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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
Read MoreThe 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.
Read MoreFrom 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
Read MoreBinding 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
Read MoreHave 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...
Read MoreThe NSW State Revenue office has released a Commissioner’s Practice Note: CPN 021 on the application of payroll tax to employer superannuation contributions. The aim of the Commissioner’s Practice Note is to assist taxpayers in determining when superannuation payments are included in taxable wages calculations to determine payroll tax liability.
Read MoreSuperannuation is the money set aside for your retirement. Since 1 July 2013, Australia and New Zealand have had reciprocal transfer schemes for superannuation funds between the two countries – referred to as the ‘Trans-Tasman retirement savings portability scheme. This allows for less hassle when you move within the Trans-Tasman bubble. However,...
Read MoreWhen will an overseas pension fund not be considered a ‘foreign superannuation fund’ under Australian law? The two big issues are generally whether the overseas fund is subject to ‘a condition of release’ - to wait until pension age (like in our super regime) and whether the offshore funds are held on ‘trust’ for the investor.
Read MoreIn the course of your taxpaying life, revenue agencies like the ATO may conduct a review or an audit of your tax or super affairs. While you may have an accountant or tax agent handling your routine affairs, tax laws are complex and reviews or audits also involve a lot of administrative law.
Read MoreThe forgotten residency test – Commonwealth super test When you think of Australian tax residency tests, most people will remember the ‘183 day’ test, some ‘the resides’ test and others ‘the domicile’ test. But often forgotten, and usually not considered, is the ‘Commonwealth super’ test. This test is relevant to contributing members of the...
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