ATO reminder about appointing an SMSF auditor
The ATO is reminding trustees of self-managed super funds that they need to appoint an approved SMSF auditor This must occur no later than 45 days before the lodgment of their fund’s SMSF annual return (for example, for the 2022 income year). In particular, the ATO says: “Don’t risk approaching an auditor the day before […]
2021/22 Individual Tax Return Checklist
Tax saving strategies prior to 1 July 2022 Your Checklist Claims for deductions Receipts for deductions Car claims and log books Please review the information below and contact our office if you need assistance. A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward […]
Re-contribution of COVID-19 early release super amounts
COVID-19 early release super amounts Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards their non-concessional contributions cap. These contributions can be made between 1 July 2021 and 30 June 2030. Individuals can make COVID-19 re-contribution amounts to any fund of their choice where […]
Beware of scams
Scamwatch is warning of the cost of scams Australian consumers, businesses and the economy lose hundreds of millions of dollars each year and suffer serious emotional harm to victims and their families as a result of scams. Cryptocurrency scams are the most ‘popular’ type of investment scams, representing over 50% of losses. Often the initial […]
Extension on Division 7A loan repayments
Extension of time to make repayments on Division 7A loans To offer more support due to the ongoing effects of COVID-19, an extension of the repayment period is now available. It is available to those who were unable to make their MYRs by the end of the lender’s 2020/21 income year (generally 30 June). The […]
Super guarantee contribution due
Super guarantee contribution due date for June 2021 quarter The due date for employers to make super guarantee contributions for their employees for the June 2021 quarter is 28 July 2021. Note that the super guarantee rate in relation to salary and wages paid on or before 30 June 2021 is 9.5%, but the super […]
2020/21 Individual Tax Return Checklist
Tax saving strategies prior to 1 July 2021 A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward any expected or planned deductible expenditure from a later income year. However, in light of the continued impact of the COVID-19 pandemic, any tax planning for […]
Family assistance payments
Child Care Subsidy and Family Tax Benefit payments deadline The ATO has reminded individuals receiving Child Care Subsidy and Family Tax Benefit payments from Services Australia that they and their partners must lodge their 2019/20 Individual tax returns by 30 June 2021. Lodgement deferrals with the ATO do not alter this requirement. Services Australia needs […]
JobKeeper fraud criminal conviction
First criminal conviction for JobKeeper fraud A person claiming to be a sole trader was convicted of three counts of making a false and misleading statement to the Commissioner of Taxation, in order to receive $6,000 in JobKeeper payments to which he was not entitled. He was not operating a genuine business and he had […]
Proposed FBT exemption — retraining and reskilling
The government has announced it will introduce an exemption from FBT It will apply to retraining and reskilling benefits provided by employers to redundant, or soon to be redundant, employees where the benefits may not be related to their current employment. It is proposed that this exemption will not apply to: retraining provided under a […]
