The government has announced that from 1 July 2025, deductions will be denied for ATO interest charges, specifically the General Interest Charge (GIC) and Shortfall Interest Charge (SIC), where incurred in income years starting on or after 1 July 2025.
The Commissioner will continue to have the ability to consider individual circumstances and remit these charges where appropriate.
Author: Harris Black
Accountancy Insurance – Audit Shield Service
Harris Black clients would have received a letter extending the opportunity to join our Audit Shield Service. Despite our diligent efforts to ensure the accuracy of your financial accounts and tax returns, we cannot prevent government authorities from commencing a review or audit.
The Audit Shield service has offered efficient financial safeguarding to our clients who have faced audits, inquiries, investigations, or reviews from the Australian Taxation Office or other government revenue agencies regarding filed returns. While we serve as your registered tax agent, you have the option to participate in this service.
To understand more about the Audit Shield Services or to opt in, please contact your Harris Black team member.
HB Undergraduate Program: Empowering Next Generation Through Work Experience Opportunities
In an era where gaining practical experience increasingly essential for undergraduates, Harris Black, has taken a proactive approach to empower next generations of accountants and business advisors.
We recently had the pleasure of three undergraduates (Madeline Ditchburn, Jadon Mitchell and Jack Worboys) joining our team for three weeks of work experience. Each of our work experience candidates integrated well into the Harris Black culture and enjoyed expanding their knowledge and learning how an accounting practice operates.
Recognizing the importance of bridging the gap between academic learning and real-world applications, Harris Black has been committed to offering work experience to undergraduates each year.
Important Tax Dates
28 February 2024
- Lodge tax return for non-taxable large and medium entities as per the latest year lodged (except individuals).
- Payment (if required) for companies and super funds is also due on this date. Payment for trusts in this category is due as per their notice of assessment.
21 March 2024
- Lodge and pay February 2024 monthly business activity statement.
31 March 2024
- Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large and medium taxpayers), unless the return was due earlier.
It’s a Wrap 2023!
As the year draws to a close, Harris Black extends heartfelt gratitude to our valued clients. Together, we navigated the complexities of business, turning challenges into opportunities.
Join us in celebrating the accomplishments of the year that was.
We look forward to another great year ahead.
Competitor Analysis
By Paul Whimp
For any organization to excel in their chosen market, you need to know how you rank and where to focus your time and energy on the areas to improve that ranking. One way to do this is to carry out a competitor analysis.
This activity allows you to understand the key areas where you lag behind your competitors so that you can develop strategies and actions to close those gaps and become a leader in your market.