Upcoming Changes 1 July 2021

The following are set to commence on 1 July 2021.

• Company Tax Rate reduction to 25%
• Superannuation Guarantee Contributions increased to 10%
• Temporary Full Expensing of assets extended to 30 June 2023
• Loss Carry Back for Companies extended to 30 June 2023
• Watch the video below for more details.

If you have any questions in relation to these changes, please contact your Harris Black tax specialist.

Latest Online Scam Warnings

Below we outline the warnings from our government bodies in relation to online scams – please make yourself familiar with these latest scams so you don’t get caught out.

Fake News Articles Touting Cryptocurrency Investments

ASIC has also received an increased number of reports from people who have lost money after responding to advertisements promoting crypto-assets (or cryptocurrency) and contracts for difference (CFD) trading, disguised as fake news articles.

Some advertisements and websites falsely use ASIC logos or misleadingly say the investment is “approved” by ASIC.

A common scam tactic is promoting fake articles via social media. They look realistic and impersonate real news outlets like Forbes Business Magazine, ABC News, Sunrise and The Project.

Once someone clicks on these advertisements or fake articles, they’re directed to a site that is not linked with the impersonated publication at which point they are asked to provide their name and contact details. Scammers then get in contact, promising investments with unrealistically high returns.

Many of these scams originate overseas. Once money has left Australia it’s extremely hard to recover and neither banks nor ASIC are likely to be able to get it back.

Cold Calls And Emails Encouraging Superannuation Rollovers

The Australian Securities and Investments Commission (ASIC) has recently advised it is aware of scams that target Australians and encourage them to establish self-managed superannuation funds (SMSFs).

People are cold-called or emailed, and scammers pretending to be financial advisers encourage the transfer of funds from an existing super account to a new SMSF, claiming it will lead to high returns of 8% to 20% (or more) per year. If the recipient of the call proceeds, the outcome is that their super balance is instead transferred to a bank account controlled by the scammers.

Beware: Phishing And Investment Scams On The Rise Emails Impersonating myGov

The ATO and Services Australia have issued a warning about a new email phishing scam doing the rounds. The emails claim to be from “myGov” and include screenshots of the myGovID app. myGovID can be used to prove who you are when accessing Australian government online services.

The scam emails ask people to click a link to fill in a “secure form” on a fake myGov page. The form requests personal identifying information and banking details.

This scam is all about collecting personal information rather than gaining access to live information via myGov or myGovID. ATO systems, myGov and myGovID have not been compromised.

The ATO and myGov do send emails and SMS messages, but they will never include clickable hyperlinks directing you to a login page for online services.

Welcome To The Team

As we continue to grow, Harris Black is committed to offering work experience to undergraduates each year.  We recently had the pleasure of three undergraduates joining our team for four 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.

We are delighted to announce that Patrick Humphrey and Ishmum Akram have accepted positions at Harris Black whilst they continue their studies at University.

Welcome to the HB Team!!

Meet The Staff – Olivia Beckett

Olivia commenced with Harris Black as a Supervisor in October 2020, with 7 years of experience in business services accounting and a Bachelor of Commerce. Olivia is a member of the Chartered Accountants Australia and New Zealand.

Some interesting facts about Olivia – born in Warrington, England, if Olivia could live anywhere, she would live in Brisbane, but the most relaxing place she has visited is Venice, Italy. A skill she would like to master is cake decorating and if money was no object, Olivia would do something with animals and bake cakes all day. If Olivia was on a deserted island, the three items she would take is her husband Adam, her dogs and a 4wd car.

An excerpt of the interview with Olivia is below:

How can we help you?

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