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Income stream within an SMSF Posted on Mar 18, 2019 by admin

Super

One of the best ways to ensure regular, flexible and tax-effective income as a pensioner is through an income stream from your SMSF. As a member, you can receive an income stream in a reoccurring series of benefit payments from your super fund. Income streams from an SMSF are usually account-based, which means that the amount allocated to the pension comes directly from a member’s account. Once an account-based pension commences, there is an ongoing requirement for the trustees of the superannuation fund to ensure the pension standards and laws are met. Standards that must be met in order for […]

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PAYG withholding: New penalties for non-compliance Posted on Mar 18, 2019 by admin

Tax

New penalties for business’s pay-as-you-go (PAYG) withholding and reporting obligations are to be introduced as a result of legislation commencing 1 July 2019. The law will now prevent businesses from claiming deductions for payments to employees and certain contractors if they fail to comply. Payments that are impacted include salary, wages, commissions, bonuses or allowances to an employee, payment under a labour-hire arrangement, payment to a religious practitioner, or payments for a supply of service. This measure highlights a key reason why governance over all employment tax is important. Specifically, the new laws will prevent an employer from claiming a […]

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Superannuation guide for retirement planning Posted on Mar 8, 2019 by admin

Super

As the time comes for you to consider leaving the workforce, it is necessary to plan how to make the most of your superannuation in order to strengthen the chances of a financially secure retirement. Careful planning can significantly boost your super and make a big difference to your future lifestyle. Identify your dependants and non-dependants:When it comes to planning your retirement and how your super will be used, ensure that you have clear plans about what happens to your super benefits and other assets in the event of your death. Identifying who will receive your super benefits becomes more […]

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Determining whether GST is for business or private use Posted on Mar 8, 2019 by admin

Tax

The goods and services tax (GST) is applied to most goods and services sold in Australia, taxed at a rate of 10%. If you run a business, you are likely to have GST obligations such as claiming credit for any GST included in the price of goods and services that have been purchased for your business. However, many businesses have expenses that are used privately as well as for business purposes. This means that a business must divide the GST on these costs between private and business use. The ATO allows an annual adjustment for these expenses when it comes […]

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SMSF areas being monitored by the ATO Posted on Mar 1, 2019 by admin

Super

Self-managed super funds are closely monitored by the ATO to ensure regulations are being met across all areas. As SMSF are run by members, it is their responsibility to comply with all related super and tax laws. The independent nature of an SMSF creates an environment that people are confused by or can attempt to exploit. One area of concern for the ATO regarding SMSFs is that these types of funds are being used to gain access to super before preservation age. Preservation age is dictated by the year in which you were born, super cannot legally be accessed before […]

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ATOs small business benchmarks Posted on Mar 1, 2019 by admin

Tax

The ATO small business benchmark guides are designed to help small businesses compare performance with similar companies in the same industry. These guides have been updated to include data from the 2016-2017 financial year. Within this system, there are two benchmarks businesses can use. Performance benchmarks apply to all industries and businesses. This area consists of the financial ranges so you can make comparisons and improvements to your business performance. Ranges you can look into are income tax, which is information provided by businesses on their tax returns, and activity statements which are provided using financial year activity statements. Input […]

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