From 3 February 2020, the Australian Taxation Office (ATO) will now be sending an SMS and/or email alert to SMSF trustees when changes are made to SMSF details. The SMS text messages will be issued to alert trustees of SMSF when any changes have been made to the fund. These changes include; financial account
YEAR END TAX PLANNING, IT’S NEVER TOO EARLY. Can you believe it’s February 2020 already? We thought we would get in early and mention some tips on tax planning that you may want to think about over the coming months. Tax planning for the end of the Financial Year should not be left too late.
If you read the business pages of the newspaper, you may have seen the term ‘inter generational wealth transfer’ starting to appear more frequently. That’s because an estimated $3 trillion of wealth is predicted to change hands over the next two decades, from households of Australians age 55+ to younger generations.[i] This represents a massive shake-up
Single Touch Payroll – Could it be the biggest adjustment to Australian Businesses since Good & Services Tax (GST)? The Australian Taxation Office recently introduced Single Touch Payroll (STP), this is a new legal requirement to report salaries and wages, PAYG withholding and superannuation via STP-enabled software to the ATO each time you are paid
SMSF Post-Election Update With the Federal Election called in favour of the Liberal Party, SMSF Trustees are likely to be spared from some of the more significant changes that were proposed by the Opposition Leader in the May Budget. The proposed change that perhaps gained the most media attention, and the one that we received
The pen may be mightier than the sword – but can it beat the smartphone? When it comes to keeping track of vehicle mileage, we think not. When do you need to use a logbook?
When Benjamin Franklin said that the only things certain in life were “death and taxes” most people didn’t consider that they may be closely linked. But problems with taxes can lead to the death of your small business unless you take steps to keep the taxman off your back.
The Time is fast approaching for year end. If you want to take a few simple preventative measures to minimise or defer how much tax you will pay for this Financial Year, you need to do two things: