developed expertise in providing strategic business and outsourcing services for major hotels and hospitality groups in Australia. His experience includes assisting these clients with due diligence assignments, cross border structuring advice, funding negotiation, post-acquisition settlement review and acting as outsourced CFO with the responsibility of managing the full finance and compliance functions.

His multilingual speaking skills (English, Chinese, Malaysian and Indonesian) together with his ability to bridge the language and cultural barriers have been invaluable in his dealings with businesses from all around the world including China, USA, Europe and other South East Asian countries such as Malaysia, Singapore and Indonesia.

Andy’s experience includes:

• Assisting with the successful acquisition of a major five star hotel for AUD$85m
• Assisting with the divestment of the business operation of a multinational group in Australia for $45m
• Assisting with the delivery of strategic tax restructuring solutions including asset protection and succession planning for a high net wealth family group
• Assisting start-ups with strategic planning, structuring as well as Research & Development and Early Stage Investors Tax Incentives considerations.

Andy is a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

The post Andy Lau, Partner appeared first on SW Accountants & Advisors.

• Key drivers and expected changes in Australia’s energy mix
• The role of emerging and enabling technologies
• The development and role of hydrogen in our future energy supply

Following a keynote from Simon Holmes à Court, Director at the Smart Energy Council and senior adviser to the Climate and Energy College at the Energy Transition Hub at Melbourne University, our panellists include:

Origin Energy | Frank Calabria, CEO

Pacific Hydro | Rachel Watson, CEO

Goldwind Australia | John Titchen, Managing Director

Global Compact Network Australia | Kylie Porter, Executive Director

ANZ | John Hirjee, Executive Director – Resources, Energy & Infrastructure

CSIRO | Vicky Au, Engagement & Strategy Lead – Hydrogen Industry Mission

EDL Energy | Stephanie Moroz, Innovation Manager

LAVO | Alan Yu, CEO

Port of Brisbane | Craig Wilson, Environment Manager

From agriculture to manufacturing, financial services to logistics, education to exports – our energy supply, demand, delivery and production touches all parts of Australian industry.

We look forward to connecting with you.

Forum – delivered online & free of charge

The keynote will be followed by three panel discussions with a short break at 3.55pm. Further speakers to be announced and full program will be sent to registrants.

Clink & Drink

Join us for a conversation following the forum. Connecting you with the speakers, panellists and moderators.

The post Energy: Future – ShineWing Australia Energy Series appeared first on SW Accountants & Advisors.