Benefits of a corporate trustee structure for your SMSF
Thinking about setting up an SMSF? Or do you already have an SMSF with an individual trustee structure? If so, now might be the time to consider adopting a corporate
Tax and Property Price Increases
With residential property values on a sharp upward trajectory, from a tax standpoint, what does this mean for owners and investors of this style of dwelling? Introduction Domain’s End
Claiming a deduction for personal super contributions
Making a personal deductible contribution into super can be a great way to provide for your retirement and reduce your income tax liability at the same time. How do
Undisclosed income risks hefty asset betterment statements
A recent Federal Court decision has put the spotlight on asset betterment – the controversial approach the ATO takes to determine undisclosed income. In the case of Le v Commissioner
A pivotal estate planning case study for SMSFs
The case of Wooster v Morris highlights the importance of forethought in succession planning where a self-managed superannuation fund (SMSF) is involved. The “risk” that needs to be managed —
Renting out part or all of your home
Generally, if you rent out part or all of your home, the rent money you receive is assessable. This means that you must declare your rental income in your income
Is your business ready for the super guarantee rate rise?
On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated
A business industry code may help with your tax outcome
The ATO has a business industry code (BIC) tool to help small businesses speed up their tax return lodgement. The BIC is a five-digit number required for tax returns and
Checklist for employment-related tax deductions
This checklist contains a general list of general and specific employment-related deductions and should be used as a guide only. The results may vary depending on individual circumstances. The individual
Independent audit review for small businesses
From 1 April 2021, the ATO’s independent review service has been made permanently available for eligible small businesses with a turnover less than $10 million. The service provides an additional option to
Voluntarily repaying JobKeeper and the ATO’s approach to tax treatment
The ATO has stated that eligible businesses that received JobKeeper payments do not need to repay those amounts. However, some businesses may choose to voluntarily repay an amount. This amount
Director resignations have new laws to follow
ASIC has announced that the Federal Government has introduced new laws to help combat illegal phoenix activity. From 18 February 2021, a company director will not be able to backdate
ATO says it will not impose penalties for SMSF asset valuations during COVID-19 due to lack of evidence
When SMSF trustees prepare the financial statements and accounts for their fund, they must report the fund assets at market value to comply with regulation 8.02B of the Superannuation Industry
ATO to allow extended time for minimum yearly repayments on Div 7A loans
In these COVID-19 times, concerns about Div 7A applying are understandable. Some borrowers are facing circumstances beyond their control, and even making the minimum yearly repayments required under complying loan
SG penalty remissions: How not to trip up, post-amnesty
The ATO has published draft law administration practice statement PSLA 2020/D1 – remission of additional superannuation guarantee charge. With the SG amnesty now expired, so too has the ability of