Family trust elections and interposed entity elections
Understanding Family Trust Distribution Tax Key Considerations for Trustees and Entities to Avoid 47% FTDT on Distributions Outside the Family Group. Family trust distribution tax (‘FTDT’) is a special, 47%, tax sometimes payable by a trustee, director or partner. It applies when a trust has made a family trust election (‘FTE’), or an entity has […]
New Xero subscription plans now live
Simplifying Your Xero Subscription — what it means for Xero users New Plans, Features, and Migration Details for Australian Customers and Partners In May, Xero announced new subscription plans for Australian customers and partners as part of efforts to simplify their plan offering. The new plan line-up bundles key features like Xero Expenses, Xero Projects […]
Government warns of ‘malicious’ myGov scammers
Stay Alert to Protect Your ATO Log-In Details from Scammers Government Warns of Rising Tax Fraud via Fake myGov Sites and Urges Vigilance The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud. The ATO has received a large number of reports of scammers using fake […]
Taxpayer unsuccessful in having excess contributions reallocated
AAT Decision on Excess Concessional Contributions Tax Taxpayer’s Liability Upheld for Contributions Exceeding Cap Despite Lack of Employer Agreement The Administrative Appeals Tribunal (‘AAT’) recently held that a taxpayer was liable to pay excess concessional contributions tax in relation to contributions made on his behalf by his employer. In the 2021 income year, the taxpayer’s […]
What to know about disaster relief payments
Understanding the Tax Implications of Natural Disaster Relief Payments Some Government Support Payments May Be Non-Taxable — Check Before Lodging Your Tax Return Taxpayers should be aware that some natural disaster relief payments are not taxable. Businesses that have received a government support payment because of a natural disaster (such as a major weather event) […]
Illegal early access to super
Beware of Illegal Early Super Access Schemes ATO Warns Against Promoters Exploiting Super Funds for Non-Retirement Purposes Faced with tough times, some people may be thinking about accessing their super early. Taxpayers may have been approached by someone (a ‘promoter’) claiming that members of super funds can withdraw their super or use an SMSF to […]
ATO issues warning about false invoicing arrangements
SFCT Alert: Beware of Illegal Financial Schemes Businesses Warned Against False Invoicing Tactics to Evade Taxes and Super Obligations The Serious Financial Crime Taskforce (‘SFCT’) is warning businesses about using illegal financial arrangements such as ‘false invoicing’ to cheat the tax and super systems. False invoicing arrangements may consist of the following: an entity (the […]
NFPs need to get ready for new return
New Requirements for Non-Charitable NFPs: Annual Self-Review Returns Changes Effective July 2024 Mandate Annual Reviews for NFPs to Confirm Tax Exemption Status From 1 July 2024, non-charitable not-for-profits (‘NFPs’) with an active Australian Business Number (‘ABN’) will be required to lodge a new annual NFP self-review return with the ATO to confirm their income tax […]
2024/25 Federal Budget
Key measures for taxpayers, small business and superannuation 1. Personal income tax measures 1.1 Stage three personal tax cuts The Government has confirmed the revised stage three personal tax cuts that were announced prior to the Federal Budget being handed down and which have already been enacted into law. Refer to the Treasury Laws Amendment […]
Asset valuation guidelines for SMSFs
Mastering SMSF Asset Valuation Understanding the Importance, Principles and Processes of Valuing Self-Managed Super Fund Assets If you have a self-managed super fund (SMSF), you need to have your fund’s assets valued regularly to remain compliant with Australia’s superannuation legislation. While the Australian Taxation Office (ATO) generally accepts SMSF asset valuations that follow the guidelines, it […]
