On 20 February 2023, Treasury released a consultation paper on legislating the purpose of superannuation. This is an idea that has been around since 2016 when the former Coalition government contemplated doing the same thing. The government says that legislating an objective of superannuation will provide stability and confidence to policymakers, regulators, industry, and the … Continue reading Legislating the purpose of superannuation
Last year 9,700 individuals applied for compassionate release of supper for dental treatment expenses, and 82% were approved. Out of those approved, 9% were for a dependent child’s dental treatment, which could include braces. What is the pathway for access? While normally superannuation must be preserved for retirement, there are limited exceptions. One of these … Continue reading Super teething issues
With the end of the FBT year approaching, are your car logbooks in order? The operating cost method is used by many employers to calculate their car FBT liability. This method is particularly effective where the business use of the vehicle is high. Keeping a logbook is essential to use the operating cost method. Employees … Continue reading FBT and car logbooks
On the superannuation front, we now have two major reports assessing how super accounts fared in the 2022 calendar year. SuperRatings issued its average balanced return recently and found it was minus 4.8%. Late last year, ChantWest undertook a similar exercise – reporting a figure of minus 4.6%. There have been four negative years since … Continue reading Crystalising capital losses
The ATO is encouraging accountants to educate clients about varying PAYG instalments – this can potentially assist cash flow. To recap, PAYG (pay-as-you-go) instalments allow business taxpayers to make regular prepayments towards the tax on their business and investment income. This is in contrast to salary and wage earners who already make payments by having … Continue reading PAYG instalment variations
The 2023 FBT year ends on 31 March 2023, so it’s a good time to start thinking about your FBT obligations. You’ll need to work out if you have an FBT liability for fringe benefits you’ve provided to your employees or their associates between 1 April 2022 and 31 March 2023. If you have an … Continue reading Fringe Benefit Tax
What You Need to Know The Australian Securities and Investments Commission (ASIC) has recently cancelled the registration of 374 auditors of self-managed superannuation funds (SMSFs) who failed to lodge their annual statements. This is a crucial step taken by ASIC to maintain trust and confidence in the SMSF sector, which holds more than $865 billion … Continue reading ASIC Cancels Registration of 374 SMSF Auditors
As a tradesperson, managing your finances can be a daunting task. From keeping accurate records to staying compliant with tax laws, there are many challenges that can arise when managing your accounting and bookkeeping. In this blog, we will outline some of the key challenges faced by tradies and how to overcome them. 1. Keeping … Continue reading Top 10 Challenges As A Tradie To Manage Your Finance
As a foreign owner of a residential property in Australia, it’s important to be aware of the vacancy fee that may apply to your property. The vacancy fee is an annual fee that is applied to properties that are not occupied or available for rent for at least 183 days (6 months) in a 12-month … Continue reading Vacancy Fee for Foreign Owners
The small business capital gains tax (CGT) concessions are a set of tax provisions that allow eligible small business owners to pay less tax on capital gains they make on the sale of certain business assets. To be eligible for these concessions, a business must meet certain criteria, including having an aggregated annual turnover of … Continue reading Quick Tips for Small Business CGT Concessions
