Panacea Accountants

Understanding the complexities of income characterization can be a game changer in taxation! Join us as we delve into the essentials of the Bowerman case and its implications. Link in Bio

🚨 A new taxpayer alert is here to address the rising risks of GST refund fraud! Stay informed and protect your business! Link in Bio

Deciding between accrual and cash basis accounting? This choice can significantly affect your business! Discover which method suits you best. Link in Bio

Big news for retirees! The transfer balance cap has increased to $2 million, reshaping your retirement options. Discover what it means for you! Link in Bio

Big changes are on the way for Australian businesses! 🏢✨ As the new financial year approaches, it's crucial to stay informed about the key tax and business changes coming into effect from July 1, 2025. Want to know more? Click https://www.panaceaaccountants.com.au/post/key-tax-and-business-changes-coming-into-effect-from-1-july-2025

Tax time toolkit 2025 now available at

Tax time toolkit general Our Tax time toolkit 2025 includes occupation and industry guide summaries and how to avoid common reporting mistakes.

The Department of Home Affairs—alongside its independent operational arm, the Australian Border Force (collectively referred to as ‘the Department’)—is set to enhance compliance monitoring by acquiring data from the Australian Taxation Office (ATO). This initiative aims to ensure that business sponsors are meeting their sponsorship obligations (such as compensating visa holders appropriately) and that temporary skilled visa holders adhere to their visa conditions (for instance, working exclusively for approved employers).

To facilitate this, the Department will share essential biographical details—such as names, addresses, and dates of birth—of clients who are, or have been in the last three financial years, holders of Skills in Demand or Temporary Skills Shortage (subclass 482) primary visas.

These details will undergo an electronic match against ATO data holdings. When an identity match is found, the ATO will relay Single Touch Payroll employment data for the respective individuals back to the Department. It is anticipated that this process will involve the sharing of records concerning approximately 58,000 individuals.

Don't get caught by the ATO! Discover how the Australian Taxation Office knows if you're cheating on your taxes. Stay informed and compliant. Link in Bio