December 2019 - Christmas Practice Update

Year-end (and other) staff Christmas parties Editor:  With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event.  However, there are important issues to consider, including  the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and...

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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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On 1 July 2019 your insurance cover may be changing!

In February this year, the Government passed legislation which prevents trustees of APRA-regulated funds from providing insurance to members with inactive superannuation accounts, unless a member has directed otherwise. It is a common practice for many individuals with an SMSF to also have a secondary APRA-regulated fund which provides them with insurance. This may be...

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August 2018 - Practice Update

Further company tax cuts deferred (for now . . .) Government has decided not to put the Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017 to a vote in the Senate … for the present point in time (it had already passed the House of Representatives without amendment). The Bill aims to progressively...

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June 2018 - Practice Update

2018 Budget Update   The Government handed down the 2018/19 Federal Budget on Tuesday 8th May 2018.  Some of the important proposals include: The introduction of the ‘Low and Middle Income Tax Offset’, a temporary non-refundable tax offset of up to $530 p.a. to Australian resident low and middle income taxpayers for the 2019 to...

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December 2017 - Practice Update

December 2017 – Practice Update Tax legislation passed The Government has passed changes to the tax legislation that will limit, or deny, deductions for travel expenses and depreciation claims for certain residential premises. Legislation to impose vacancy fees on foreign acquisitions of residential land has also been passed. ATO relief for SMSFs reporting ‘transfer balance...

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Self-Managed Super Funds: The DIY Super

SMSFs give you more control over how you manage your super, by allowing you to choose where you invest your super benefit. They can be a great vehicle to take back control of your Super, but may not be right for everyone: SMSFs are best-suited to people with extensive knowledge of financial as well as legal matters....

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