Taxable SMSF Assets Double: Is Your Fund Affected?
It’s been a little over a year since the dual changes of the pension transfer balance cap and the reduction of tax concessions for transition to retirement pensions were implemented by the government. Recent research has indicated that these changes has achieved their policy outcome by making almost 25% of previously tax-free SMSF assets lose their […]
ATO holds millions in unclaimed refunds after 200k skipped lodgement
With the deadline of 31 October for self-preparers edging closer, the ATO is looking to drive lodgement compliance, with about 7 million completed returns lodged so far this tax time. Broken down, about 4.3 million taxpayers have lodged via a tax agent, with just over 2.7 million taxpayers having lodged their own returns through myTax. […]
Are You An Australian Resident?
In this global interconnected world, many Australians will no doubt leave Australia to work in many different countries in a vast array of professions. However, just because you leave Australia for a period time, that doesn’t mean that your Australian tax obligations are no longer relevant. Australian tax is based on the concept of “residency”. […]
Garnishee Orders May Bring Home The Bacon
Issuing a garnishee order is a cheap and easy way to claw back some of your debt, but there are a few matters to consider first. Bypass your debtor and go straight to the source of their funds Once the court has given you a judgment against your judgment debtor, and they have failed to satisfy […]
Age Pension Eligibility Rule
The Government has announced that the Age Pension eligibility age will not go up to 70, as planned. But it is still going up, as is the superannuation preservation age. The move to take the Age Pension eligibility age up to 67 was legislated by the last Labor Government. The process started in July last […]