CGT Strategy highlighted with work test exemption
In December last year, the government finalised the regulations for the work test exemption measure which enables individuals aged 65 to 74 to make voluntary contributions to superannuation for an additional 12-month period from the end of the…
Getting Your Small Business Ready For STP Reporting
From 1 July 2019, Single Touch Payroll (STP) reporting will become mandatory for all employers. Small businesses (i.e. those with fewer than 20 employees) have previously been exempt, but will now need to take action to ensure they're ready.…
What Does "Retirement" Mean For Super Access Purposes?
Recently, AMP reported that its superannuation support team has seen a surge in questions about the rules for accessing super. It says people are especially unaware about the retirement rules that apply in the 60-to-64 age range. Here, we break…
ATO tweaks ABN application process
The tax office has amended its Australian business number application process to ensure applicants are entitled to an ABN, giving it greater visibility over an applicant’s history.
According to an ATO spokesperson, the tax office has implemented…
SMSF Benchmark Report - Class
Class provides detailed analysis of newly established SMSFs, delivering revealing insights on key characteristics and trends.
Background-
The Class SMSF Benchmark Report, released for March 2019, is a statistical analysis of approximately…
Single Touch Payroll - Do it Once, do it Right
IN BRIEF
The new Australian Single Touch payroll system is coming into effect in 2019, making way for a more efficient and secure system of payroll filing.
While the impact for businesses already using online accounting software will…
Solicitors Trust Account Audit March 2019
For any Law Practitioner, the Law Society requires an audit of the trust records at 31st March each year under the Law Professional Uniform Law (NSW).
The Law Society website sets this out as follows:
Appointing an external examiner
Your…
ATO Benchmarks A Handy Business Check-up
The ATO has released its latest benchmark data to help businesses in over 100 industries compare their performance against competitors. These valuable benchmarks can help you assess measures like your cost of sales or total expenses, among…
Compulsory Super: How Can You Speed Up Your Retirement Savings?
"Superannuation guarantee" (SG) contributions are the minimum superannuation contributions that employers must make for their employees. The SG rate is currently 9.5%, which means employers must make contributions equal to 9.5% of the employee's…
Three Common CGT Obstacles For Homeowners
In straightforward cases, a property owned by individuals and used as a main residence throughout the period of ownership will receive a full exemption from capital gains tax (CGT) when the home is sold. But this "main residence exemption"…