While the worst of the pandemic is (hopefully) behind us, trustees still have difficult questions to ponder as they focus on how best to position their SMSF in 2020-21, as well as meet their annual regulatory obligations for 2019-20.
The end of financial year upon us, and in the midst of COVID-19, there is still a real need to review your business strategy and operational plans.
Below is a quick checklist of what should be considered at this time.
The Instant Asset Write-Off threshold has been extended for six months to 31 December 2020. The increased threshold is designed to further assist business by bringing forward tax deductions for eligible expenditure.
The NSW Government is providing financial support in an attempt to reduce financial pressures resulting from COVID-19.
The Australian Taxation Office (ATO) have now released guidance on the process for accessing superannuation early from SMSFs and other superannuation funds to assist in cushioning the adverse economic effects of Coronavirus.
On the 8th of April the Australian Government passed the legislation to enable the much talked about JobKeeper payments. To ensure compliance with the scheme, we have outlined below the step by step process employers will need to take&l
On 30th of March 2020 the Australian Government released a further $130 billion economic response package to address the impact of coronavirus [COVID-19].
The Government has released a second major economic rescue package to help the economy withstand and recover from the economic impact of coronavirus (COVID-19). Included in this package were two measures in relation to superannuation.
I wanted to send you a note to let you know we are open for business and here to help you in these difficult times.
Our priority is to ensure you can keep your business open.
If you have suffered as a result of the bushfires then there’s no need to worry about your tax obligations right now.
To be clear, a self-managed superannuation fund (SMSF) can acquire property from a related party only where the property is deemed to be business real property. Further that transaction must be transacted at normal arm’s length market rates
If you have purchased a block of vacant land in the past, you may be entitled to claim certain deductions for expenses incurred in holding the land.
Payroll tax can be a confusing topic. You may think that you already pay payroll tax as an employer, but this is an additional tax to the employer separate from PAYG Withholding requirements.
When was the last time you sat down and really reviewed your finances – I mean top to bottom?
What you will more than likely find is that you are losing money through unhealthy and unnecessary wastage. This wastage will take many forms.
Land tax is a tax paid to the State Government by owners of land. Land tax is calculated by the combined value of taxable property – not based on each individual piece of land.
Do you own a boarding house, or are thinking of investing in one?
If so, you will need to be across the GST treatment associated with the investment. This can be a confusing area to understand at the best of times.
Xero can help you with your efficiency when it comes to Bank Reconciliation. Gone are the days of printing your bank statement and ticking as you manually write the transactions in a ledger or enter them into a desktop software.
Older Australians who feel like they have not saved enough funds for retirement now have the opportunity to boost their superannuation by downsizing their home.
The ATO are concerned that the trustees of these Self-Managed Super Fund’s haven’t given due consideration in diversifying their fund’s investments which may put their fund’s assets at risk.
A workspace is often a good representation of an employee, or for that matter a business. It’s all about first impressions.