Under the regulations, self-managed super funds (SMSFs) are not prohibited from carrying on a business, however the business must be allowed under the SMSF’s trust deed, and operated for the sole purpose of providing retirement benefits for fund members.Read more
If you rent out part or all of your home, the rent money you receive is generally regarded as assessable income.Read more
It’s not quite Christmas time yet, but most businesses will be in the process of thinking ahead to the yuletide festivities, if not already into well-advanced planning. One of the perennial questions is if and how fringe benefits tax applies to these activities.Read more
The question of how much a person needs to have saved before confidently launching into their retirement years very much requires an individual answer. The more the better may seem to be an obvious response, but then again each one of us lucky enough to reach the brink of those golden years will feel a lot better doing so with some assurance that we’ve squirrelled enough away to be comfortable in retirement.Read more
As the FBT year runs from 1 April to 31 March, the months of October to December marks the “third quarter” of the FBT year, and so here is an overview of the FBT elements that can attract the ATO’s attention.Read more
Discussion about reforms to Division 7A has been bouncing back and forth between the tax practitioner community and Treasury/ATO for many years — since the end of 2012 in fact.