Can the ATO’s public rulings help your outcomes? - Tax Accountants Geelong
The ATO can issue public rulings that provide guidance on the interpretation of various tax laws.
Alternatives to a tax invoice for certain GST credit claims - Tax Accountants Docklands
Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses.
Controversial super change scrapped — but other proposals need to be watched - Tax Accountants St Albans
At the time of writing, the new Parliament released the first batch of proposed changes to the superannuation regime, and among these was the announcement that the proposed $500,000 lifetime non-concessional cap is to be scrapped. Recall that these measures were previously announced in the Federal Budget earlier this year before the election.
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SMSFs need to prepare for the new transfer balance cap - Tax Accountants Sunny Bank
Legislation introducing changes to the superannuation regime were recently passed by Parliament. Among them will be a requirement for fund members to establish a transfer balance account for each retirement phase recipient. In other words, individuals receiving superannuation income stream benefits will be required to have a transfer balance account.
Does your SMSF need a valuation? - Tax Accountants South Brisbane
The rules around the valuation of assets held under an SMSF have seen a lot of changes over the years. The requirement to consider valuing SMSF assets at market value when preparing the annual financial statements of the fund was one of the most significant and controversial of these changes.
To avoid disputes, with the birth of every SMSF it pays to think about death - Tax Accountants Ringwood
When commencing any self managed superannuation fund (SMSF), there is one over-riding expectation that newby trustees should come back to again and again — that their fund must meet the sole-purpose test. This is not only to maintain access to the various tax concessions available, but to avoid possible civil or even criminal penalties.
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