Practice Update – December 2022

Practice Update – December 2022

ATO warning to SMSFs: “Paying the price for non-compliance”  There are various courses of action available to the ATO when trustees of self-managed super funds (‘SMSFs’) have not complied with the super laws, including applying...
November 2019 Practice Update

November 2019 Practice Update

Super guarantee opt-out for high income earners now law. From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over...
Low-income earners may need to lodge a tax return

Low-income earners may need to lodge a tax return

There are a number of reasons why you may still wish to or have to lodge a return even if your income is below the tax-free threshold of $18,200. were entitled to the private health insurance rebate but did not claim their full entitlement as a premium reductionhad a...
SMSFs gain an advantage on tax property development

SMSFs gain an advantage on tax property development

The recently released ATO taxpayer alert TA 2014/1 spells good news for SMSFs! It should serve to remind us of a special exception that differentiates SMSFs from other types of trusts … and how this can save SMSFs extra tax in addition to the usual tax concessions...
Employee or contractor myths – workers with ABNs

Employee or contractor myths – workers with ABNs

When you hire a worker, forget the common myth that they’re a contractor simply because they have an ABN. Your worker could have an ABN for a number of legitimate reasons, but this makes no difference to whether you should treat them as an employee or contractor. When...