New ATO power to disclose business tax debts

(06/09/2019) If your business has outstanding tax debts, watch out for a proposed new tool in the ATO’s debt recovery arsenal. New laws before Parliament will allow the ATO to report some debts to credit reporting bureaus, who will then be permitted to use this tax debt information in preparing credit worthiness reports. This could […]

When can I access my super early?

(13/09/2019) Thinking about tapping into your super early to help with mounting expenses? It’s not easy as the eligibility rules are strict. You must meet a “condition of release” before you can access you super. The major events are attaining 65 years and “retirement”, which both allow you to access your entire super balance. If […]

GST on imports: are you optimising your cashflow?

(23/08/2019) Looking for opportunities to improve cashflow? If you import goods as part of your business, you don’t have to pay goods and services tax (GST) upfront if you’re registered for the ATO’s deferred GST scheme. Instead, you can defer and offset GST amounts in your next business activity statement (BAS). However, there are some […]

SMSFs: ATO to check on investment strategy compliance

(30/08/2019) Over 17,000 SMSFs that are heavily invested in one asset class will soon receive a “please explain” from the ATO to check whether they can justify their diversification risk. Diversification is just one of five key matters that all SMSF trustees must regularly review as part of their legally required investment strategy. Know the […]

Super “opt out” choice for high earners

(16/08/2019) If you’re a high income-earner with multiple employers, you may be aware of potential traps with compulsory super contributions that can lead to some hefty and unfair penalty taxes. Fortunately, proposed new laws will give those high income-earners the opportunity to take proactive steps to overcome any penalties. A person’s concessional contributions (CCs) are […]

Drawing on super to buy your first home

(09/08/2019) Saving for your first home? In a market where owning your home is out of reach for many, the First Home Super Saver (FHSS) scheme offers some practical hope, allowing you to take advantage of your super’s tax concessions to build up and then access your super savings. The FHSS scheme is clearly for […]

Tradies – what can you claim

(19/08/2019) If you are a tradie and a small business owner, be certain about what you can claim on your tax return.   To claim business expenses: the money must have been spent for your business (not a private expense) if it is for a mix of business and private use, only claim the portion […]

Using prior tax losses after a change in control: ATO guidance

(09/08/2019) Until recently, a company that had experienced a significant change in ownership or control could only carry forward its earlier tax losses to a later income year if the company carried on the “same” business after the change. However, a new alternative test that applies retrospectively from 1 July 2015 means that now companies […]

Super and bankruptcy: can creditors access my benefits?

(02/08/2019) Superannuation is an effective investment structure for asset protection, but a questionable contribution could put some of your benefits at risk in the event of bankruptcy. Know the basic bankruptcy rules in advance to help you plan for long-term asset protection. The general rule is that your superannuation balance is protected in the event […]