The ATO’s eligibility requirements for SMSF trustees or directors
All members of a self-managed super fund (SMSF) must be individual trustees or directors of the fund’s corporate trustee. Anyone 18 years
old or over can be a trustee or director of a super fund as long as they’re not under a legal disability (such as mental incapacity) or a
Loans for small to medium enterprises (SMEs) are available until 31 December 2021 under the Federal Government’s SME Recovery Loan Scheme.
The scheme is designed to support the economic recovery, and to provide continued assistance, to firms that received JobKeeper and also to
businesses that are flood-affected.
Dealing with excess before-tax super contributions
Making extra before-tax contributions into super (called concessional contributions) can help boost a person’s retirement savings. But fund
members need to be aware of the implications for when they exceed the concessional contributions cap.
The financial year is almost over, but there are still effective strategies you may be able to put in place.The aim is to make sure you pay
no more tax than you have to for the 2020-21 year and maximise any refunds you may be entitled to. This is still the case, if not more so,
in the on-going COVID-19 environment.
Some payments are not counted as income by the ATO
It is possible to receive certain payments that do not need to be included as income in your tax return. However some of these amounts may
be used in other calculations, and may therefore need to be included elsewhere in your tax return.
Refinancing loan interest may be deductible to a partnership
A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships
are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the
debts that business may incur.
Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing
out on stimulus measures, grants, and other government support.
Now that we are into bushfire season, and with flooding events having already occurred, it is perhaps timely to be reminded that as well as the more obvious immediate devastation inflicted on people’s property.