SMSFs are a great tool for creating wealth in a tax effective environment and, because of the self managed bit, enabling you to have total control over your investments. However, SMSFs also come with lots of rules that need to be followed, with failure to do so potentially resulting in massive penalties. Make an administrative… Read More How old is too old for an SMSF
Don’t forget that if you have employees you need to give them a PAYG summary for the year by the 14 July & report to the ATO. These should be prepared after the June payroll has been run. The ATO may have already sent you paper forms (they are pink) to complete which you can… Read More PAYG Summaries
As proposed in the 2017 budget, the removal of the main residence CGT exemption for tax non-residents is almost through Senate. There has been no opposition to the change from either party. A rather draconian rule, the effect is that if you are tax non-resident on the date you sign the sales contract on your… Read More Non-Resident with a home here? Quick – Sell it!
Tax planning is always best done throughout the year, rather than in a mad scramble in June. I know the various blogs & newsletters posted over the year have triggered most of you into action already. However, I also know tax planning sometimes gets forgotten. Therefore I have put below some headings and links to prior… Read More Year End 2018 – top tips
New rules this year, for the first time allow anyone to claim concessional super contributions as a tax deduction. This is very exciting. Full details of the changes are in this previous post. However as we near the year end, here is a quick summary of the important bits ……… This will be a useful… Read More Did you forget to Salary Sacrifice?
Another year, another budget and another raft of changes. Remembering that nothing is legislated, and it may all change and be tweeked as it goes through parliament, here is a brief synopsis of the main points of interest. Most of the changes this year are fairly minor, with lots working to eliminate the cash economy and get everyone paying… Read More Budget Update
Single Touch Payroll, is on the way. You can relax for a year if you have less than 20 employees, but for those with more than 20 employees the fun starts on 1st July this year. Single Touch Payroll changes the way employers will report their salary and wages, pay as you go (PAYG)… Read More Single Touch Payroll