Further eligibility age change for downsizer contributions
Be aware of new eligibility rules regarding superannuation downsizer contributions In another recent legislative change, the eligibility age to make a downsizer contribution into superannuation has been reduced to 55 from 1 January 2023. This further reduces the downsizer eligibility age, which changed from 65 to 60 from 1 July 2022. From 1 January 2023, […]
Improving payroll governance
Make sure you’re up to date on payroll compliance How employers can understand and meet their payroll obligations and some of the common issues seen by the ATO. How to meet your employer obligations The ATO wants to help you ensure your entity’s payroll governance measures are designed effectively and fit for purpose. This means […]
ATO’s recordkeeping tips
Avoid penalties and reduce the possibility of expense claims being denied The ATO has reminded taxpayers that they should understand the record-keeping requirements for their business and keep accurate and complete records as they occur. This should help them avoid penalties that may apply and reduce the possibility of the ATO denying their expense claims. […]
ATO warning to SMSFs ‘Paying the price for non-compliance’
There are various courses of action available to the ATO when trustees of self-managed super funds (‘SMSFs’) have not complied with the super laws This includes applying administrative penalties. A number of factors determine the amount of the administrative penalty, including: the type of contravention; when it occurred; and the number of penalty units that […]
SMSFs investing in crypto assets
ATO advice for SMSFs thinking about investing in crypto assets The ATO recommends that trustees of self-managed super funds (‘SMSFs’) thinking about investing in crypto assets should seek professional advice from a licensed financial adviser. There are organisations that offer trustees help to set up a fund or use their existing fund to invest in […]
Xero’s STP Phase 2 roll out
Everything to know (and do) for the final stage of Xero’s STP Phase 2 rollout By now, most business owners are probably familiar with Xero’s approach to getting payroll data ready for Single Touch Payroll Phase 2. This will see businesses build on their existing STP reporting to share more information with the ATO and other […]
Christmas Parties and Gifts 2022
With the well-earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients FBT and ‘entertainment’ Under the FBT Act, […]
It’s time to transition to STP Phase 2
Over recent months, Xero has been keeping us updated on Xero’s Single Touch Payroll (STP) Phase 2 rollout. This will see businesses build on their existing STP reporting to share more information with the ATO and other government agencies whenever you process a pay run. Xero has now announced that all three stages of the rollout are […]
Valuing fund assets for an SMSF’s annual return
One of many responsibilities trustees have when managing an SMSF is valuing the fund’s assets at market value. This must be done every income year, so the ATO knows the SMSF has complied with super laws. The market value of an asset is the amount someone could be reasonably expected to pay if the asset […]
Talking tax with new workers
Completing a tax file number declaration The ATO is reminding employers that have taken on new employees that those employees can complete a TFN declaration through ATO online services, and that this is an easy way for them to provide both their employer and the ATO with the information needed. If a new employee has […]
