In the right hands, a self-managed superannuation fund (SMSF) can be a beneficial way to build wealth for retirement. Whilst they are not for everyone, it is important that when thinking of starting an SMSF, individuals need to understand the benefits and responsibilities they take on by having an SMSF.
The Covid situation took a turn for the worse, as spiralling infections saw new lockdowns introduced in Australia. The government has suggested all restrictions can be lifted once 70% of the adult population has been fully vaccinated. Until then, the outlook for economic activity levels has deteriorated.
The ATO has issued a warning to property investors this tax time following rental income and deduction errors found in over 70 per cent of tax returns audited last financial year.
The COVID-19 support payments received by individuals and businesses are set to be regarded as non-assessable non-exempt income after the introduction of a new legislation into Parliament.
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.
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.
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.