If you are the trustee of a self-managed super fund (SMSF), each year you need to value your SMSF’s assets at market value and provide supporting evidence to your auditor.
In March 2024, the government announced its intention to commence paying superannuation on government Paid Parental Leave (PPL) payments from 1 July 2025. Announced as part of the launch [...]
Many retirees find themselves cash-poor but asset-rich. For those living on larger properties, subdividing and selling unused land can be a potential retirement strategy to generate funds for [...]
From 1 July 2024, the rules for accessing superannuation became somewhat simplified: the preservation age when you can begin to access your benefits is now effectively age 60. However, until you [...]
Does your business or investment structure make payments such as interest, dividends or royalties to any foreign residents? You may be required to withhold tax from these payments. The ATO has [...]
You may have heard that the annual cap on non-concessional contributions (NCCs) has increased for 2024–25. This is great news for superannuation members who want to maximise their retirement [...]
The ATO has revealed its focus areas for this year, with business debt collection identified as a key strategic priority. In its Corporate Plan 2024–25, the ATO says that it will have “an [...]
A recent case in the Federal Court has provided a practical illustration of how superannuation contributions could be at risk of being “clawed back” if the member later becomes bankrupt: Ruhe v [...]
As of July, the ATO began sending letters to non-charitable not-for-profits (NFPs) to notify those organisations that the new NFP self-review return is ready to access and lodge.
If you manage a self-managed super fund (SMSF), recent changes to tax rules for certain fund expenses could affect you. These changes may even apply to services provided for free. If your fund [...]
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