Inside this month's Your Knowledge Update, a timely discussion about preparing your business for a crisis, the FBT problem areas being looked at by the ATO and a reminder of the superannuation guarantee amnesty. Download this month's issue here - Your Knowledge - March 2020.
From 1st March 2020, the State Revenue Office are changing their interpretation on the way they apply the foreign purchaser duty to discretionary trusts. Previously we have been able to apply a practical approach which meant as long as a foreign person had not been a beneficiary, the trust wouldn’t be treated as a foreign [...]
To maintain the benefit of concessional tax treatment, it is important for a self managed superannuation fund to be a complying fund ie it complies with all the necessary superannuation and tax laws. If the fund loses its status as a complying fund it can result in both financial and administrative penalties being imposed by [...]
The Tax Office has provided information on what to do if you make an error with your PAYG Withholding. With the introduction of single touch payroll, this information is necessary for all employers. If you have withheld the correct amount, and the error was simply a reporting error made on your BAS, you will need [...]
It’s an area that can be easy pickings for the regulatory bodies sometimes, so making sure you understand the difference in your business is crucial. The penalties for getting it wrong are plentiful, including: Penalties for failure to withhold PAYG Witholding Superannuation guarantee charge and penalties Fair Work infringement notices Payroll tax and WorkCover So, [...]
We are very please to announce that two of our senior accountants, Jarrad and Adam, have been offered and accepted positions as Associates here at Charman Partners. It is always great to bring 'new blood' into the management ranks and we are looking forward to their continued success and contributions. Jarrad Andrews joined Charman Partners [...]
Inside this month's Your Knowledge Update; we explore the important legislative changes to CGT & the family home which effect Australian non-residents and summarise the help available to those impacted by the bushfires. Download this month's issue here - Your Knowledge - February 2020.
The Federal Government has recently passed new legislation through Parliament to introduce the First Home Loan Deposit Scheme. The scheme acts as a way for first time homebuyers to enter the property market and purchase their first home with a deposit as low as 5%. The Government would act as a guarantor for the remaining [...]
What is your preservation age and what does it mean for you? There is a misconception out there that everyone’s preservation age is 55, however as of 2015 this has changed. A person’s preservation age is now dependent on their date of birth, the table below details how to determine your preservation age. Date of [...]
As of 1st October 2019, the ATO will alter an SMSF’s status on the Government’s ‘Super Fund Lookup’ website to ‘regulation details removed’ if the SMSF is more than two weeks late on any annual return lodgement due date. The ATO will only restore the SMSF’s complying [...]