ATO focus on family trusts – Manage your Risk The ATO has embarked on a compliance program with renewed focus on administering these rules in Section 100A of the Tax Act. Particular focus is appointing trust income to adult children. • Section 100A requires a reimbursement agreement to exist at, or prior to, the time…
Continue Reading Being aware of what’s been legislated over the last year→
I can’t stress the importance of keeping digital records to support your claims. If you cant seem to organise your expenses, use the myDeductions tool in the ATO app to keep a record of your expenses throughout the year. Key changes this tax time, what you can do to prepare, things to consider before lodging,…
📌5 Tips 1. Keep Your Financial Data Organised 2. Immediate Asset Write-Offs 3. Know Your Tax Deductions 4. Top up your voluntary superannuation contributions 5. Look at Loss carry back tax offset Additional tips * Be mindful of cashflow – avoid spending on business assets for the sake of claiming tax deductions. In most cases, you’ll…
This end of financial year is a little different for many…. COVID-19 is having an overwhelming effect on individuals, businesses, and the economy. Among all this uncertainty, we are starting to see people and businesses returning to their usual way of life in a measured manner. Our focus today is on matters we can control,…
Self-managed super fund (SMSF) | ASIC’s MoneySmart Some people want the control that comes with managing their own super, but taking control means being responsible for managing your retirement funds which will involve significant time and effort. SMSFs can be suitable for people with a lot of super and extensive knowledge of financial and legal matters. If…
