Acclaim Accounting

If you’re a trustee of a Self-Managed Super Fund (SMSF), it’s your responsibility to ensure all fund assets are valued at market value each financial year. These valuations are critical for preparing the fund’s accounts and annual return. Remember, the SMSF auditor will review these valuations, but the responsibility of getting it right lies with you, the trustee. Make sure you have all your valuations and documentation ready before submitting them to your auditor—this will help avoid delays and potential issues with lodgment. Learn more on our latest blog https://bit.ly/4dzUE7s Need help? Reach out to Acclaim Accounting at (08) 9392 7600 or enquiries@acclaimacc.com.au for expert advice!

The ATO will be gathering data from various sources over the next few years to ensure compliance with tax laws. They’ll be acquiring data on: - Officeholder Data - Property Management Data - Lifestyle Assets Data Read more of this on our blog: https://bit.ly/4dyrHZv If you have questions, Acclaim Accounting is here to help! Contact us at (08) 9392 7600 or email us at enquiries@acclaimacc.com.au.

If you’ve been a victim of identity, tax, or super fraud, the ATO has strengthened its security safeguards to better protect you. Now, you can secure your account with Strong online access, making it easier to access your ATO information without needing to contact the ATO each time. Read more of this on our blog: https://bit.ly/3NfeOJb

Meet Yuli, one of the amazing accountants here at Acclaim Accounting! With 17 years of experience, Yuli has a passion for helping businesses navigate their finances. As a CPA with a Bachelor of Commerce, she has worked across a range of industries and loves the variety that comes with the job and gained valuable insight into the financial challenges businesses face daily. Yuli is all about staying organised and on top of the latest regulations, ensuring her clients are always in the know. She thrives on deadlines and enjoys the satisfaction of hitting financial targets – it’s what drives her to stay on her A-game! If you’re looking for someone who can simplify your accounting needs while being approachable and easy to work with, Yuli is your go-to. Reach out and book in an appointment bit.ly/3XwUYPY and see how she can help!

Heads up! The myGovID app is getting a new name—myID. But don’t worry, nothing else changes. You’ll keep your same login details, identity strength, and secure access to all government online services. Once the update is available, the app should automatically switch to myID, or you can update it manually through the App Store or Google Play. Learn more on our latest blog post https://bit.ly/47Wncqq

Perth is home to an amazing variety of businesses, from family-run stores to cutting-edge startups. It’s the creativity and passion of local entrepreneurs that truly make this city thrive. At Acclaim Accounting, we’re here to celebrate and support Perth’s business community. We understand that no two businesses are the same, so we tailor our financial services to fit your unique needs—whether it’s tax guidance, business planning, or growth strategies. Are you a Perth business owner looking for some financial advice? Give us a call on (08) 9392 7600 or book in an appointment with our team bit.ly/3XwUYPY

Looking to avoid any tax surprises this year? Here are some simple steps you can take to keep everything on track: • Let your employer know if you have a HECS or HELP debt • Double-check you’re only claiming the tax-free threshold with one employer • See if the Medicare Levy Surcharge might apply to you and if you need private health insurance • Make sure your income tier for the private health insurance rebate is accurate • Thinking about entering PAYG installments? It could help you avoid a big tax bill down the line if you’ve got investment or business income Learn more on our latest blog post bit.ly/3TWwNI9 If you need help with any of this, we’re just a call or email away. Contact Acclaim Accounting at (08) 9392 7600 or enquiries@acclaimacc.com.au. We’re here to help you stay ahead!

Unpredictable weather means it’s important for local businesses to be prepared. Here’s how you can protect your business financially: • Check Your Insurance: Make sure your current coverage includes climate-related events. Now’s a good time to review and update your policy to cover any potential risks. • Build an Emergency Fund: A rainy day fund (literally!) can help you bounce back if something unexpected happens. Having some extra cash set aside means you’ll be ready for any disruptions. • Plan Ahead: Think about how climate risks could impact your business long-term. Being proactive can save you a lot of trouble down the track. Make sure your business is prepared for whatever Mother Nature throws at it! Contact the team at Acclaim Accounting on (08) 9392 7600 or visit www.acclaimacc.com.au We’re here to help you stay financially secure, rain or shine!

When it comes to lodging your tax returns, it’s always important to be transparent and cautious. Recently, the AAT confirmed penalties for a taxpayer who made false claims on amended tax returns without consulting their tax agent. By claiming deductions for a non-existent family trust, the taxpayer was found to have acted recklessly. The result? Shortfall and administrative penalties. This serves as a reminder: always consult with your tax professional before making amendments to your tax returns. It’s the best way to avoid costly mistakes and ensure everything is above board. Learn more about this on our blog post: https://bit.ly/47zl1sO

Attention investors! If you’ve recently purchased new shares in an Early Stage Innovation Company (ESIC), the ATO has great news for you—there are tax incentives waiting! Here’s what you could benefit from: • A 20% non-refundable tax offset on your investment, up to $200,000 annually. • Modified capital gains tax (CGT) treatment, meaning if you hold those shares for at least 12 months (but under 10 years), capital gains may be disregarded. Invest in innovation and enjoy these potential tax benefits! Got questions or need guidance? Read more of this on our blog: https:// bit.ly/3Zq6ZaW or contact us at (08) 9392 7600 or email us at enquiries@ acclaimacc.com.au. We’re here to help!