Super guarantee health check
We thought it would be a good idea to remind employers of their obligation to pay superannuation guarantee contributions – currently at a minimum rate of 9.5% of ordinary time earnings on behalf of all eligible workers earning $450 or more before tax in a calendar month. Employees include company directors who receive payments in […]
Tax for compensation payments
How should compensation received for inappropriate advice be taxed? With the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry currently underway, many individuals may have received or may be about to receive compensation for inappropriate financial advice received from financial institutions (e.g. compensation for loss of investment, refund or reimbursement of […]
Debt review and analysis
What is debt review? Debt review aims to restructure the process of paying your debt. A professional will assess your outstanding debt and will implement a restructured debt repayment plan. This can be done by renegotiating interest rates with credit providers and extend your debt repayment terms. It is important that you are honest during […]
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 […]
Overview of Safe Harbour Provisions
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What is safe harbour? Safe harbour is legal provisions that reduce or eliminate liability in certain situations as long as certain conditions are met. Under these provisions, a client won’t be liable to some administrative penalties if they are able to provide all the relevant tax information to you. This will also only apply if […]
Lodging a late BAS
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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. […]
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 […]
Scared of advice?
Litigation and the risk of litigation is real for professional firms. As taxation becomes more complicated and business transactions are becoming harder to follow, there is a need for firms to align themselves to maximise their service offering. For smaller practices avoiding or unwilling to give advice, we offer a service that will allow you […]