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The ATO has ramped up compliance activity in the self managed super fund (SMSF) space in response to an increasing number of funds that have been identified as not complying with superannuation obligations. For the 2023 year, the ATO says it has issued double the amount of tax and penalties when compared with the 2022 … Read more
If you have a self-managed super fund (SMSF), you need to value your fund’s assets as at 30 June. You must be able to demonstrate that the valuation has been arrived at using a “fair and reasonable” process. The ATO has published guidelines on its website to help SMSF trustees when valuing assets for superannuation … Read more
Remember temporary expensing, which allowed just about every business (unless annual turnover was at least $5 billion) to immediately write off the cost of an eligible depreciating asset? Well, that is no longer available. To use temporary full expensing, you had to acquire and use, or install ready for use, an eligible depreciating business asset … Read more
NSW first home buyers need to be aware that the First Home Buyers Choice (FHBC) scheme introduced by the former NSW Liberal government in late 2022 may soon be abolished in favour of modified stamp duty concessions. The Labor government has introduced a bill to close off access to the FHBC scheme from 1 July … Read more
As flagged earlier in the year when the announcement was made, the government has released a consultation paper seeking public views and feedback on its proposal to reduce super tax concessions for individuals with super balances over $3m. Some important questions the paper asks include whether the proposal would create any unintended consequences and whether … Read more
The government is seeking to introduce changes to the way super in accumulation phase are taxed over the threshold of $3 million, which will only affect an estimated 0.5% of the people or around 80,000 individuals. It is proposed that from the 2025-26 income year, the concessional tax rate applied to future earnings for those … Read more
From the 2022-23 income year, taxpayers can no longer rely on the 80c per hour shortcut method with the introduction of the revised fixed-rate method for calculating the work-related additional running expenses incurred as a result of working from home (WFH). Taxpayers are still able to use the actual costs method to calculate the actual … Read more
Taxpayers thinking of starting an SMSF in 2023 need to be aware of the recent changes by the ATO on registration on the fund and the application of the Director ID regime to those funds with corporate trustees. Due to an increase in fraud and in order to protect the retirement savings of Australians, the … Read more
The government has showed its hand in terms of potential future changes to the Australian superannuation system. The Assistant Treasurer and Minister for Financial Services, Stephen Jones, outlined two main areas the government will be focusing on. This includes legislating an objective for super (ie for use in retirement), which will then able conversations around … Read more
The tax legislation contains special rules about personal services income (PSI). The PSI rules are aimed at ensuring individuals cannot reduce or defer their income tax by alienating or splitting their PSI through the use of interposed companies, partnerships or trusts. An interposed entity is called a personal services entity (PSE). The ATO recently released … Read more