SMSFs can be a great investment vehicle for those prepared to get the compliance side of things right. The ATO takes SMSF regulation seriously and has now revealed the top three contraventions it sees among SMSFs. This is a helpful insight into the areas that are frequently tripping up SMSF trustees. The ATO says it…

This year’s federal Budget saw the major parties go head-to-head to ease the cost of living for low and middle-income earners. However, long-term tax policy is a major point of difference, with the Coalition’s plan to flatten tax rates and provide “incentives for working Australians” branded a “ticking debt bomb” by the opposition. Here, we…

Recent changes to the law mean many more Australians can now claim deductions for their personal superannuation contributions. But while the eligibility requirements have been lowered, the process for claiming deductions is not straightforward. Do you know what steps to take and what to look out for? Provided you are eligible, superannuation contributions you make…

The 2019 Budget was handed down on Tuesday 2 April by Treasurer Josh Frydenberg a matter of days before Prime Minister Scott Morrison is due to call the next federal election. Thanks to revenue from the lucky rise in commodity prices (coal and iron ore) – and without raising taxes – the Government has undertaken a targeted box-ticking cash…

Did you know that SMSFs may soon be able to have up to six members? The government’s proposal to increase the current maximum of four members will increase flexibility by allowing more members to pool their superannuation savings within one fund and may offer considerable investment, cashflow and tax advantages. However, the plan also throws…

The ATO’s business benchmark data is a useful tool for smart business owners. Learn how you can access these benchmarks to judge your business’ performance against industry standards, identify your ATO audit risk and other tax compliance issues, and prompt new thinking about ways to improve your profit margins. This data is available for over…

Do you need help resolving a problem with a bank, credit provider or superannuation fund? In a timely move following the royal commission into the banking, superannuation and financial services industries, the government has recently established the Australian Financial Complaints Authority (AFCA). AFCA provides a free and easy-to-access service for consumers and small businesses to…

Many homeowners are not aware that the “main residence” rules exempting the family home from capital gains tax (CGT) are in fact quite complex and contain many traps. Here we highlight three common scenarios in which a homeowner may face some CGT liability when it is time to sell. 1.Using your home to generate income: If…

Certain superannuation thresholds are set for a small boost from 1 July 2019 thanks to the latest indexation factors published by the Bureau of Statistics. While the concessional and non-concessional contribution caps are unchanged, the capital gains tax (CGT) cap amount and the employment termination payment (ETP) cap will both increase. This is welcome news…

Have you ever taken home an item of your business’ trading stock for your own personal use, or use by your family members? This is common in many businesses such as bakeries, butchers and cafés, but it does have some tax consequences. “Trading stock” means anything that you hold in the business for the purposes…

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