What is Personal Services Income? The personal services income (PSI) rules apply to income that is earned mainly from the personal efforts or skills of a person. It does not matter whether the income is earned by the individual in their own name or through an entity such as a business. The rules do not …
APRA releases the latest statistical report for SMSF growth The latest statistical report from APRA has been released (here’s a link to download it — https://bit.ly/2kIH9Oz), focuses mainly on the APRA-regulated superannuation funds in the retail and industry sectors. But the APRA statistics also make passing mention of ATO-regulated funds, the SMSF sector, which from June …
SMSF Sector Continues To Grow (As Shown In Recent Statistical Report) Read More »
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 reports provides the ATO with the information that allows it to identify contractors who …
Tax deduction for a donation As most of us know, donations of $2 or more are deductible, and there is flexibility in the rules around donating to emergency relief bodies in that no receipt is required if giving less than $10 (so-called “bucket” donations). To be able to claim a tax deduction for a donation …
Donations As Tax Deductions (What You Need To Know) Read More »
Non-cash components of remuneration provided by a third party provider Some businesses have tripped up in the past is when the source of benefits provided is not clear cut — that is, where non-cash components of remuneration are sourced not directly from an employer, but from an associate, a related company or from a third-party …