Have you obtained your director ID? Make sure you do

The director identification number (director ID) regime is now in place with Australia’s newest company directors having to comply first.

Where there’s a will, there’s often a dispute

From wine-fuelled political debates over Christmas lunch to overly competitive games of Monopoly, there are many reasons family members can find themselves at loggerheads with one another. A particularly serious scenario is when a parent passes away and leaves behind an estate that becomes a source of bitter conflict between siblings.

Superannuation budget measures one step closer

Several superannuation proposals announced in this year’s Federal Budget have been introduced into Parliament in the Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Bill 2021.

ATO’s ABN cancellation program continues

The ATO has announced that it is continuing to review inactive Australian Business Numbers (ABNs) for cancellation. Your ABN may be selected for review if you have not reported business activity in your tax return, have not lodged activity statements that include business income, or there are no other signs of business activity in other lodgements or third-party information.

Recruiting new employees?

The 1st of November superannuation rule changes

Changes to actuarial certificate requirements for SMSFs paying a pension

Commencing a pension from an SMSF can be easy process provided it is done the right way and you follow the rules that apply. 

Becoming the executor of a deceased estate

There comes a time in many people’s lives when they are appointed the executor of a deceased estate.

ATO extends COVID-19 relief measures for SMSFs

SMSF trustees that are financially impacted due to COVID-19 because of extended lockdowns in certain States and Territories will be granted extended relief to cover the 2021-22 financial year.

CGT retirement exemption where gain is made by a company or trust

Applying the “Retirement Exemption” in the CGT Small Business Concessions can be quite difficult – particularly where a company or trust makes the capital gain and the exemption is sought to be applied for the benefit of individual shareholders in the company or beneficiaries in the trust.

CGT on sales of property inherited by a foreign resident

Is there CGT when a property inherited from a foreign resident is sold? Am I liable for CGT on a home I inherited from a foreign resident when I sell it one year later? The following scenario demonstrates how the CGT rules work in this situation.

Time is running out to claim NSW and Victoria COVID-19 Disaster Payments

New laws to improve the way super is divided in divorce

A new law will level up the playing field for divorcing couples to ensure both partners have fair and equitable access to superannuation, particularly during acrimonious family court proceedings.