Real time reporting and your SMSF

Superannuation is changing again, but this time it’s for everyone’s benefit. The ATO is inching closer to real-time reporting, and SMSF trustees need to adapt to this latest move in the ATO’s regulatory duties. Real time reporting, similar in concept to single touch payroll, is the push for integrity and accuracy throughout the superannuation system....

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October 2019 – Practice Update

$30,000 instant asset write-off The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off. This now applies to assets...

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September 2019 – Practice Update

“Outrageous” deductions rejected The ATO has published some of the most unusual claims that they disallowed last financial year. Nearly 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses, but the ATO’s systematic review of claims had found, and disallowed, some very unusual expenses, including: claims for Lego sets bought as gifts for children, and...

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