The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term. It is also a human budget (cynics would say voter focussed), with $17.7 billion dedicated to aged care, more money in the pockets of low-income earners, the […]
INDIVIDUAL TAX ASSESSMENTS AND QUARTERLY TAXES If you have a MYGOV account, the ATO are now bypassing the tax agent and uploading your annual tax assessment into your MYGOV account. They then either send you a text or email (depending on your nominated preference). You should not ignore this as there is no paper assessment […]
‘Catch up’ contributions were introduced on 1 July 2018, whereby any ‘unused’ contributions in the member’s concessional contributions cap could be caught up and made into their superannuation fund during the following financial years. 2019-2020 was the first time these types of contributions could be made. It is important to note this is not a […]
If your answer is yes, then consider changing to a corporate trustee by the end of this financial year. WHY CHANGE TO A CORPORATE TRUSTEE? There are several key reasons why a corporate trustee is a more efficient, cost-effective and administratively easier option for your family’s SMSF and estate plan: DEATH/INCAPACITY OF AN INDIVIDUAL TRUSTEE When […]
On 15 October 2020, the Australian Taxation Office (ATO) released Practice Statement Law Administration PSLA 2020/3 to guide its staff on how to apply administrative penalties imposed on Self Managed Superannuation Fund (SMSF) trustees under subsection 166(1) of the Superannuation Industry (Supervision) Act 1993 (SIS Act). While the guideline is for ATO staff, SMSF trustees […]
As a result of the impacts of the COVID-19 pandemic on commercial enterprise within Australia, the federal government introduced temporary relief for financially distressed companies to assist them to navigate this crisis. Among other things, this included: temporary relief to company directors from personal liability for insolvent trading claims; and increase the thresholds relevant to […]
2020 has proven to be a whirlwind for Australian businesses, with many struggling to cope with the financial implications and fallout of COVID-19, shining a spotlight on the obligations of company directors. Those with large workforces — and particularly businesses involved in aged care and disability — have had to manage the increased costs associated with managing […]
We have recently seen a surge in payroll tax audit activity as the state revenue authorities have received data from other sources, including the ATO and ASIC. Here are some traps to look out for. If you receive an audit letter for your business or a client, it is important to review the payroll tax […]
Black economy participants and tax dodgers driving luxury cars will continue to come under ATO scrutiny as it looks to extend its motor vehicle data-matching program for a further three years. The extension of the data-matching program will see the ATO continue to collect records from eight state and territory motor vehicle registries for the 2019–20, […]
In today’s fast paced business environment, it makes smart business sense to appoint a company power of attorney. A company power of attorney may be better described by distinguishing it from an individual power of attorney. In simple terms, a power of attorney is an instrument that gives authority to another person to act on behalf […]
COL WILSON B.COM, FCPA, REG'D TAX AGENT
KEN LUDEKE FCPA, FCA, REG'D TAX AGENT
Annette Pleavin B.BUS, CPARede Accountants is a CPA Business
Suite 1004, Level 10 "The Rocket" 203 Robina Town Centre Drive Robina QLD 4226
Tel: 1300 399 599
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