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.
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.
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.
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.
Important news on the compulsory director identification number (DIN)
This is important information for anyone who is a director of a company, registered foreign company, registered Australian body or Aboriginal and Torres Strait Islander corporation.
Christmas and the Taxman
When do employee gifts and celebrations attract fringe benefits tax (FBT)? And when are they exempt?
Christmas is traditionally a time of giving – including employers showing gratitude towards staff for a job well done. However, Christmas parties and gifts can attract the attention of the Taxman.
Home as a place of business during COVID: CGT implications
The COVID-19 pandemic has resulted in more employees working from home than ever before. This, in turn, has resulted in such people being able to claim a range of deductions for various “running expenses” associated with working from home.
Compensation payments: Avoiding contribution issues
Superannuation fund trustees who receive compensation from financial institutions and insurance providers must consider how receipt of these payments may impact a member’s contribution caps.
Stapling super: Reducing multiple accounts for employees
New legislation will ensure that when an employee moves jobs, the super fund they used with their former employer will be ‘stapled’ and will automatically follow them.
Buying a new home before selling the old one: The ins and outs
Sometimes an individual or couple decide to buy a new home before selling their existing one. In such cases, a concession exists that allows for both houses to be treated as a main residence for up to six months – but only if certain conditions are met.
Claiming GST credits for employee reimbursements
If you are an employer registered for goods and services tax (GST), you may be entitled to claim GST credits for payments you make to reimburse employees (including company directors) or partners in a partnership for certain work-related expenses.
SMSFs & property development Emerging risks
There has been an increase in the number of SMSFs entering into arrangements where real property is purchased and developed to subsequently be sold or rented out. Such investments can help the fund build up its wealth more quickly than other forms, and from a tax standpoint, any rent or eventual capital gain may enjoy concessional tax treatment.
How to treat work-related travel and living away from home costs
The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels – or spends time living away from home – for work.
Forsyths Office Arrangements during COVID-19 lockdown.
Forsyths Office Arrangements during COVID-19 lockdown. Due to the recent lockdown announcements, the Tamworth and Armidale Forsyths offices will be closed to clients for the next 7 days.