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The Government urge Australians to be vigilant to scammers targeting ATO log in details to commit tax fraud.

The ATO has received a large number of reports of scammers using fake myGov sites to steal myGov sign in details that can be used to commit tax and refund fraud in other people's names. These criminals will often use text message or email to lure people into clicking a link using phrases such as 'You are due to receive an ATO Direct refund' or ‘You have a new message in your myGov inbox – click here to view’.

To be clear – the ATO or myGov will never send an email or text message with a link to sign in to myGov.

For more information you can refer to the media release from the Government.

In light of this announcement, we strongly encourage you to act vigilantly when clicking links in emails or through sms.

The primary focus of these sessions are to provide an opportunity for networking, knowledge sharing, and fostering valuable connections within our local business community.

As businesspeople we have all experienced the ups and downs of business. Sharing our experiences, ideas, and insights can lead to valuable connections and mutual learning opportunities. It's a chance for us to connect, exchange thoughts, and gain fresh perspectives. Come and join us for an afternoon of networking and discussions.

We often invite speakers to join us if there's particular topics of interest. Otherwise we use this as an opportunity to engage in discussions on various aspects of business. Topics in the past have included: finance, marketing, hiring, training and retaining talent, operational efficiency, compliance, technology and innovations, change and trends, risk management and growth.

These sessions are now hosted on a Wednesday at 5pm.

If you are interested in attending an upcoming session, see our Events page, or contact us ([email protected]) and request to be added to the mailing list.

Offset and redraw facilities are both popular options when it comes to managing your home loan, but they serve different purposes. Here's a quick overview:

Offset Account: With an offset account, the balance of your savings or transaction account is offset against the balance of your home loan. This means you only pay interest on the difference between the two balances. For example, if you have a $300,000 mortgage and $50,000 in your offset account, you'll only pay interest on $250,000. The more money you have in your offset account, the less interest you pay on your loan which means the faster you pay off your debt. At current interest rates, you are likely to save more using an offset account, than having your savings sitting in an interest bearing account.

Redraw Facility: A redraw facility allows you to make extra repayments on your home loan and then withdraw those additional funds if needed. Essentially, it acts as a way to access any extra payments you've made towards your loan. This can be handy for emergencies or large expenses but keep in mind there may be limitations or fees associated with redraws. However, this can have ramifications on the tax deductibility of your loan.

So, which one is best for you? The best choice depends on your individual financial situation and goals. Consider speaking with us to determine which option aligns best with your needs. Remember, both offset and redraw facilities can be valuable tools in managing your home loan effectively!

The Australian Taxation Office's (ATO) have made an announcement regarding the reporting of businesses to credit agencies.

For those with a tax debt of at least $100,000 that is overdue by more than 90 days, the ATO will be sending Notices of intent to disclose business tax debts to credit agencies.

Currently, more than 9,000 businesses can expect to have their debts disclosed to credit agencies this month, and 50,000 in the 2023-24 financial year.

For more information you can refer to the media release from the ATO.

In light of this announcement, we strongly encourage you to act proactively to safeguard your business's credit reputation.

EnVision Partners are committed to assisting you in every way possible and ensuring that your business remains in compliance with the ATO's requirements.

On 1 July, the fuel tax credit rate for heavy vehicles (such as buses, coaches and trucks) for travelling on public roads has decreased.

Further to this, On 1 August 2023, fuel tax credit rates increased in line with the fuel excise indexation. The ATO emphasised that all fuel tax credit applicants need to apply the new rates for fuel acquired from 1 August.

If your business claims less than $10,000 in the year you can use the rate that applies at the end of your BAS period to work out your claim.

To support this, the ATO has released a fuel tax credit calculator to help to apply the correct fuel tax. You can access this on the ATO website.

Reminder:  When claiming Fuel Tax Credits, you can only claim for certain business activities.  At no time can you claim Fuel Tax Credits for vehicles travelling on a public road which are less than 4.5t GVM, even if that vehicle is a business vehicle.

If you have any questions, reach out to EnVision Partners. We’ve got your back!

The Australian Taxation Office (ATO) has recently announced an increase in the Division 7A benchmark interest rate. This update could have implications for loans, payments, and arrangements covered by Division 7A of the Income Tax Assessment Act.

The Division 7A benchmark interest rate will be 8.27% per annum. This represents an increase from the previous rate of 4.77% per annum. It is important to note that this change could affect the calculation of interest on loans or payments made to shareholders or associates, as well as other financial arrangements.

We recommend that you review your existing loans, agreements, and any other financial arrangements to ensure they remain compliant with the updated benchmark interest rate. If adjustments are needed, we encourage you to take the necessary steps to address these changes as soon as possible.

Our team of Business Advisors are available to assist you in navigating these changes and ensuring that your financial arrangements are in line with the updated Division 7A benchmark interest rate. Please feel free to reach out and schedule a consultation or if you have any questions or concerns regarding this update.

We understand that regulatory changes can be complex, but we are committed to providing you with the guidance and support you need to ensure compliance and make informed financial decisions.