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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 disqualified person.


New guidance on “personal services income” rules

The ATO has recently updated its guidance material on the operation of the personal services income (PSI) and personal service business (PSB) rules.


The tax treatment of cryptocurrency

Cryptocurrencies, once again surging in popularity, have a unique tax treatment that every taxpayer dealing with cryptocurrency should be aware of.


Federal Budget 2021-22

The Government has decided not to go down the austerity path, which will be a relief for many taxpayers and businesses.


Evidencing SMSF property valuations

The ATO recently clarified the evidence that is required to support real property valuations within SMSFs, particularly in light of the unique challenges brought about by COVID-19.


The SME Recovery Loan Scheme is now open

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.


EOFY tips for your tax plan

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.


Managing your superannuation transfer balance account

Most people think of retirement as a time to put your feet up and relax, but it can also be a time when pre-retirees and retirees alike actually need to flex the grey matter.


When it comes to real estate and CGT, look at timing

When you sell or otherwise dispose of real estate, the time of the event (when you make a capital gain or loss) is usually when one of the following occurs:


New insolvency reforms to support small business

The Australian Government has made changes to the ATO’s insolvency framework to help more small businesses restructure and survive the economic impact of COVID-19.


APRA annual report on superannuation

The latest annual statistical report from APRA has been released, covering the 2020 income year but only made public at the end of January 2021.


New Director Identification Number regime may be just around the corner.

The Director Identification Number (DIN) regime may have been lost in many business owners’ peripheral vision, or even dropped off the radar completely, as it has been on the horizon for some time.


Used goods for private use? Here's the latest values.

This common practice can occur in businesses such as butchers, bakers, corner stores, cafes and more.


Unexpected lump sum payment in arrears? There’s a tax offset for that!

A lump sum payment in arrears is a payment you may receive that relates to earlier income years.


A hand up for small businesses on cash flow.

The ATO has produced a “Cash Flow Coaching Kit”, which is a free resource and designed as a value-add advisory tool for small business owners.


Vehicle benefit FBT treatment changes under COVID-19.

The special circumstances that coronavirus has thrown our way looks like having some very practical outcomes on certain areas of fringe benefits tax.


Update your ABN ... or miss out!

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.


Natural disasters and help with your tax

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.


Getting a tax valuation from the ATO

Not every individual situation fits neatly with the tax laws as they stand — sometimes a taxable item’s known value (and therefore the tax that applies to it) may need to be determined.


Single touch payroll: When your reporting can cease

A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons.


JobMaker hiring credit: What you need to know

The JobMaker Hiring Credit scheme was passed into law in mid-November 2020.