You may have to lodge your T-BAR report
From 1 July 2018, all SMSFs must report the following events that affect their member’s transfer balances that occur after 1 July 2017: Commencing retirement income streams. Pension commutations. Certain limited recourse borrowing arrangement payments. Personal injury contributions. This transfer balance account events reporting (T-BAR) will enable the ATO to determine whether both the $1.6 […]
Dealing with personal guarantees
What is a personal guarantee? A personal guarantee is an agreement by one party to be liable for the debts of another. Usually, personal guarantees will be given by the directors or shareholders of a company to personally guarantee the payment or obligations on behalf of their company. A major problem that you can face […]
Quick payment arrangements
What is a payment arrangement? A payment arrangement is an agreement that will allow you to pay overdue balances by either paying the balance on a specified date or organising a payment schedule on specific dates. Usually, payment arrangements are used to help you spread your payments over a period of time for financial reasons, […]
PAYG Liability as a Director
Pay As You Go (PAYG) summaries will provide detailed accounting information about each payee, it makes filing your taxes easier because the calculations are already done, generating reports will be made simpler and faster, and giving a PAYG summary to your payees allows them to understand and clarify their payments with ease. As a director, […]
Lodging a late BAS
What is BAS? A Business Activity Statement (“BAS“) is how you report and pay your business taxes to the Australian Taxation Office (“ATO“). Your BAS will report and pay your GST, PAYG instalments, PAYG withholding tax and other taxes. BAS can be lodged electronically, by mail or for on the phone if you have nil lodgements. […]
Intercompany loans and debt forgiveness
What is an intercompany loan? Intercompany loans are loans that are made from one business unit of a company to another. Usually intercompany loans are made either to shift cash to a business unit that would otherwise have a cash shortfall, shift cash into a business unit where the funds are aggregated for investment purposes […]
Basic Hybrid Unit Trust
What is a hybrid trust? A hybrid trust is a mix between a discretionary trust and a unit trust. A discretionary trust is where the beneficiaries do not have a fixed entitlement or interest in the trust funds. It is therefore up to the trustees discretion to determine which beneficiaries are to receive the income […]
Launch of our video platform
We have recently been working through a range of education and information videos to support our partners or to give you some understanding of the issues that arise in the management of taxation or restructure issues. Understanding that some of the issues that arise are complicated and need further explanation, each video tries to cover […]
Pushing back a vesting date
What is a trust vesting date? The vesting date is the date that the trust will end, which is usually stated in the trust deed. You can’t change the vesting date of a trust after that date has passed. Can I change the vesting date? In all states other than South Australia, your trust must […]
ATO Guidance for Executors
One of the major concerns for taxpayers in taking on the role of a legal personal representative is that the Tax Commissioner may treat legal personal representatives (“LPRs”) as having a personal liability for a tax debts. In particular, where assets of a deceased estate have been distributed and there is still outstanding amounts owed […]
