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.
The ATO have introduced a new schedule for personal income tax returns for the 2019 income year. This new schedule is in response to the ATO’s view that many taxpayers are overstating their allowable deductions and that the cost to Treasury is measured in billions of dollars. The new schedule requires details on an item [...]
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 [...]
From the financial year 2019 through to 2022, there are two tax offsets with similar sounding names that taxpayers may be able to qualify for at the same time. These offsets are non-refundable, which means they reduce your tax liability but any unused portion will not be refunded. These offsets are calculated automatically when you [...]
Unless a deferral was in place, the requirement for employers with 20 or more employees to report through Single Touch Payroll (STP) began on the 1st July 2018. STP will apply to all employers, with a gradual start date depending on which category an employer falls under: Employers with 5–19 employees (small employers) These employers [...]
Inside this month's Your Knowledge Update, confusion over the personal income tax changes and what you are really entitled to, why the Government does not want your business accepting cash payments of $10,000 or more, the tax treatment of compensations from financial institutions, and FBT and ride sharing services. Download this month's issue here - [...]
Treating a property as a principal place of residence (PPOR) is one of the more common Capital Gains Tax exemptions available. As we know, in most cases there is no tax payable on the sale of the family home (provided the land is under 2 hectares). The 6 year absence rule follows on from the [...]
We see the growth in social media use every day and it is hard to escape the encroachment into our personal lives. Whether you are a fan or a foe there is no denying the influence social media has on our businesses as well. Many businesses have borne the brunt of negative sentiment (correctly or [...]
Inside this month's Your Knowledge Update, we discuss the confusion over superannuation and insurance, who is exempt from single touch payroll and what are the top 5 tax cheat 'tip-offs' to the ATO. Download this month's issue here - Your Knowledge Updated - July 2019