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Keeping your SMSF compliant while overseas Posted on Sep 27, 2017 by admin

Super

Travelling overseas for an extended period of time is an exciting adventure. What isn’t so exciting is the prospect of breaking compliance laws in relation to your SMSF while enjoying your trip. There are specific conditions that must be met to deem the self-managed super fund ATO compliant. They are as follows: Fund recognised as an Australian fund The SMSF will be recognised as an Australian super fund provided that the setup of and initial contributions are likely to have been made and accepted by the trustee(s) in Australia or at least one of its assets is located in Australia. […]

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Imported services and GST Posted on Sep 27, 2017 by admin

Tax

Under the new law introduced on 1 July 2017, Australian GST registered businesses that import services or digital products for business purposes do not have to pay GST. These businesses will need to supply their Australian business number (ABN) and a statement that they are registered for GST to the supplier at the time of purchase to ensure they are not charged GST. Overseas businesses registered under the simplified GST system for non-residents do not have an ABN and cannot issue a tax invoice. If a business believes that GST has been charged, they will need to contact the supplier […]

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How does the super guarantee charge work? Posted on Sep 20, 2017 by admin

Super

Employers who do not pay the minimum amount of super guarantee for their employee(s) by the due date may have to pay the super guarantee charge (SGC). The charge is made up of super guarantee shortfall amounts including any choice liability calculated on your employee’s salary or wages, interest on those amounts (currently 10 per cent) and an administration fee ($20 per employee, per quarter). Employers must report and rectify the missing payment by lodging an SGC statement by the due date and paying the SGC to the ATO. Employers may be able to use a late payment to reduce […]

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Ride sourcing – Claiming car expenses Posted on Sep 20, 2017 by admin

Tax

Those who participate in ride-sourcing (i.e., Uber, GoCatch) as a driver can access a number of tax deductions come tax time. You may be able to claim expenses such as: – Parking fees – Road tolls – Mobile phone costs – Fees or commissions charged the facilitator – Other expenses – to the extent that they relate to work-related travel. Under the logbook method (the business-use percentage of car expenses) include: – Petrol – Depreciation of your car – General vehicle running costs such as insurance, car rego and repairs – Maintenance. Expenses you cannot claim include: – Fines, such […]

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New measures to crack down on super non-compliance Posted on Sep 14, 2017 by admin

Super

The Australian Taxation Office (ATO) will receive additional funding for a Superannuation Guarantee Taskforce to crack down on non-compliance by employers. The Government has announced a package of reforms to close a legal loophole used by dishonest employers that short-change employees who make salary-sacrifice contributions to super. Funding for the Taskforce coincides with new data released by the ATO reporting a significant estimated Super Guarantee gap. This gap is the difference between the theoretical amount payable by employers to be fully compliant and actual contributions received by funds. The ATO estimates the net SG gap as 5.2 per cent or […]

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Sharing economy and tax Posted on Sep 14, 2017 by admin

Tax

The ATO is reminding those who work in the sharing economy to be aware of their tax obligations. The sharing economy connects buyers (users) and sellers (providers) through a facilitator who usually operates an app or a website. Some popular examples include Airbnb, Stayz, Uber, Deliveroo, Airtasker and so on. Different rules apply, depending on what type of sharing economy activities are undertaken by an individual. Those who rent out part or all of their home are reminded to: – declare what they earn in their tax return; – apportion related expenses as appropriate before claiming deductions and – understand […]

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Strategies to bulk up your super before retirement Posted on Sep 7, 2017 by admin

Super

To retire comfortably, you should be doing everything you can while still in the workforce to make sure your superannuation is as fruitful as possible. Consider the following: Consolidate super into one accountSuper account fees can eat away at your super balance, especially if you have numerous accounts. If you find yourself in this position, take the time to organise your super contributions into the one account to reduce unnecessary and excessive fees. Outstanding super paymentsCheck you have been paid all the super you are entitled to, as well as interest, as this can uncover large amounts of unpaid super. […]

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Single Touch Payroll for streamlined reporting Posted on Sep 7, 2017 by admin

Tax

From 1 July 2018, employers with 20 or more employees will report payments to the Australian Taxation Office at the same time as they pay their employees, using the Single Touch Payroll reporting system. This reporting system will keep track of payments such as: Salary and wages Super contributions Deductions, e.g. workplace giving Pay as you go (PAYG) Allowances The introduction of this new reporting measure does not incite changes to an employer’s payroll cycle; you can still make payments as you were, i.e., weekly, fortnightly, monthly, etc. When you do make these payments, the super and tax details of […]

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