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Did you know there is around $16 billion in lost and unclaimed superannuation across Australia? The ATO recently indicated this is an increase of $2.1 billion since last financial year and is urging Australians to [...]

The Government has welcomed the actions of an ATO-led taskforce in relation to what is termed “the biggest GST fraud in Australia’s history”. The ATO states that the fraud was first detected in early 2022 [...]

ASIC has released fresh and timely information around crypto scams. Scammers use cryptocurrencies, like bitcoin or ether, because they are not easily recovered. Crypto can be sent overseas quickly with limited oversight. If you lose [...]

With car fringe benefits one of the most common benefits provided by employers to employees, a new ATO fact sheet shines more light on the FBT exemption for electric vehicles. To recap, in the October [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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. [...]