In the Federal Budget last April, the Government announced it would make changes to the tax treatment of testamentary trusts, and an exposure draft of amendments was released by Treasury at the start of the current quarter. The assessable income…
There is a simple step that many businesses can take to better manage the risk that can attach to certain assets Not so many years ago, a new scheme was introduced, which also established a national register, that could affect…
Wondering if you’re eligible to claim the CGT concessions can be settled by answering a few basic questions. In addition to the capital gains tax (CGT) exemptions and rollovers available more widely, there are four additional concessions that allow a…
Draft rules supporting the new currency restriction legislation have been released by Treasury. The legislation bans the use of cash for some transactions of more than $10,000, and has been passed by the House of Representatives. The Currency (Restrictions on…
E-invoicing is on its way Along with a more automated exchange and processing of invoices, e-invoicing also promises reduced payment times and better cash flow The headline above may give the impression that electronic invoices are a futuristic concept,…
Super strategies will soon need to factor in new transfer balance caps When the legislation to limit the amount that can be transferred into a pension account took effect on 1 January 2017, there was always written into those rules…
Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents when moving home (either paper or electronic),…
The majority of people who set up their own SMSF say that “control” is a big reason for doing it. There is flexibility and benefits in running your own superannuation fund, but it is also a big responsibility to make…
The super downsizer scheme started on 1 July 2018 and has allowed older Australians to sell their homes and contribute up to $300,000 of the proceeds from the sale into super. Recent figures from the ATO show that more than 5,000…
Not keeping lodgements current or missing reporting deadlines are some of the key indicators to the ATO that a business may no longer be operational. It says it uses information from tax returns, other lodgement activities and even from third…