High-Balance SMSF Members urged to act ahead of Division 296
Holding a large super balance?
Review your estate planning now to avoid future tax headaches. Speak with Omnis’ specialist super advisers in Perth to prepare for Division 296.
Beware of tax advice from ‘finfluencers’
Beware of unqualified ‘finfluencers’ offering tax tips online. Always check your advisor is registered with Australia’s TPB to avoid financial risks.
How to manage business day-to-day transactions
The ATO has provided following tips for small business owners to make tax life easier — see if you agree.
Tax Office clarifies Division 7A position
The ATO has clarified five common myths about Division 7A tax legislation.
What’s new on study and training loans
The indexation rate for study and training loans is now based on the Consumer Price Index (‘CPI’) or Wage Price Index — whichever is lower.
When to lodge SMSF annual returns
All trustees of SMSFs with assets as at 30 June 2024 need to lodge an SMSF annual return (‘SAR’) for the 2023/24 financial year.
Avoid a tax time shock
Smart Tax Planning: Key Steps to Stay on Top of Your Obligations Ensure you’re setting aside the right amount of tax by reviewing loans, insurance and income details—learn how proactive steps can save you from a surprise tax bill! Individual taxpayers can take the following steps right now to ensure the correct amount of tax […]
Receiving payments or assets from foreign trusts
Foreign Trust Payments: Potential Tax Liabilities for Beneficiaries Understanding When Foreign Trust Distributions Must Be Included in Assessable Income Additional tax liabilities may arise when money or assets of a foreign trust are paid to a taxpayer or applied for their benefit, and they are a beneficiary of the foreign trust. These can include: loans […]
Tax incentives for early stage investors
Tax Incentives for Investors in Early Stage Innovation Companies (ESIC) Potential Tax Offsets and Capital Gains Tax Benefits for Qualifying Shareholders The ATO is reminding investors who purchased new shares in a qualifying ‘early stage innovation company’ (‘ESIC’) that they may be eligible for tax incentives. These tax incentives provide eligible investors who purchase new […]
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 […]
