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Sole Purpose Test On SMSF [Overview]
SMSF must meet the ‘sole purpose test’ to avoid penalties When commencing any self-managed superannuation fund (SMSF), there is one over-riding expectation that newly trustees should come back to again and again — that their fund must meet the sole-purpose test. This...
Director Penalties To Include GST Liabilities
Director penalty notices for GST will take effect on October 2019 The strengthening of the director penalty regime has been reported here before — for instance, having director penalty notices (DPNs) extended to superannuation guarantee obligations from 1 March 2019....
CGT Concessions For Active Assets
Small business active assets can help you with CGT concessions For small business owners who are disposing of assets that have risen in value during the time they have owned and used them in their business, accessing one or more of the available small business capital...
Super Contribution Splitting With Your Spouse
Contribution splitting If your partner is earning a low income or taking time off work for caring responsibilities, then it’s likely they’re not contributing much super. This means their super can fall behind. However, there are ways you can help your partner’s...
Similar Business Test Allows Businesses To Access Past Year Losses
The new test allows businesses to access the prior year losses In the first quarter of this calendar year, legislation was passed that will supplement the ATO’s current “same business test” for losses with a more flexible “similar business test”. The new test will...
Unused Concessional Contributions Carry Forward Rules
The new test allows businesses to access the prior year losses In the first quarter of this calendar year, legislation was passed that will supplement the ATO’s current “same business test” for losses with a more flexible “similar business test”. The new test will...
Taxable Payments Annual Reporting Essentials
Unused concessional contributions - can they be carried forward? The income year of 2019-20 has just ticked over, which is also the first year in which an individual is able to make additional catch-up contributions to super through the application of unused...
5 Tips To Review Your Superannuation Contributions
ATO requires some industries and selected government entities to lodge a TPAR Operators in some Australian industries, as well as select government entities, are required by the ATO to lodge a taxable payment annual report (TPAR). The information provided in these...
ATO’s Trust Risk Rules (What You Need To Know)
Taxpayers, it's time to review superannuation contributions With the end of the financial year fast approaching, it is time for you as a taxpayer to review your superannuation contribution strategy. This 5 point checklist provides a basic list of items for you to...
Tax Invoice Alternatives For GST Credit Claims
The ATO has set rules to identify risk compliance issues The ATO says it recognises that most trusts are used appropriately and for legitimate purposes. It says it will continue to help those who make genuine mistakes or are uncertain about how the law applies to...