April 2, 2023
Individuals with large superannuation balances may soon be subject to an extra 15% tax on earnings if their balance exceeds $3m at the end of a financial year. What has been proposed? Recently, the government [...]
April 2, 2023
If you carry on your business affairs through a trust structure, there is now more clarity around the law on distributions following much uncertainty throughout the year. Neither the taxpayer, Mr. Springer, nor the Commissioner [...]
March 7, 2023
The ATO is encouraging accountants to educate clients around varying PAYG instalments – this can potentially assist cashflow. To recap, PAYG (pay-as-you-go) instalments allow business taxpayers to make regular prepayments towards the tax on their [...]
March 7, 2023
Last year 9,700 individuals applied for compassionate release of super for dental treatment expenses, and 82% were approved. Out of those approved, 9% were for a dependent child’s dental treatment, which could include braces. What [...]
March 7, 2023
It’s been a particularly difficult 12 months for investors. On the superannuation front, we now have two major reports assessing how super accounts fared in the 2022 calendar year. SuperRatings issued its average balanced return [...]
March 7, 2023
On 20 February 2023, Treasury released a consultation paper on legislating the purpose of superannuation. This is an idea that has been around since 2016 when the former Coalition government contemplated doing the same thing. [...]
March 7, 2023
With the end of the FBT year approaching, are your car logbooks in order? The operating cost method is used by many employers to calculate their car FBT liability. This method is particularly effective where [...]
March 7, 2023
Are you one of the five million Australians who claim work from home deductions? If so, stricter record-keeping rules may now apply. For this financial year and moving forward, there are now only two methods [...]
February 1, 2023
Do you operate your business via a family trust? The ATO released its final guidance material on the application of section 100A on 8 December 2022 – TR 2022/4 and PCG 2022/2. In doing so, [...]
February 1, 2023
Many SMSF trustees wonder if they can live in their SMSF property once they retire. This is a common question particularly as property is such a popular SMSF investment. However, despite superannuation being your own [...]
This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.
