The most important thing to remember is that there is no point in spending money to get a tax deduction unless it’s going to result in something useful for you. Tax planning is important for individuals and businesses to optimise their tax positions, comply with the law, and make strategic financial decisions that align with…
Tax Checklists Individual Rentals SMSF Business Tax Planning 2023 Rental-properties – ATO Guide Fact Sheet – Working from home deduction Tax Time Toolkit – For Investors
Continue Reading Checklists that help you avoid the hassle in 2023.→
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,…
Director ID is a new requirement for all directors. All acting directors, alternate directors, and appointed directors of Australian corporations and registered foreign corporations, managed investment schemes and registered charities under the Corporations Act 2001 (Cth) must apply for their director IDs. This includes a director of a corporate trustee of a SMSF. The director…
Continue Reading Preparing for Your Director Identification Number→
There is a lot to do and keep track of at every stage of your fund. Use these checklists to help you manage your fund and meet your SMSF obligations. SMSF Checklist For other SMSF considerations and obligations click here.
