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Allocation of professional firm profits and PCG 2021/4 – how risky are you?

Bruce Collins, May 9 2022

This article was originally posted on CCH iKnow prior to a webinar hosted by CCH Learning on the topic. Taxation of members of professional firms has presented philosophical and tax administration problems for decades around the nature of profits/gains and on the ability to “alienate” income to associates (especially those with lower tax rates) -...

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Division 7A Deemed Dividends — Not just a tax issue

Amanda Guruge, May 9 2022

This article was originally posted on CCH iKnow and relates to a webinar run by Bruce Collins on the topic. Division 7A of the Income Tax Assessment Act 1936 is a part of the tax law that acts as specific anti-avoidance provisions, to prevent private companies from distributing cash and value to shareholders and associates, and attempting to...

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ATO access & information gathering powers - finding the right balance?

Bruce Collins, May 9 2022

This article was originally posted on CCH iKnow, in the lead up to a webinar run by Bruce Collins on recent ATO access and information gathering power litigation matters. Parliament has granted the Commissioner significant powers to gather information and evidence for the purposes of the various taxation laws which he has responsibility to...

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Are there tax implication for providing COVID-19 related benefits to your employees?

Bruce Collins, January 27 2022

More than the two years since COVID-19 changed the way we live, tax has been brought back in to the spotlight as Omicron rages through the community. Employers – both out of necessity and to protect their employees and customers – are providing various benefits to employees

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Law Council of Australia's recent submission to the ATO - 'Improving how the ATO deals with vulnerable taxpayers'

Bruce Collins, December 16 2021

On 30 November 2021, the Taxation Law Committee and SME Business Law Committee of the Business Law Section (BLS) of the Law Council of Australia provided a submission to the ATO’s consultation on understanding approaches to working with vulnerable clients to identify opportunities to improve the client

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Valuations for SMSFs

Amanda Guruge, November 23 2021

The ATO has recently released an updated the message of accurately valuing SMSF assets. As the ATO has stated on their website, ‘asset valuation is a key component in preparing meaningful SMSF financial reports’. As the market goes up and down, impacted by the outside world, this means that the assets inside your SMSF also change to the market.

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Changes to employer obligations – the introduction of Stapled Super Funds

Bruce Collins, November 12 2021

From 1 November 2021, there are changes to employer obligations in relation to superannuation. With lockdowns ending, retail and hospitality opening up and Christmas approaching, it is vital that employers who have a large intake of staff over the upcoming period get their superannuation obligations

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Are BDBN’s effective in achieving your estate planning wishes?

Amanda Guruge, November 10 2021

Binding Death Benefit Nominations (‘BDBN’) direct trustees to pay death benefits of a member in line with the member’s wishes. They are useful documents that assist in avoiding messy dispute about an estate – however they need to be executed properly to be effective and be in line with the member’s

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Director Identification Numbers – they are finally here and this is what you need to know

Bruce Collins, November 8 2021

Prior to the introduction of Director Identification Number regime (also referred to as ‘DIN’) there was no unique identifying numbers to keep track of Australia’s 2.7 million company directors. From 1 November 2021, directors are able to apply for a DIN using the ‘Australian Business Registry Services

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Getting your investment strategy for your SMSF right is vital!

Amanda Guruge, October 28 2021

Have you considered your SMSF’s goals and objectives before investing SMSF money? In 2019, the ATO increased its focus on SMSF investment strategies, in particular diversification. The ATO’s focus was aimed to educate Trustees of SMSFs to consider diversification, risks, cash flow, liquidity and insurance when making investment decisions for the...

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