Enriching Your Business
Generally, before SMSF trustees pay a member’s super benefits, they need to ensure that: the member has reached their preservation age; the member has met one of the conditions of release; and the governing rules of the fund (e.g., the
Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income. Grants are generally treated as
The Administrative Appeals Tribunal (‘AAT’) recently held that a claim for a deduction for personal super contributions should not be allowed, as the relevant ‘notice requirements’ were not satisfied. In order to claim a deduction for personal super contributions, an
As from 1 July 2018, individuals with a total superannuation balance of less than $500,000 as at 30 June of the previous income year may be entitled to contribute more than the general concessional contributions cap (i.e., and make additional
A Mildura man was recently sentenced in the County Court of Victoria to seven-and-a-half years in prison after obtaining more than $830,000 in fraudulent GST refunds. The man had recently been released from custody when he lodged false business activity
The ATO advises that Pay as you go (‘PAYG’) instalments are calculated using either the instalment amount method or the instalment rate method. It recently provided the following two case studies to illustrate the two methods: Case study 1: Kelly
The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time. When preparing their tax returns, taxpayers should make sure all rental income is included, including income from short-term rental
The Administrative Appeals Tribunal (‘AAT’) has held that interest income derived by a self-managed superannuation fund (‘SMSF’) as the sole beneficiary of a unit trust was not non-arm’s length income (‘NALI’), and so this income could still be treated as
On a person’s death, their superannuation benefits can only be paid directly to one or more ‘dependants’ as defined for superannuation purposes, unless they are paid to the deceased’s legal personal representative to be distributed in accordance with the deceased’s
The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual return. An SMSF’s audit must be finalised before the