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Countdown to super deadline

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The clock is ticking for investors who want to take advantage of the more generous tax concessions available in super this financial year. As of July 1, new rules come into effect that will reduce contribution limits. Until then, individuals can make a non-concessional (after-tax) contribution of up to $540,000 under the bring-forward rule which… Read more »

ATO prosecution for failure to lodge tax returns

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There has been a recent trend with the ATO heavily targeting taxpayers who have failed to lodge income and BAS tax returns over a period of time. From our experience this period commonly ranges from 2 years to 12 years for both individuals and companies, with a firmer approach towards companies.

Fringe benefits explained – YEAR END IS 31 MARCH EACH YEAR

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If you provide fringe benefits to employees, you must keep the necessary Fringe Benefit Tax (FBT) records and work out whether you have to pay FBT. If you need to pay FBT, you must register for FBT, lodge an FBT return, pay FBT to the ATO and if required, report fringe benefits on your employees’ payment summaries.… Read more »

Government acting on Super Guarantee non-compliance

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As an employer you have an obligation to make 9.5% superannuation guarantee contributions on behalf of your eligible employees. Generally, you are required to pay super if you pay an employee $450 or more (before tax) in a calendar month.

In Specie Superannuation contributions

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Many readers would be aware that Non Concessional Contributions (NCC), that is the non-tax deductible contributions, or transfers from your own bank account into your superannuation account will reduce from $180,000 to $100,000 from 1 July 2017. Most people would also be aware that the tax deductible superannuation contributions or concessional contributions (CC) will also… Read more »

How to correctly execute Deeds

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Deeds are documents that are often used to establish or vary trusts and self-managed superfunds. A deed may only be varied by another deed.

Applying the Capital Gains Tax (CGT) main residence exemption

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When you sell or otherwise dispose of an asset it is described as Capital Gains Tax (CGT) Event. This is the point at which you are deemed to have made a capital gain or loss. CGT is not a separate tax.

ATO targets customer loyalty programs

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It is common practice for small business owners to pay business expenses such as insurance, telephone bills, stationery and parking fees on personal credit cards that accumulate “frequent flyer points”. These points may be later redeemed for a wide range of rewards including flights, accommodation, merchandise and shopping vouchers.

Avoid Divorce, Property Investment and Gambling – they erode your wealth

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A finder.com.au survey found that a whopping 47%, that’s right, almost 50% of people in the survey made a costly money mistake.

YouTube, how does it impact my Tax?

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Have you ever wanted to be like one of the many YouTube sensations that become seemingly rich over night? Just remember that any income you receive as a result of your success may be considered as income if the Australian Taxation Office (ATO) determines you are carrying on a business. While your posting of YouTube… Read more »