ATP accountants and tax mortdale ATP accountants and tax mortdale ATP accountants and tax mortdale ATP accountants and tax mortdaleATP accountants and tax mortdale
PHONE: 02 8850 3888
EMAIL:
ENQUIRE ONLINE

Carrying on a business in an SMSF Posted on Aug 30, 2017 by admin

Super

Self-managed super funds can carry on a business providing the business is allowed under the trust deed and operated for the sole purpose of providing retirement benefits for fund members. Carrying on a business through an SMSF does have restrictions that other businesses do not have, such as entering into credit arrangements or having overdrafts. SMSF trustees that carry on a business through their fund must adhere to the sole purpose test. The ATO looks for cases where: the trustee employs a family member the ‘business’ is an activity commonly carried out as a hobby or pastime the business carried […]

Keep Reading...

Claiming the small business income tax offset Posted on Aug 30, 2017 by admin

Tax

The small business income tax offset can help reduce the tax small businesses pay on business income by up to $1,000. This offset is available from the 2015-16 income year onwards. Small businesses with an aggregated turnover less than $5 million can access the concession from the 2016-17 income year. Business income derived by another partnership or trust, in which the small business owner is not a partner or beneficiary, is not eligible for the offset. Small business owners can claim the offset if they receive a share of net small business income from a small business: partnership, in which […]

Keep Reading...

Identifying undervalued assets Posted on Aug 23, 2017 by admin

Super

Recent research has found that an alarming 31 per cent of SMSF trustees consider choosing investments as one of the hardest aspects of running an SMSF. Value investing is one such strategy that SMSF investors can utilise to boost their portfolios. Value investing involves identifying undervalued assets that have the potential to increase in value over time. These assets are generally priced well below their intrinsic value due to missed expectations, market crashes, cyclical fluctuations and so forth. To identify undervalued assets or asset classes you need thorough analysis and good judgment. Look for asset classes that are inexpensive and […]

Keep Reading...

Have you received personal services income? Posted on Aug 23, 2017 by admin

Tax

Personal services income (PSI) is income mainly produced from your personal skills or efforts. There are special tax rules that apply if your income is classified as PSI. Almost any trade, industry or profession can receive PSI. The most common are financial professionals, IT consultants, engineers, construction workers and medical practitioners. PSI does not affect employees receiving only salaries and wages. When more than 50 per cent of the amount you received for a contract was for your labour, skills or expertise, then the income is classified as PSI. If you have received PSI (including if you have received it […]

Keep Reading...

Increased access to Superannuation Clearing House Posted on Aug 16, 2017 by admin

Super

The ATO has changed the conditions of registration for businesses to access the Small Business Superannuation Clearing House. The Small Business Superannuation Clearing House is a free online service available for small businesses to make super contributions for their employees. The Tax Office is now allowing businesses with 19 or less employees or businesses with an annual aggregated turnover of $10 million or less to use the service. These employers can now make super guarantee contributions as a single electronic payment to the Clearing House and it will then distribute the payments to employees’ funds. The super guarantee contributions count […]

Keep Reading...

Tax penalty remissions Posted on Aug 16, 2017 by admin

Tax

The Australian Taxation Office distributes penalties to ensure individuals are not making misleading or false statements regarding income, business and wealth matters. Studies indicate there is over $5.5 billion lost every year through tax avoidance in Australia, a massive amount of money. One of the reasons these penalties exist is to ensure taxpayers take more care and responsibility in adhering to their tax responsibilities. While the ATO has the power to distribute penalties, they also have the discretion to reduce or modify the penalties individuals owe. If you find yourself in a position where you are owing money due to […]

Keep Reading...

Understanding SMSF trustee responsibilities Posted on Aug 14, 2017 by admin

Super

Self-managed super fund (SMSF) trustees have onerous duties and responsibilities in relation to the management of their fund. An SMSF trustee primarily needs to ensure the fund is properly managed for the benefit of members for their retirement. All trustees must ensure the fund assets are held in trust and invested on behalf of the members. Trustees need to ensure their fund complies with all super rules including super laws and the fund’s trust deed. Trustees must regularly review and update the fund’s trust deed and investment strategy in accordance with the law and the needs of the SMSF’s members. […]

Keep Reading...

Fuel tax credits – rate change Posted on Aug 14, 2017 by admin

Tax

On 1 August 2017, fuel tax credit rates increased. Some of these rates also changed on 1 July 2017, due to a change in the road user charge and an annual increase to excise duty rates on biofuels. Fuel tax credit rates change regularly – they are indexed twice a year, in February and August, in line with the consumer price index (CPI). Below are the rates for fuel acquired from 1 August 2017 to 31 January 2018. Eligible fuel type Unit Used in heavy vehicles for travelling on public roads All other business uses (including to power auxiliary equipment […]

Keep Reading...

ATO targeting SMSF non-compliance Posted on Aug 2, 2017 by admin

Super

The Tax Office is warning SMSF trustees that they will be contacting SMSFs that have not regularly complied with their lodgment obligations. The ATO is reminding trustees that lodging an SMSF annual return is an obligation and failure to do so is a breach of super laws. To avoid penalties, the Tax Office is urging SMSF trustees to bring their lodgments up to date as soon as possible. Trustees who cannot meet any deadlines will risk becoming disqualified as a trustee for persistent non-lodgment, their SMSF may be made non-compliant and the ATO will raise default assessments.

Keep Reading...

Lodge nil BAS in advance Posted on Aug 2, 2017 by admin

Tax

Activity statements generally issue from the ATO by the end of the month but in some circumstances they can be generated early. Business owners can access activity statements early in the following cases: your business has ceased you will be travelling and will not be able to obtain your activity statement if generated under normal bulk process your entity is under some form of administration if you are going to be absent from your place of business before the end of the reporting period and the business will not be trading during that period you are a short-term visitor, i.e., […]

Keep Reading...

Join our mailing list

Stay in touch with ATP Accounting

  • This field is for validation purposes and should be left unchanged.