Late SMSF Tax Returns What is a Self Managed Superannuation Fund (SMSF)? The Self Managed Superannuation Funds (SMSF) are privately managed trusts that are run by the trustees of the fund. All SMSF trustees are responsible for the compliance of their trusts with Australian superannuation legislation. What are the key dates to lodge the annual…
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What is a section 52?
A section 52 is a formal statement which is prepared when a vendor, (seller) of a small business would like to sell their business. These statements must be prepared for business purchases under $450,000 in total value. The statement must be prepared using the prescribed form under the Estate Agents (General, Accounts and Audit) Regulations…
DetailsSenate passes $20000 instant asset write off the extension:
Senate passes $20000 instant asset write off the extension After a brief wait and long deliberation in regards to making the $20k write-off a permanent feature of the tax system for small business there is welcome news for small business operators and startups. There are around 3.3 million small businesses who have a turnover of…
DetailsAre you dealing in a cash economy business? Be-Aware!
Are you dealing in a cash economy business? Be-Aware! Receiving cash payments for businesses and individuals is legal and convenient. However, you still need to be aware of the inherent risks. Generally, cash sales and purchases are very common in a small business day to day operations. It is actually very convenient for a business…
DetailsTax Return 2018
Tax Return 2018 Wanting to lodge your 2018 tax return? We can be of assistance! Here are some quick facts about lodging: Tax returns cover the financial year from 1st July to 30th A tax return should be lodged by the 31st October deadline to avoid penalties. If you’re having difficulty or you want…
DetailsHoliday Home rentals on scrutiny: Owners beware!
In the recent past,theATO has been actively reviewing claims of taxpayerswho own holiday homes with a view to cut down on rental deductions which taxpayers may not be eligible to claim. Using the data matching system, the ATO isable to detect unusual claim sandis writing to a large number of property owners advising them about claiming deductions only which they may be entitled to.
DetailsSMSF Non lodgement on ATO’s scanner: Be-Aware!
SMSF Non lodgement on ATO’s scanner: Be-Aware! The ATO has undertaken a drive to declare SMSFs not lodging their tax returns as non-compliant. A non-compliant SMSF means that it is not eligible for concessional tax rates and hence will be taxed at 45%. The lodgement of a Self Managed Super Fund (SMSF) annual return is…
DetailsDeductible Gift Recipient
Deductible Gift Recipient The Commonwealth Government has announced a number of potential changes to the Deductible Gift Recipient (DGR) system. Under the old legislation, some DGRs had to report to the Commissioner of Taxation while others to ACNC.As released earlier this year, the reforms aim at bringing all non-government DGRs as well as charities under…
DetailsProperty Development – New GST measures for Property Developers
Property Development – New GST measures for Property Developers In the most recent Budget of 2017, the government had announced that from 1 July 2018, purchasers of newly constructed residential properties or land in new subdivisions will have to pay GST directly to the ATO as part of the settlement. The changes were announced to…
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