SMSF update
Introducing SMSF rollover alerts Since February 2020, the ATO has been issuing alerts via email and SMS when certain changes are made to a self-managed super fund (SMSF). With the inclusion of SMSF rollovers in SuperStream, the ATO will send the fund an email and/or text message alert when the fund uses the SMSF verification […]
FBT rates and thresholds for the 2021/22 FBT year
Updated FBT rates and thresholds for the 2021/22 FBT year have been released The ATO has updated its webpage containing the fringe benefits tax (‘FBT’) rates and thresholds for the 2017/18 to 2021/22 FBT years. Two amounts that were not previously announced for the 2021/22 FBT year are: the FBT record-keeping exemption is $8,923 (up […]
Tax housekeeping
Private health insurance statements now optional Taxpayers with private health insurance should be aware that insurance providers are no longer required to provide statements to their members. Taxpayers lodging their tax returns using a registered tax agent should have their health insurance details ‘pre-filled’ into their return (but they will need to contact their health […]
Six FBT issues
FBT issues on the ATO’s radar The ATO has updated their What attracts our attention list with six items that specifically relate to fringe benefits tax (‘FBT’), as follows: Failing to report motor vehicle fringe benefits, incorrectly applying exemptions for vehicles or incorrectly claiming reductions for these benefits. Incorrectly calculating car parking fringe benefits due to: […]
Omnis Financial Planning Spring News
It’s spring cleaning time! As the days get longer and the weather starts to warm up, its time to do some spring cleaning! This can also mean spring cleaning your personal finances. Remember to regularly review your loans to ensure you are getting the best interest rates, as this can save you thousands over the […]