Top mistakes Aussies make when setting up an SMSF
In a speech given earlier this month, ATO assistant commissioner Dana Fleming highlighted seven key mistakes SMSF trustees make when establishing their funds.
Despite the continued growth in SMSF membership, key mistakes are still being made…
Catch-up Concessional Contribution Caps
The ATO has released details of Catch-up concessional contribution caps to the effect from 1 July 2018.
New concessional contribution ‘catch-up’ measure
From 1 July 2017, the maximum amount of concessional contributions you can…
Setting Up Your SMSF
If you're thinking of setting up your own self-managed super fund (SMSF), to take charge of your retirement and be able to make investment decisions, there are some important steps you have to take before you seek registration with the ATO…
Improvements To GST Risk Assessment
The Inspector-General of Taxation (IGT) has recently released his review into the verification of GST refunds by the ATO. The review was initially conducted as a response to concerns raised by taxpayers which had their GST refunds delayed as…
Tax Return Lodgement Due Soon
With the 31 October fast approaching, so is the deadline for lodging your tax returns. If you're making the last-minute scramble to gather all your tax documentation, keep in mind there are some changes in this year's tax return particularly…
Director changes tabled, $1m fines for non-compliance
Treasury Laws Amendment (Registries Modernisation and Other Measures) Bill 2018 sets out the legal framework for the introduction of DINs – a unique identifier that will provide traceability of a director’s relationships across companies,…
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…
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…
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…
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…