6 Member SMSFs – the issues and opportunities
From 1 July 2021, the maximum number of members a Self Managed Super Fund can have increased from four to six. Why would you have a fund with six members and what are the implications?
Business in a post pandemic environment
Countries that have experienced the worst of the pandemic give Australian businesses an insight into what to expect in a post-lockdown environment.
Lockdown top-up support payments are available in Victoria
Top up support payments are available for businesses and individuals if you are impacted by the Victorian lockdowns. The Victorian Government announced the new cash grants available, declared on 15 July 2021.
Lock-downs: What help is available
The highly infectious Delta COVID variant is triggering lock-downs across the country. We look at what help is available and how you can get it.
No more dodging tax: New share economy reporting rule set to begin
The individuals who participate in the share economy such as Uber, Deliveroo & Airbnb will no longer be able to escape their tax obligations as the government determines the implementation of a legislation for a new compulsory reporting regime.
The ATO have extended the STP finalisation due date
Businesses have been given extra time to submit their Single Touch Payroll finalisation declaration this year as the ATO acknowledges the continuing impacts of COVID-19.
Employers exempt from FBT for retraining employees
Employers who deliver training to employees who are to be made redundant will now be exempt from fringe benefits tax after the legislation passed through Parliament.
The ATO tightens the reigns on Crypto transactions as the data-matching program is locked in
As the ATO data matching program ramps up, Australians who have invested in cryptocurrency will no longer be able to conceal their transactions from the ATO to avoid paying tax.
Am I taxed on an insurance payout?
Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for tax purposes – but this is not always the case.
Work from home expenses under scrutiny & the perils of browsing Facebook
If you worked from home during lockdown and spent money on work related items that were not reimbursed by your employer, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed.
ATO sheds light on crypto compliance focus
The Australian Tax Office has issued guidance on accurately accounting cryptocurrency transactions during tax time. It noted that it will be looking to make sure that all crypto capital gains are reported correctly.
A family affair: Children, super contributions and SMSFs
The potential increase in members from four to six a in self-managed fund has led to many to consider about whether it is worthwhile to have children as members of the parents’ or ‘family’ SMSF. The options are: should the kids join the fund, have their own, or go elsewhere to an industry or retail fund.
Good news – Super contribution caps to rise
On 1 July 2021, both the concessional and non-concessional superannuation contribution limits, also known as ‘super contribution caps’, will rise.
This is good news because this is the first time these limits have changed since 1 July 2017, when the concessional contributions cap was reduced to $25,000 pa for the 2017/2018 financial year and onwards.