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 [...]
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.
Inside this month's Your Knowledge Update; the vacant land deduction changes that will hit 'Mum & Dad' property developers, the changes to how SG is calculated for certain employees and we investigate if the ATO can take money out of your account. Download this month's issue here - Your Knowledge Update - November 2019
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 [...]
Inside this month's Your Knowledge Update; the superannuation guarantee amnesty, what the historically low interest rates mean for you and an alert about trust distributions to non-resident beneficiaries. Download this month's issue here - Your Knowledge Update - October 2019.
Inside this month's Your Knowledge Update, the ATO is clamping down on undisclosed foreign income, what rental property expenses you can and can't claim and ATO concerns about the lack of diversity with SMSF investment strategies. Download this month's issue here - Your Knowledge Update - September 2019. rent online concept, woman using internet website for [...]
The ATO has announced that it will be extending its data matching program to include information relating to share sales. ASIC will now be providing details on all share transactions (including price, quantity and date) dating back to 2014. The ATO previously received information from brokers, share registries and stock exchanges meaning this announcement now [...]
Topping up your Super by “Downsizing” your Family Home From the 1st of July this year, it is possible for retirees to make an additional contribution to their superannuation from the proceeds of “downsizing” their family home. This is a fantastic opportunity for anyone aged over 65 to top up their super balance by up [...]
In this month's Your Knowledge Update we review when you can take your super, new minimum pay rates and the $10k limit on cash payments to business. Download this month's issue here - Your Knowledge Update - July 2018.