If you are in pension phase with an SMSF there are two things you need to be doing now; First is to add up all your pension payments this year to ensure you have paid no less than the minimum amount required. Failure to pay the minimum will result in your SMSF becoming non-complying and… Read More Double your Pension
Remembering the end goal of retiring with the home paid off and as much as possible in the tax free super environment, it is a generally a good idea to put as much as you can into super every year. There are two types of contribution available each year; concessional (which includes employer SGC and… Read More Topping up your super? Look back before forwards
Just a reminder that if you had tax to pay after lodging your personal, company or SMSF 2022 tax return it is due now. For personal returns you will have received an assessment. Please check your email for details of the amount due and BPAY codes, or check your mygov account for details. For SMSFs… Read More Balance of 2022 Tax is Due
As fraud becomes more prevalent, the ATO are updating their security to stop unauthorised agents accessing client business records on the ATO portal. As this new scheme is rolled out, business owners will receive an email of instructions from the ATO. You need to have your mygovID set up and be able to access your… Read More ATO is updating Security
The age eligibility of the downsizer contribution has been lowered to 55 from 1 July 2022. This is in line with when average Australians actually downsize, which statistically is in their late 50’s to early 60’s. The downsizer contribution allows you to put $300k each into super when you sell your home. This is in… Read More Downsizer Contributions to Super
Just a warning that scam emails purporting to be from mygov are circulating. We received two of them today. If you receive an email that looks like the picture below, don’t click on it – just delete it. I guarantee you don’t have an unexpected refund!
Just to let you all know the individual tax return checklist is ready for you to complete at your leisure. You can find it on this link. Please prepare the checklist, compile your backup paperwork then send it through to us – preferably via dropbox or similar. Those of you with investments may need to… Read More 2022 Tax Returns
Well a nice relaxing day for me today as it is my 54th birthday, so I am making the most of being spoiled. Not quite sure where all those years went, but here we are, hoping for another 46 good ones. As many of you know I had to do an emergency trip to the… Read More Happy Birthday to Me
Those of you who are directors of companies (even if the company is just the trustee of your SMSF or family trust) should be aware that ASIC fines have increased for late lodgement of forms. ASIC need to be told within 28 days of any changes to your shareholders’ and directors’ home addresses, business address,… Read More ASIC Fines
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