The following is a general outline of the Hybrid trust: A hybrid trust setup combines the features of a unit trust with those of a discretionary trust. Since the underlying trust is a unit trust, any distributions will be issued in accordance with the members’ fixed unit holdings. A discretionary payment is a unique type…
The purpose of audit Auditing provides third-party assurance to various stakeholders that the subject matter is free from material misstatement. The purpose of an audit for Owners Corporation is to provide an independent and reasonable assurance that the Owners Corporation’s financial statements are true and fair and do not have a material misstatement. Difference between…
Assets and Liabilities Statement The Assets and Liabilities Statement (A and L Statement) is a type of report that is presented for decision-making purposes. This particular report presents the financial standing of a business owner as of a certain point in time. It specifically displays the…
Are you contemplating to file or in the process of filing or have tried to but failed to appropriately file a Foreign Investment Property Tax Return? There might be things that you can miss or did miss out on your Foreign Investment Property Tax Return that could have led you through this struggle. Don’t worry,…
Common problems of individuals who use the ATO’s self-lodgement include inadvertent mistakes like inaccurately reporting the amounts on the Tax Returns because of confusion or wrong interpretations of the complex rules of taxation resulting in evasion of taxes without them realising, and not able to make maximum use of available deductions. This happens due to…
E-COMMERCE ACCOUNTING Buying products and services online is quite convenient and simple: just a few clicks and you acquire what you wanted to without even leaving your house. Hence, this convenience in shopping online and the increase in electronic purchases that have long existed but catapulted to new heights resulting from the covid-19 lockdowns –…
Last year has been challenging for everyone, and some professionals, more than others, need to be praised for their amazing job and strength to face this situation. Doctors are at the frontline facing COVID and other diseases, risking themselves in order to protect others (as they have always done in their career), helping and saving…
Our nurses have always shown such commitment, but your work has been even more remarkable during this COVID-19 era. We have some information for your tax returns here. Income for Nurses: Nurse’s Tax Return The income declaration, which includes salary and earnings, bonuses, and allowances, is the first stage in preparing the tax return. It’s…
In Victoria, incorporated association must oblige the Associations Incorporation Reform Act 2012 (the Act). The Act classifies the associations into 3 tiers based on total revenue for the organisation’s financial year. The tiers are: Tier Eligibility (Total Revenue) 1 < $250,000 2 $250,000 – $1 million 3 > $1 million Total revenue refers to the…
